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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, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
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Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
Friday, 10 August 18
U.S. COAL PRODUCTION TO DECLINE BY 1.8% IN 2019 BECAUSE COAL EXPORTS AND COAL CONSUMPTION ARE BOTH FORECAST TO DECREASE - EIA
EIA forecasts U.S. coal production will decline by 1.1% to 766 million short tons (MMst) in 2018 despite a 5.7% (6 MMst) increase in coal exports.
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Showing 1646 to 1650 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
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