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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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Sunday, 20 September 15
BALTIC CAPE INDEX ROSE 66.52 PER CENT AND STAND NOW AT 1995 POINTS
COALspot.com: The BDI (Baltic Dry Index) rose 17.35 per cent week over week to 960 points on Friday mainly driven by the Capesize segment. The Cape ...
Friday, 18 September 15
SHIPPING AND THE FED RATE DECISION: FINANCING COSTS COULD RISE EVEN HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Regardless of the FED’s decision to raise rates, shipping stands to be influenced by the decision. Shipbroker Allied Shipbroking noted this w ...
Friday, 18 September 15
U.S. COAL PRODUCTION DECLINED 6.7 PER CENT W-W: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.4 million shor ...
Thursday, 17 September 15
COALSPOT HAS LAUNCHED NEW THERMAL COAL INDICES FOR INDONESIAN COAL
COALspot.com has today launched real-time CS (i) Coal Indices.
The Indices represents 3800 kcal/kg GAR, 4200 kcal/kg GAR, 5000 kcal/kg GAR a ...
Thursday, 17 September 15
LOW DEMAND PUSH COAL SWAP DOWN
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and gain week over week.
The 4Q swap declined $ 1.77 (-4.17%) ...
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- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
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