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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, 18 August 16
CAPESIZE: AN EXTREMELY VOLATILE LAST WEEK, WHERE THE MAIN DRIVER HAS BEEN THE WEST AUSTRALIA MARKET
Supramax
The week has held up. After the most of the world is back at work there is some optimism again in the market. The Far East volume has in ...
Tuesday, 16 August 16
WEEKLY CS42 COAL INDEX SOARS 14.08% YEAR TO DATE AMID HIGH DEMAND
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 2.37% week over week to averaging $42.84 per ton this past week, shows CS (i) C ...
Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bu ...
Monday, 15 August 16
INDONESIAN COAL PRICES RALLYING; COAL OUTPUT REMAINS FLAT
COALspot.com: Global thermal coal prices, including Indonesian coal prices have risen sharply due to jump in imports from China as it curbs domesti ...
Monday, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
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Showing 2316 to 2320 news of total 6871 |
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- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Australian Coal Association
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
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