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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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Thursday, 13 September 12
PANAMAX: THE NEGATIVE TREND, POOR SENTIMENT CONTINUES - FEARNLEYS AS
Handy
Lack of cargoes and a growing list of available ships is causing rates to slip for all Atlantic trades.
The only trade keeping somewhat s ...
Thursday, 13 September 12
FUEL EFFICIENT SHIPS MAY BE MORE EXPENSIVE, BUT THEY MAKE FINANCIAL SENSE SAYS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest trend in shipbuilding is the so called "Eco" ship, i.e. ships which offer much better fuel consumption and are more cost-effect ...
Tuesday, 11 September 12
CLOUDY AND POLICY RISK INDONESIAN COAL INDUSTRY
COALspot.com - Bahana Securities in its latest coal outlook, commented on the Indonesian coal market, with economic slowdown in the four largest coa ...
Tuesday, 11 September 12
SHIP OWNERS KEEN ON SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most ship owners back from their summer rest, things are starting to pick up again in the second hand vessel market, with more and more deals b ...
Monday, 10 September 12
TNPL, AN INDIAN PAPER MAKER IS SEEKING FOR 300K MT OF IMPORTED NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 6 Shipments about 50,0 ...
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- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
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