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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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Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
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- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
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