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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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Tuesday, 11 June 13
COAL: NO SIGN OF RECOVERY - GABRIELLA
COALspot.com: We attended the 19th Annual Coaltrans Asia Conference, where we found most of the speakers were not very optimistic on the outlook for ...
Tuesday, 11 June 13
NEWCASTLE PORT SHIPPED MORE COAL WEEK ENDED 11 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 3,104,509 tons of coal for the week ended 0700 hours 11 June 2013, Newcastle Port Corp. ...
Tuesday, 11 June 13
OUTLOOK FOR CAPESIZES LOOKS GRIM, DESPITE FALLING IRON ORE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Things aren't looking all that rosy for the dry bulk market, despite a stronger volume of iron ore imports during the months of March and April, as ...
Sunday, 09 June 13
CFR SOUTH CHINA COAL SWAP IS UNDER PRESSURE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 0.03 percent week on week but gained 0.07 pe ...
Sunday, 09 June 13
IRON ORE DEMAND: WEAK; COAL MOVEMENT: STEADY TO INDIA AND CHINA - CAPT. REDDY
COALspot.com - The freight market was fairly steady with BDI up by 0.37 per cent closed at 812 points this week.
The Cape index was also ended in ...
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- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
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