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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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Monday, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
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- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
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