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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, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
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- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- VISA Power Limited - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
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