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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, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
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