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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, 24 October 16
DRY BULK:MARKET ENDS WEEK WITH MIXED REACTIONS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ending with mixed direction as Cape and BDI was declined ...
Thursday, 20 October 16
THE PORT OF NEWCASTLE SHIPPED 16.97 PERCENT MORE COAL IN SEPTEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,216.7 m ...
Thursday, 20 October 16
A SUPRAMAX HAVE BEEN FIXED AT $12,500 FOR A INDIA TO BANGLADESH TRIP - FEARNLEYS
Supramax
A bit more activities with modest upturn in rates.
According to Fearnleys weekly report, US Gulf trip to Skaw-Passero has seen cons ...
Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indicat ...
Tuesday, 18 October 16
COAL PRICES KEPT CLIMBING
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
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- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Riau Bara Harum - Indonesia
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- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
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- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
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