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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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Wednesday, 10 June 15
TANKER MARKET INSIGHT - STELIOS KOLLINTZAS
As we go through the end of the 2nd quarter of the year it is evident that the tanker shipping markets have been rewarding and definitely been show ...
Wednesday, 10 June 15
WORLD COAL MARKET HEADING TO NEW EQUILIBRIUM: MINISTER - JAKARTA POST
Energy and Mineral Resources Minister Sudirman Said has said the world’s coal market is heading towards a new balance, which will make Indone ...
Wednesday, 10 June 15
FOB INDONESIA COAL SWAP ROSE W-O-W AND M-O-M
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and week over week, this past week.
The Q3 swap was climbed by $ ...
Tuesday, 09 June 15
GLOBALCOAL IMPLEMENTS VOLUMETRIC SIZE LIMITS IN RICHARDS BAY MARKET
COALspot.com: globalCOAL today announced that following recent market consultation, it will limit bids, offers and trades in the fixed price Phys R ...
Tuesday, 09 June 15
FOB RICHARDS BAY COAL SWAPS DECLINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was fell US$ ...
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- Merrill Lynch Commodities Europe
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- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
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- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
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- Cigading International Bulk Terminal - Indonesia
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- Australian Commodity Traders Exchange
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- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
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- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
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- Economic Council, Georgia
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- GMR Energy Limited - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
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- Meenaskhi Energy Private Limited - India
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- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
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- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
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- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
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- TeaM Sual Corporation - Philippines
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- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
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- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
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- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
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- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
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- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
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