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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, 23 November 15
NEGATIVE 2016 OUTLOOK FOR WESTERN EUROPEAN STEEL - SAYS FITCH RATINGS
COALspot.com: European steel in 2016 are both negative for the sector and for issuer ratings.
This reflects our expectation that import levels ...
Monday, 23 November 15
DRY BULK MARKET: NET FLEET GROWTH IS SLOWING DOWN, AS SHIP OWNERS ARE LOOKING FOR WAYS TO ALLEVIATING MARKET MELTDOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been in “meltdown” mode for a few weeks now, unable to find support and avoid the fall in historical lows. As s ...
Monday, 23 November 15
CS50 COAL INDEX CLOSED AT $40.27 PER TON; FELL 0.15% FROM LAST WEEK
COALspot.com: The 5700 GAR CS (i) coal index fell by US cents 3 per ton week over week on 20 November 2015. CS 57 (5700 GAR coal) index closed at U ...
Monday, 23 November 15
CFR SOUTH CHINA COAL SWAPS FALL FURTHER ON LOW DEMAND
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.75 (13.99%) per ton month over month.
A commodity swa ...
Sunday, 22 November 15
INDONESIA TO INDIA FREIGHT RATES TO REMAIN DULL NEXT WEEK
COALspot.com: The BDI was down to historical lows closing at 498 points which is down by almost 95.77 per cent compared to 11,800 points in 2008.
...
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- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
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