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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, 31 October 13
HANDY: ACTIVE; PANAMAX: QUIET; CAPESIZE: NO LIGHT
Handy
The handy market had an active week however not directly translated into the rates we´ve seen in the Pacific. We see more coal and baux ...
Wednesday, 30 October 13
INDONESIAN STATE OWNED COAL MINER HAS EXPORTED 7.02 MILLION TONS OF COAL IN 9 MONTHS
COALspot.com : PT. Bukit Asam, Indonesian state owned coal miner has sold 13.24 million tons of coal for the period January - September 2013. Accord ...
Wednesday, 30 October 13
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable-)
The Dry Bulk market has lost further ground this past week, as de-creased activity in both basins for both C ...
Wednesday, 30 October 13
CAPESIZE: DOWNWARD; SUPRAS AND HANDIES: STABLE - INTERMODAL
The Dry Bulk market has resumed its downward movement, noting another dip for a third week in a row. The larger size segments were responsible for p ...
Tuesday, 29 October 13
NEWCASTLE PORT SHIPPED 12.29 PER CENT MORE COAL W-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.29 per cent week on week to 3.61 million mt for ...
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- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
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