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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, 25 December 15
WEEKLY US COAL PRODUCTION ESTIMATES DIP 8.5%
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 14.7 million shor ...
Thursday, 24 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SHED US$ 0.60 PER TON OVER WEEK, AND STANDS AT US$ 43.25 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Thursday, 24 December 15
GLOBAL MARINE FUEL REGULATIONS COULD SHOCK REFINING AND OIL MARKETS - OPEC | HELLENIC SHIPPING NEWS
IMO regulations call for global standards for sulphur content in marine fuel to be tightened to 0.5% from its present 3.5%. There is uncertainty ov ...
Thursday, 24 December 15
DRY BULKERS' VALUES ARE PLUNGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk carriers’ values are falling across the board, as the fall of freight rates is taking its toll, as is to be expected. In fact, accor ...
Wednesday, 23 December 15
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
As we are heading towards the end of the year we could argue that most of those involved in the shipping industry share mixed feelings for 2015. Th ...
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- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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