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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, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
Friday, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
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- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
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- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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- Indian Energy Exchange, India
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- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
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- Global Green Power PLC Corporation, Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
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- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
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- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
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- White Energy Company Limited
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
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- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
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