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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- PowerSource Philippines DevCo
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- Tata Chemicals Ltd - India
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- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
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- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
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- Bangladesh Power Developement Board
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- Global Business Power Corporation, Philippines
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- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
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- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Australian Coal Association
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- White Energy Company Limited
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
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- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
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- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
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