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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, 30 March 15
Q3' 15 CFR SOUTH CHINA COAL SWAP: DECLINED 8.7% M-M; 12.77% Y-TO-D
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.00 (-8.70%) per MT month over month and US$ 1.33 (-2 ...
Monday, 30 March 15
Q2' FOB NEWCASTLE COAL SWAP CLOSED 4.47% HIGHER THAN Q4' CLOSING PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 5.42 per MT (-10.43%) month over month and US$ 1.60 (-3.32%) w ...
Sunday, 29 March 15
INDO - INDIA: SUPRAMAX & PANAMAX FREIGHT MARKET STEADY
COALspot.com: The freight market was almost stable as all segments slightly up except Panamax sector.
The BDI was up by just 0.85% week over w ...
Saturday, 28 March 15
IS NORTHERN EUROPE THE NEW MINING ELDORADO?
The Europe Mining 2015 Summit, organised by Global Summits organizer IRN on 17-18 June in Amsterdam, The Netherlands, will gather senior level repr ...
Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressur ...
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- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- The University of Queensland
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
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