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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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Friday, 30 June 17
U.S. WEEKLY COAL OUTPUT SLIGHTLY DOWN
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Capesize
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Friday, 23 June 17
U.S. WEEKLY COAL PRODUCTION TOTALED APPROXIMATELY 15.8 MMST; UP 1.8% W/W
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MARKET INSIGHT - SHIPPING
Looking back at March and April shipping reports when the dry bulk indexes were starting to move up, a number of shipping analysts were stating tha ...
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Showing 2016 to 2020 news of total 6871 |
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- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- The University of Queensland
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
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