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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, 01 June 15
API 5 FOB NEWCASTLE COAL SWAP; Q1'16 CLOSED LOWER COMPARED TO Q3'15
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.36 per MT (0.80%) month over month. The swap was closed at US$ ...
Monday, 01 June 15
CFR SOUTH CHINA COAL SWAP: GAINED W-W, M-M; Q1'16 CLOSED HIGHER THAN Q3'15
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.15 (2.26%) per MT month over month.
A commodity swap is a f ...
Sunday, 31 May 15
CAPE AND PANAMAX SEGMENTS SLIDE CONTINUES
COALspot.com: The BDI was up about 0.5 pct week on week and closed at 589 points while the cape index was fell 0.73 pct and closed at 810 po ...
Friday, 29 May 15
DRY BULK MARKET IS THE VICTIM OF A SHIFT IN DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodi ...
Friday, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
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- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
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- Singapore Mercantile Exchange
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- McConnell Dowell - Australia
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- Directorate Of Revenue Intelligence - India
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- South Luzon Thermal Energy Corporation
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- Sojitz Corporation - Japan
- Australian Coal Association
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- Thai Mozambique Logistica
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- India Bulls Power Limited - India
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- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Minerals Council of Australia
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- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
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- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
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- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
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- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
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- Formosa Plastics Group - Taiwan
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- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
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- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
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- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
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- Kaltim Prima Coal - Indonesia
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- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
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