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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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- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
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