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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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Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- The University of Queensland
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Planning Commission, India
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- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Australian Coal Association
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- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
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- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
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- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
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- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
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- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
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- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
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- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
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- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
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- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
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