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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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Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
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