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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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Saturday, 12 January 13
SUB-BIT FOB INDONESIA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has lost 0.32 percent WoW but CFR South China coal ship ...
Saturday, 12 January 13
HIGHER COAL PRICES: SEASONAL EFFECT
COALspot.com : Bahana Securities, one of the leading securities in Indonesia, said in its latest coal outlook that, on US and China&rsquo ...
Friday, 11 January 13
HBA HAS JUMPED BY US$ 5.80 PMT IN JANUARY 2013
COALspot.com - The Indonesian government has declared bench mark price for coal higher than December price. The monthly coal reference price f ...
Thursday, 10 January 13
PANAMAX : SOME GLIMMERS OF HOPE MID WEEK - FEARNLEYS
According to Fearnley’s weekly report, the Atlantic handy market is stable with rates around USD 11k for Cont-Feast and USD 17k bss USG/Feast. ...
Thursday, 10 January 13
DRY BULK PANAMAX MARKET HEAVILY OVERSUPPLIED, UNLIKELY TO FIND SUPPORT IN 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite positive indication for a significant surge of dry bulk demand this year, the oversupply problems of the market, will continue to weigh heav ...
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- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- White Energy Company Limited
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
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