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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, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- The University of Queensland
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
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