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