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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, 25 August 15
INDONESIA MINERS' NPLS TO RISE FURTHER, BANK RISKS BUILD - FITCH
The NPLs of Indonesian mine and mine services companies are likely to rise further in the short term, says Fitch Ratings, after reaching multi-year ...
Tuesday, 25 August 15
MINER'S EARNINGS DROP ON FALLING COAL PRICES; Q2'16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 52.23 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Monday, 24 August 15
FOB NEWCASTLE COAL SWAPS HIT FRESH LOW, DIPPING BELOW $42 A TON
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 2.20 per MT (-5.01%) month over month to US$ 41.70 per mt. The swap ...
Monday, 24 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 48.65 PMT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.89 (3.74%) per MT month over month.
A commodity ...
Monday, 24 August 15
IS CHINA'S STEEL EXPORTS ENOUGH TO SUPPORT THE FREIGHT MARKET? - BIMCO
No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will su ...
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- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- White Energy Company Limited
- VISA Power Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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