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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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Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
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- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
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