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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, 28 October 15
Q2'16 FOB RICHARDS BAY COAL SWAP SEES FURTHER DECLINES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and declined month over month.
The Q4 swap was d ...
Wednesday, 28 October 15
BDI INCREASE TOOK PLACE SOLELY ON THE BACK OF CAPESIZE PERFORMANCE, BUT........ - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a small improvement which nonetheless failed to lift sentiment, not only because ...
Tuesday, 27 October 15
Q1'16 API 5 FOB NEWCASTLE COAL SWAP DECLINE 6 PER CENT M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $2 per ton (4.66%) month over month to US$ 40.93 per ton. The swa ...
Monday, 26 October 15
PORT OF NEWCASTLE SHIPPED 10.5 PER CENT LESS COAL IN SEPTEMBER, COMPARED TO AUGUST LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.161 billi ...
Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
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- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
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