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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, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
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- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Australian Coal Association
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
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