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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, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
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- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
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- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
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- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
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- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
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- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- The University of Queensland
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
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- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
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