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Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
.jpg) If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, “Brexit means Brexit”, “no-deal Brexit” — day after day, terms related to the UK’s imminent departure from the EU are bandied repeatedly in British media and culture. And there’s so much uncertainty about what the UK’s EU divorce settlement will look like, it’s enough to make even the strongest Leave advocates grow weary.
Nevertheless, the date of the UK’s exit from the EU is fast approaching and failing a dramatic u-turn, as of 23:00 GMT on Friday March 29, 2019, the country will no longer be a member of the multinational trading bloc. With 95% of the UK’s international trade carried through its ports, shipping is an industry that will undeniably be impacted by the ramifications of Brexit. For companies, the uncertainty of how the UK’s trading relations with the EU will appear after the deadline is difficult to contend with.
The UK Government has sought to inform the public as to the implications for the trade in goods between the UK and EU nations of a no-deal Brexit — whereby the UK would leave the EU without agreement. Near the end of August, the UK Government published guidance entitled Trading with the EU if there’s no Brexit deal. The document explains what would happen to customs and excise procedures in the event of a no-deal scenario on March 29, as well as what businesses trading with the EU will need to know.
No-deal customs
According to the guidance, if the UK left the EU on March 29 without an agreement, the free movement of goods between the UK and EU would stop. The document continues by giving three examples of how businesses trading with the EU would be affected. Firstly, companies would have to apply the same customs rules to goods moving between the UK and the EU as those currently applicable to goods moving between the UK and non-EU countries (with customs duty potentially also due on EU imports). Customs declarations would therefore have to be made when products enter or leave the UK. Additionally, separate safety and security declarations would have to be made by the items’ carrier (normally the haulier, airline or shipping line, depending on the transport mode used to import or export them).
Secondly, the EU would put customs and excise rules on goods it gets from the UK in the same way it does for products it gets from outside the EU. This means the EU would require customs declarations on goods coming from or going to the UK, plus safety and security declarations. The third and final example is that for excise goods movements, the Excise Movement Control System (EMCS) would no longer be used to control suspended EU–UK movements. However, EMCS would still control the movement of duty suspended excise goods within the UK (including movements to and from UK ports and airports and the Channel Tunnel). Therefore, immediately upon UK importation, companies moving excise goods within the EU (including in duty suspension) would have to put them into UK excise duty suspension or pay duty.
Import/export info
For companies importing EU goods, a no-deal Brexit would mean following customs procedures the same way they currently do when importing non-EU goods. Thus, for EU goods going into the UK, import declarations would be needed, customs checks might occur and any customs duties would need payment. Before importing EU products, a firm would have to register for a UK Economic Operator Registration and Identification (EORI) number, ensure their contracts and International Terms and Conditions of Service reflect that they are an importer, consider how they would submit import declarations (including whether to use a customs broker, freight forwarder or logistics provider) and decide upon their items’ correct classification and value (and enter this on the customs declaration).
When actually importing EU items, a company would need a valid EORI number and would have to ensure their carrier has submitted an Entry Summary Declaration at the right time, submit an import declaration to HMRC using their software (or get their customs broker, freight forwarder or logistics provider to do so) and pay Value Added Tax (VAT) and import duties, including excise duty on excise goods unless the goods go into duty suspension (import VAT may also be due). When excise goods leave a customs suspensive arrangement, they might immediately gointo an excise duty suspension regime, and a business would have to declare them on EMCS for onward movement via a Registered Consignor. Companies might also have to apply for an import licence or give supporting documentation to import specific kinds of goods into the UK, or comply with the relevant customs import procedure’s conditions.
The UK Government’s stance is that both itself and the EU are seeking a positive deal, and in September, UK Prime Minister Theresa May said she believed that European Council president Donald Tusk had “clarified … there is hope and expectation for a deal on the side of the European Union”. However, she later noted that she had “always said no deal is better than a bad deal”, adding: “I think a bad deal will be a deal, for example, that broke up the United Kingdom.”
For businesses exporting goods to the EU, a no-deal Brexit would mean them following customs procedures like they do currently when exporting goods to a non-EU nation. Similar to the above, before exporting to this destination, they would need to register for an UK EORI number, ensure their contracts and INCOTERMS reflect that they are an exporter and consider how they would submit export declarations (again, including whether to use a customs broker, freight forwarder or logistics provider). When they do export, companies would need to possess a valid EORI number and submit an export declaration to HMRC (or get their customs broker, freight forwarder or logistics provider to do so — additionally, the export declaration may need to be lodged in advance so export permission is given before the goods leave the UK). Firms might also need to apply for an export licence or provide supporting documentation to export specific kinds of goods from the UK, or meet the terms of the relevant customs export procedure. When exporting duty suspended excise goods to the EU, a business would have to keep using EMCS to record the duty suspended movement from a UK warehouse or premises to the port of export.
For carriers, a no-deal scenario would mean them having to make a Safety and Security Declaration for goods moving between the UK and EU. This declaration comes in two forms: an Exit Summary Declaration (EXS) and an Entry Summary Declaration (ENS). A carrier generally needs to send an EXS to the customs authority of the country from which the consignment is being exported. For consignments exported from the UK, this declaration generally forms part of the Export Declaration. Additionally, a carrier must send an ENS to the customs authority of the nation the consignment is entering.
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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
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