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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, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Tuesday, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
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- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- MS Steel International - UAE
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
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