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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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Tuesday, 24 July 18
TANKER MARKET : IN TERMS OF TRADE, THE STEPS THAT WERE SLOWLY BEING TAKEN BY OPEC AND RUSSIA - GEORGE LAZARIDIS
Despite the fact that the tanker market still seems to be in the midst of a perfect storm, there are still strong indicators that better sailing da ...
Thursday, 19 July 18
VINACOMIN PRODUCES OVER 20 MLN TONNES OF RAW COAL FROM YEAR'S START - VNA
The Vietnam National Coal and Mineral Industries Group (Vinacomin) has produced over 20 million tonnes of raw coal and 19.3 million of clean coal f ...
Wednesday, 18 July 18
INDONESIA TO AUCTION 16 MINING SITES - JP
Indonesia will soon auction 16 mining sites as no proposal submissions have been submitted by state-owned enterprises (BUMN) and regional administr ...
Wednesday, 18 July 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
The new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been tr ...
Thursday, 12 July 18
SUPRAMAX: INDO/CHINA COAL RV IS BEING FIXED AROUND USD 10500 BSS SINGAPORE - FEARNLEYS
Capesize
Cape market continue to be extremely volatile says Fearnleys in its latst weekly report.
The further noted that, last week ended wi ...
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- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
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