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Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
 The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-invoicing of coal imports by 40 companies — both in the public and private sector — to the tune of 35,000 crore (approximately US$ 5.259 billion*).
“It is an issue that has been going on for the past two-three years and now we are doing a full investigation,” said a person familiar with the development, Hindu says.
The Directorate of Revenue Intelligence, as quoted by Hindu, is understood to have issued a nationwide alert asking customs offices to look into all coal imports starting this fiscal. The Finance Ministry is also understood to be looking into the issue and will take a decision based on the final DRI report.
“The Finance Ministry has been apprised. It will try to work on measures to address the problem,” said the source.
The paper further said, according to sources, the DRI found a number of companies artificially inflating the price of their coal imports from Indonesia by as much as 100 per cent to get a higher power tariff and also “siphon off” funds.
The Hindu Business Line further noted that, the inflated invoices were issued by intermediary invoicing agents in Singapore, Dubai, Hong Kong and British Virgin Islands, among other jurisdictions, according to the DRI alert notice.The average price of Indonesian coal with a gross calorific value of 3,800-4,200 Kcal/kg ranged between $38 and $49 a tonne on free-on-board (FOB) basis, according to most international indices. Adding freight and insurance charges, the CIF (cost insurance and freight) rate of Indonesian coal should be $60-55/tonne during this period, the said.
But invoices were inflated by up to 100 per cent.
Accordng to Hindu, if there has been over-invoicing, it would have resulted in electricity consumers paying more, analysts said, adding that typically coal costs are a pass through for power generators and are factored in during tariff revisions by regulators.
Every dollar increase in the per tonne cost of coal results in 4-5 paise (approximately US cents 0.0601056 - 0.0751320*) per unit increase in electricity tariff. The over-invoicing could have pushed up the tariffs by 80-90 paise (approximately US$ 0.0120211 - 0.0135238*) per unit. *(1 USD = 66.5495 INR -XE Currency Converter)
Source: The Hindu Business Line
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Friday, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
Thursday, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
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- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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