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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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Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
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- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Minerals Council of Australia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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