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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, 15 October 15
Q1' 16 FOB RICHARDS BAY COAL SWAP ADVANCED 2 PER CENT WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gain week over week and declined month over month.
The Q4 swap was dow ...
Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as Chin ...
Tuesday, 13 October 15
FOB NEWCASTLE COAL SWAP DECLINED 2 PER CENT MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.46 per ton (1.08%) month over month to US$ 42.17 per ton. The ...
Monday, 12 October 15
CFR SOUTH CHINA COAL SWAPS GAIN W-W; SLIGHTLY DOWN M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 3 (0.06 %) per ton month over month.
A commodity ...
Monday, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
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- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
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