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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, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- Ministry of Transport, Egypt
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- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
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- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
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- GN Power Mariveles Coal Plant, Philippines
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- CNBM International Corporation - China
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- Planning Commission, India
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- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
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- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
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- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
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- SMC Global Power, Philippines
- Petron Corporation, Philippines
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- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
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- Romanian Commodities Exchange
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- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
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- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
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- Krishnapatnam Port Company Ltd. - India
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- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
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- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
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- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
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- Baramulti Group, Indonesia
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- Mintek Dendrill Indonesia
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- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
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- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
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- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
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- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
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- Price Waterhouse Coopers - Russia
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- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
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- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
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