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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, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
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, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
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- Pipit Mutiara Jaya. PT, Indonesia
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- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
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