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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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Tuesday, 08 December 15
HOW TO MITIGATE LEGAL RISKS WHEN PURCHASING BUNKERS - LESSONS LEARNED FROM THE OW BUNKER COLLAPSE - THE SWEDISH CLUB
KNOWLEDGE TO ELEVATE
About a year has passed since OW Bunker & Trading A/S filed for bankruptcy. The collapse shows that there are signifi ...
Monday, 07 December 15
5000 GAR CS (I) COAL INDEX REMAIN THE SAME OVER LAST WEEK
COALspot.com: The 5000 GAR CS (i) coal index remain the same over last week.
According to the CS (i) coal (system generated) index, the CS 50 ...
Monday, 07 December 15
COAL DEMAND IN 2016 FAILS TO SUPPORT PRICES; CFR SOUTH CHINA COAL SWAPS SEEN AT $US 42 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 1.70 (3.88%) per ton month over month.
A commodity swap ...
Sunday, 06 December 15
THE BDI DECLINED BY 3.09 PERCENT TO 563 POINTS ON 4 DECEMBER
COALspot.com: The BDI declined by 3.09 percent to 563 points on 4 December 2015.
The Cape index was also declined by 10.01 percent to 890 poin ...
Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
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- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Economic Council, Georgia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
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