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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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Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the la ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
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- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
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