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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, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
Friday, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
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- The State Trading Corporation of India Ltd
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- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
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- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
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- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- The University of Queensland
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
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