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Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
 Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export of iron ore as well as suspension of permits to transport iron ore for export from the mines, to curb illegal exports, has had a ripple effect in the state, as reported by Business Standard.
The operations of as many as 30 export-oriented units have come to a grinding halt in Karnataka as over 1 million tonnes of iron ore is lying idle at various ports causing a foreign exchange loss of around Rs 300 crore (US$ 65.63 million) in the last one week, Basant Poddar, vice chairman, Federation of Indian Mineral Industries (FIMI), told Business Standard.
In addition to this, the freight loss to the Indian Railways is in the order of Rs 80 crore (US$ 17.501 million) and Rs 40 crore (US$ 8.750 million) for truckers for moving the cargo from the mines to various ports. The loss of wharfage charges for the ports is in excess of Rs 3.5 crore (US$ 0.765 million). Apart from this, the state government itself has seen a loss of Rs 30 crore (US$ 6.563 million) by way of royalty from the mining companies ever since the ban came into effect during the past week.
With effect from July 26, the state banned export of iron ore and stopped issuing permits to transport iron ore for export from July 28 onwards. Presently, 80 mine lease holders are operating in the state and exports about 30 million tonnes of iron ore annually.
Export-oriented units like Mineral Enterprises Ltd, Sesa Goa Limited, Deccan Mining Syndicate Pvt Ltd, KMMI Group, Kuminex Minerals Pvt Ltd, Alfa Exports and Doddannavar Brothers are likely to face penalty from overseas buyers. These companies cannot even sell to the domestic buyers unless they export at least 50 per cent of their total produce in a year, Poddar said.
The companies are losing lakhs of rupees as demurrage charges for holding up ships at the ports. For each day’s delay they have to pay $20,000 as demurrage charges. For example, Sesa Goa Ltd, a leading exporter of iron ore from India, has had one ship at the New Mangalore Port since July 30 for the lack of iron ore.
“We have already seen the diversion of four ships from ports in Karnataka due to the ban on exports. Port officials are not allowing us to load the cargo because of the ban orders,” he said. Presently, 600,000 tonnes of iron ore is lying at the New Mangalore Port, 300,000 tonnes at Belekeri port and 100,000 tonnes at Karwar port.
According to officials at New Mangalore Port Trust (NMPT), the only major port in Karnataka, the iron ore cargo movement has seen considerable drop in the last four months due to intermittent ban on movement of iron ore cargo by road by the deputy commissioners of Dakshina Kannada, Udupi and Hassan districts.
Apart from the economic loss, the ban on iron ore exports is also likely to cause environmental issues. The mining companies are presently stocking over 6 million tonnes of iron ore fines at their mines. “As we cannot store fines for long, it may get into the atmosphere through air and water leading to greater damage to the environment,” Shantesh Gureddi, chairman, FIMI, Southern Region, said.
Most importantly, a huge number of persons employed directly and indirectly will be thrown out of jobs. At least 5,000 people are directly employed in mining operations and another 50,000 in ancillary works. Over 40,000 trucks are engaged on a daily basis to transport the ore.
“If the state government does not revoke its order, the industry will be forced to file a case in the court to get it revoked as the government does not have any power to impose ban,” Gureddi said.( 1 INR = 0.0218771 USD 1 USD = 45.7100 INR)
Source: Business-Standard
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Thursday, 18 November 10
MUNDRA PORT AWARDED BEST PRIVATE PORT - COMMODITY ONLINE / HELLENIC SHIPPING
Adani Group owned, Mundra Port has been awarded the Annual Indian Maritime Gateway Award for the Best Private Port of the Year for the third consecu ...
Wednesday, 17 November 10
DRY BULK MARKET LOOKING FOR SUPPORT IN COAL TRADES AND INDIAN IRON ORE EXPORTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Nikos Roussanoglou, Hellenic Shipping reported that, the dry bulk market is lacking support to end its 13-day slide, as evidenced by Monday’s ...
Tuesday, 16 November 10
'VALLAR PLC' TO BECOME 'BUMI PLC' POST DEAL - THE JAKARTA POST
The Jakarta Post reported that, The United Kingdom’s Vallar Plc will change its name to Bumi Plc following a cash and stock transaction with t ...
Tuesday, 16 November 10
ROTHSCHILD BUYS INDONESIAN COAL STAKES FOR $3 BILLION - BLOOMBERG
Bloomberg reported that, Nathaniel Rothschild, the only son of U.K. financier Jacob Rothschild, agreed to invest $3 billion in two Indonesian coal c ...
Sunday, 14 November 10
THE FREIGHT MARKET CONTINUED ITS DOWN FALL - VISTAAR SINGAPORE
COALspot.com: The freight market continued its down fall with BDI down by 7.29 pct and closed at 2,313 points.
All other segments were also under ...
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- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- White Energy Company Limited
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Parliament of New Zealand
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
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