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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, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
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- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
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