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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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Friday, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
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- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
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