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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, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
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 ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
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- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Romanian Commodities Exchange
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- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
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- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
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