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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, 23 December 15
FOB NEWCASTLE COAL SWAP CLOSES FIRM
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery up $0.45 per ton (1.22%) month over month to US$ 37.20 per ton. The swap wa ...
Tuesday, 22 December 15
3800 GAR INDEX CLOSED AT US$ 22.03 PER TON; DOWN 0.15% W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.03 per ton (-0.07 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 21 December 15
Q3' 2016 CFR SOUTH CHINA COAL SWAP CLOSED SLIGHTLY LOWER COMPARE TO Q1'16 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery up US$ 0.20 (0.48%) per ton month over month.
A commodity swap is a ...
Sunday, 20 December 15
THE FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI facing all time low's this week. The bulk dry index closed at 477 points on 18 December 2015.
The cape index was als ...
Friday, 18 December 15
WHEN IS A MASTER ENTITLED TO REFUSE DAMAGED CARGO? A REMINDER - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreeme ...
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- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Planning Commission, India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
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