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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
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