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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, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
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- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- The University of Queensland
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
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