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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, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- PTC India Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
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- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- The University of Queensland
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- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
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- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
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- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
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- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Bangladesh Power Developement Board
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- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
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- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
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- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
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