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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, 07 June 16
CS COAL INDEX ROSE FOR SECOND STRAIGHT WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.38 percent week over week to averaging $39.16 per ton this past week, shows ...
Monday, 06 June 16
BDI GAINED ON A STRONGER DEMAND FOR CAPESIZE SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week on a stronger demand for Capesize ves ...
Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, ...
Friday, 03 June 16
U.S WEEKLY COAL PRODUCTION SLIDES 1.3% - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.5 million short tons (mm ...
Wednesday, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
...
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- Parliament of New Zealand
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- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
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- Minerals Council of Australia
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- GMR Energy Limited - India
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- Economic Council, Georgia
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- Metalloyd Limited - United Kingdom
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- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- India Bulls Power Limited - India
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- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
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- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Australian Coal Association
- Makarim & Taira - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
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- Independent Power Producers Association of India
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- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Sical Logistics Limited - India
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- Interocean Group of Companies - India
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- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
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- Wilmar Investment Holdings
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- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
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- Power Finance Corporation Ltd., India
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