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Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
 A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm in India. The report alleges widespread corruption in coal block allocation and is perceived as potentially damaging for the already scam-tainted Manmohan Singh-led United Progressive Alliance (UPA) government.
According to the CAG, the underpriced sale and free allocation of coal blocks for captive mining may have cost the government as much as US$33 bill in lost revenue. At the heart of the debate is the 1993 policy which broke the government’s monopoly as a coal supplier and allowed private companies to mine coal for captive use, in a bid to increase coal production to meet burgeoning demand.
However, the decision resulted in a number of non-coal consuming industries approaching state governments and signing letters of intent promising to develop coal consuming plants if they were allocated coal mines. Coal blocks were allocated to private companies as well as state mining companies who were ill-equipped to run a power plant as well as a coal mine. Prime Minister Singh was in charge of the Ministry of Coal (MoC) from 2006 to 2009 when some of the controversial allocations took place.
A number of companies developed coal blocks, but the vast majority have been content to sit on the asset and wait until the government opened up the coal market to allow private captive coal miners to sell coal into the domestic market place. Of the 218 coal blocks that have been awarded to date, only 29 are currently in production. Many of these companies blame delays in environmental clearances and land acquisition issues for their inability to commence operations.
'Coalgate' Implications
Recently, the Ministry of Coal has started de-allocating coal blocks from miners who have not sufficiently developed their assets. As per the latest available data, 24 coal blocks have been de-allocated, including those from private companies including Binani Cement, Bhatia International Ltd and Lloyds Metal & Engineers Ltd. The threat of further de-allocation of mines by the MoC, as political fallout from the ongoing scandal, is expected to induce other mine owners to be more proactive with project development. There are significant financial implications for companies who have secured financing and have begun to develop plants dependent on captive coal blocks. Opposition from the business community is fervent as many coal-consuming plants are ready or partly ready, financing has been secured and industrial equipment has been ordered. If coal blocks are de-allocated, billions of dollars loaned to finance these projects would come under threat.
It is imperative for India to secure energy for its growing economy. It is facing severe shortages of domestic coal supply and ‘Coalgate’ will now join India’s ultra-mega power project (UMPP) policy as a shining example of failed energy policy. Salva does not believe that captive mining will grow to 653 Mt by 2020, as forecast by India’s Planning Commission.
Developments in captive coal production have the ability to widely swing India’s imported coal demand, particularly for thermal coal. The political and commercial implications of India’s ‘Coalgate’ scandal and captive mine development are worth keeping an eye on as India’s Central Bureau of Investigation initiates the due process of law against some of these companies. The repercussions will affect not just India, but possibly world coal markets.
Source:Salva
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Friday, 28 September 12
DRY BULK SECOND HAND VESSELS ON HIGH DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the demise of the dry bulk market and the collapse of freight rates since the beginning of 2012, on the back of record breaking newbuilding ...
Thursday, 27 September 12
MINING RE-COMMENCES AT ORPHEUS' B2 EAST KALIMANTAN COAL PROJECT
- B2 project overburden removal completed and coal exposed
- Coal getting has commenced with target production of 30,000tpm
- Orpheus to re ...
Thursday, 27 September 12
HANDY: THE PACIFIC MARKET IS GETTING WEAKER WITH UPCOMING GOLDEN WEEK HOLIDAYS - FEARNLEYS AS
Handy
Yet another week with rates softening in all trades. Especially owners with ships open Continent struggle to find employment paying decent mo ...
Thursday, 27 September 12
DRY BULK MARKET LOSES STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The rise of the BDI (Baltic Dry Index), the dry bulk industry’s benchmark during the course of the previous week, proved to be short-lived, as ...
Wednesday, 26 September 12
NEWBUILDING ORDERING ACTIVITY REMAINS SUBDUED ON GLOBAL MARKET UNCERTAINTY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding ordering activity has been on the down side during the past few weeks, a trend also noticeable during the course of the past few days, a ...
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- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- ASAPP Information Group - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
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