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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, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- The University of Queensland
- Aditya Birla Group - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
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