We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
|
|
|
Showing 2131 to 2135 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
|
| |
| |
|
