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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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Thursday, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
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Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
Friday, 10 August 18
U.S. COAL PRODUCTION TO DECLINE BY 1.8% IN 2019 BECAUSE COAL EXPORTS AND COAL CONSUMPTION ARE BOTH FORECAST TO DECREASE - EIA
EIA forecasts U.S. coal production will decline by 1.1% to 766 million short tons (MMst) in 2018 despite a 5.7% (6 MMst) increase in coal exports.
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Showing 1646 to 1650 news of total 6871 |
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- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- PTC India Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
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