We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
|
|
|
Showing 1586 to 1590 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Central Java Power - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
|
| |
| |
|
