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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, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
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- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Planning Commission, India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
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