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.
|
|
Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
|
|
|
Showing 1626 to 1630 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
|
| |
| |
|
