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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has fell US$ ...
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- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
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