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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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Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Planning Commission, India
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