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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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Thursday, 09 January 14
THE SHIPPING MARKET IN 2013 AND LOOKING FORWARD GLOBAL ECONOMY: STEADY AS SHE GOES UPWARDS - BIMCO
Over the past year, developed economies have gained traction while developing and emerging economies have suffered from slower growth. Despite key e ...
Wednesday, 08 January 14
DRY BULK MARKET PROSPECTS LOOKING BRIGHTER DESPITE SLOW START TO THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market's benchmark, the BDI has been on a fall since the start of 2014, ending yesterday's session down to 1,87 ...
Wednesday, 08 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL
COALspot.com: In the week ended January 6, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.27 m ...
Wednesday, 08 January 14
THE DRY BULK MARKET HAS LOST SOME OF ITS STEAM THESE PAST COUPLE OF DAYS: INTERMODAL
Chartering (Wet: Softer- / Dry: Softer- )
The Dry Bulk market has lost some of its steam these past couple of days although hires, espe ...
Wednesday, 08 January 14
SHIPPING: THE ABSOLUTE BOTTOM OF THE CYCLE WAS REACHED AND PASSED - GEORGE LAZARIDIS
COALspot.com: To many in the industry 2013 has been the turning point in the market where the absolute bottom of the cycle was reached and passed.
...
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- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
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