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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, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- Interocean Group of Companies - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
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