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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, 13 November 13
THE SOFTENING HAS AFFECTED THE BIGGER SIZE SEGMENTS; SMALLER ONES STILL APPEAR TO BE VERY STABLE - INTERMODAL
After a month and a half of back to back weekly declines, the dry bulk market has finally reversed its negative course. We believe that there should ...
Wednesday, 13 November 13
DRY BULK MARKET HAS REVERSED ITS NEGATIVE COURSE - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable+ )
The Dry Bulk market has reversed its negative course this past week with rates for Capes making up fo ...
Wednesday, 13 November 13
NEWCASTLE COAL EXPORTS PLUNGE 12.40% IN W/E 10 NOVEMBER FROM THE PRIOR WEEK
COALspot.com: In the week ended November 11, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.42 ...
Monday, 11 November 13
TAMIL NADU STATE OWNED POWER GENERATOR TO IMPORT 3.7 MMT OF 6000 GAD COAL
COALspot.com - TANGEDCO, Tamil Nadu Generation & Distribution Corporation Ltd, Tamil Nadu state owned power generator & distributor intends ...
Sunday, 10 November 13
PANAMAX COAL FREIGHT RATES REMAIN UNDER PRESSURE; SUPRAMAX BIGGEST GAINER - REDDY
COALspot.com: The freight market was up this week with all indices increased except for Panamax index.
The BDI was up by 56 points closing at 158 ...
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- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
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