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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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Friday, 02 March 18
MORE COAL INQUIRES FROM SOUTH AFRICA TO INDIA; SUPRAS FIXED CA $12K + BB - FEARNLEYS
Supramax
Better rates in Atlantic, but not too busy market just yet.
Black Sea catched improving rates for grain cargoes, where supras to Eg ...
Friday, 02 March 18
U.S. WEEKLY COAL PRODUCTION DOWN 2.7 PER CENT W/E 24 FEB, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Wednesday, 28 February 18
INDIA: TEPID COAL TRAFFIC TO HIT VOLUME GROWTH AT PORTS TILL 2022 - PTI
Cargo growth at the country’s major ports is all set to moderate to 3-5 per cent per annum over the next five years due to the “sedate ...
Wednesday, 28 February 18
MARKET INSIGHT - LINOS KOGEVINAS
US Shale production continues to grow rapidly, hitting new records and with projections being revised upwardly at every turn. According to the Inte ...
Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
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- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Minerals Council of Australia
- PTC India Limited - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
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