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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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Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
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- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
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