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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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Friday, 12 February 16
COAL PRICES ARE EXPECTED TO DECLINE 13% IN 2016 TO $50 ATON, ON CONTINUED WEAK DEMAND AND OVERSUPPLY - WORLD BANK
COALspot.com: Thermal coal prices fell 9 percent in the fourth quarter on continued weak demand, high stocks, and surplus production, World Bank sa ...
Friday, 12 February 16
U.S. COAL PRODUCTION OFF 5.4% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.9 million shor ...
Thursday, 11 February 16
GLOBAL NEWBUILDING ORDERBOOK IS SHRINKING ON A DAILY BASIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2016 has started right where 2015 left off when it comes to newbuilding ordering activity, i.e. there are slim pickings to be had from shipyards ar ...
Wednesday, 10 February 16
SOUTH AFRICA IS HOPING TO SHIP MORE COAL TO INDIA IN 2016
COALspot.com: South Africa is hoping to boost coal exports to India after shipping a record 75.4 million tonnes of coal in 2015, industry officials ...
Wednesday, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on ...
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- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Planning Commission, India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
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