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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, 08 November 12
LARGE ECO SUPRA : INDO - INDIA NOW FIXED AT USD 11K FOR DELIVERY SINGAPORE - FEARNLEYS
Handy
The Atlantic market continues to remain weak with rates further softening on FH. Rates from USG to Feast were around USD 14k and Black Sea to ...
Thursday, 08 November 12
DRY BULK MARKET RETREATS AGAIN ON HIGHER SHIP SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In further evidence of a latest round of dry bulk shipping misery, the industry's benchmark fell for the 11th straight session yesterday, as the in ...
Thursday, 08 November 12
JOIN CHINA STEAM COAL SUPPLY - DEMAND FORUM
Join China Steam Coal Supply-Demand Forum & Visit Shenhua Yudean Zhuhai Port Coal Terminal
Press Release - Organized by CBI BIZ and suppo ...
Wednesday, 07 November 12
NEWBUILDING ORDERING ACTIVITY ON A STEADY PACE PRIOR TO THE END OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding orders, which to many involved in the shipping industry, are the main reason of today's low freight rates and subsequent financial prob ...
Tuesday, 06 November 12
NOVEMBER 2012 HBA $35.21 LOWER THAN A YEAR AGO
COALspot.com - The Indonesian government’s declared coal reference price for November’ 12 has lost US$ 4.60 per MT M-o-M.
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- Mjunction Services Limited - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
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