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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, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- White Energy Company Limited
- Aditya Birla Group - India
- The University of Queensland
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
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