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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, 07 October 13
Q3'14 SUB-BIT FOB INDONESIA COAL SWAP CLOSED 6.53% HIGHER THAN Q4'13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.53 % on day and fell 2.33 percept month on month ...
Sunday, 06 October 13
DRY BULK FREIGHT MARKET STAYS STEADY IN SPITE CHINESE HOLIDAYS - SOLYM CARRIERS SINGAPORE
COALspot.com: The freight market continued to remain firm in spite of Chinese holidays.
The BDI closed at 2,084 points on Friday 4 October or up ...
Saturday, 05 October 13
CAPESIZE EARNINGS SKYROCKET AS A RESULT OF INCREASED CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
An increased iron ore demand has triggered this latest dry bulk rally, which could get yet another boost during next week, when China is expected to ...
Friday, 04 October 13
NICKEL ORE SHIPMENTS - LESSONS LEARNED FROM LOSSES
One of the most pressing problems for the bulk shipping industry is the safe carriage of nickel ore. The increasing demand for this commodity is fue ...
Friday, 04 October 13
US COAL PRODUCTION UP 2.1% WEEK ON WEEK - EIA
COALspot.com – United States the world’s second largest coal producer produced approximately 19.70 million short tons (mmst) of coal in ...
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- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
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