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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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Tuesday, 23 June 15
FOB RICHARDS BAY COAL SWAP HAS REMAINED STEADY OVER THE PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 2.32 ...
Monday, 22 June 15
BORYEONG POWER PLANT TO IMPORT 140K MT OF LCV COAL FOR AUGUST - SEPTEMBER 2015
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase 140K Metric Tons (MT) of LCV coal for ...
Monday, 22 June 15
CFR SOUTH CHINA COAL SWAP: UP MONTH OVER MONTH; DOWN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.30 (0.58%) per MT month over month.
A commodity swap is a ...
Monday, 22 June 15
FOB NEWCASTLE COAL SWAP: UP WEEK OVER WEEK AND MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.54 per MT (1.19%) month over month to US$ 45.87 per mt. The swap was ...
Sunday, 21 June 15
SPOT RATE AVERAGES FOR FREIGHT FROM INDONESIA TO INDIA REMAIN STRONG THIS WEEK
COALspot.com: The freight market was quite firm this week compared to last week. The BDI was up 21% week on week and closed at 779 points. The cape ...
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- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- The University of Queensland
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
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