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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, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
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- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Planning Commission, India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- The University of Queensland
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
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