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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, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substa ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
Friday, 12 February 16
DRY BULK MARKET'S FORTUNES STILL TIED WITH CHINA'S ECONOMY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The inevitable slowdown of the Chinese economy was expected to hurt dry bulk shipping, but few expected the blow to be this hard, especially given ...
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- Heidelberg Cement - Germany
- White Energy Company Limited
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
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