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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, 10 February 15
SUB-BIT FOB INDONESIA COAL SWAP ADVANCES 3.79% WEEK ON WEEK
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 0.85 (+1.81%) month o ...
Tuesday, 10 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK OVER WEEK, RAISING HOPES?
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 0.95 per MT (+1.91%) week over week and declined US$ 0.06 (-0.12%) ...
Monday, 09 February 15
AUSTRALIAN COAL PRODUCERS BEST POSITIONED IN OVERSUPPLIED MARKET; US MINES MOST AT RISK - WOOD MACKENZIE
In a 2015 global coal outlook report, Wood Mackenzie says that Australia and Indonesian coal suppliers will see some upside in the difficult months ...
Monday, 09 February 15
FOB RICHARDS BAY COAL SWAP GAINS 3.65% TO ONE-MONTH HIGH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and day on day.
The Q2 swap has soared US$ 2.1 ...
Monday, 09 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
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- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- The University of Queensland
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
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