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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, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- PTC India Limited - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
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