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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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Thursday, 28 January 16
RICHARDS BAY COAL SWAPS FOR Q1,Q2 AND Q3 DELIVERIES FIRM THIS PAST WEEK
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap rose month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coa ...
Wednesday, 27 January 16
API 5 FOB NEWCASTLE COAL SWAPS CLOSE MIXED
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.17 per ton (3.13%) this past week compared to the sam ...
Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in ...
Wednesday, 27 January 16
WORLD HARD COAL PRODUCTION AND CONSUMPTION DECLINE IN 2015 FOR THE FIRST TIME IN OVER A DECADE - VDKI
COALspot.com: Seaborne hard coal trade and the changes in this area were decisively affected by China and India - VDKi.
China bears the g ...
Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
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- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- VISA Power Limited - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
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