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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
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