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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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Friday, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, m ...
Thursday, 09 April 15
CAPESIZE: RATES ARE STILL DISAPPOINTING - FEARNLEYS
Handy
The handy market had a stronger sentiment before the Easter holidays, but have as the bigger panamaxes seen a softening tendency this week. ...
Wednesday, 08 April 15
DRY BULK MARKET SEEMS UNABLE TO CATCH A BREAK - INTERMODAL
COALspot.com: The Dry Bulk market seems unable to catch a break these days.
According to Intermodal, following the market stabilization that p ...
Wednesday, 08 April 15
CHINA BURNS HALF OF THE WORLD'S COAL - CHRISTOPHER T. WHITTY
Intermodal Weekly Market Update
China is the world's largest consumer of coal, using more coal each year than the United States, the Europ ...
Tuesday, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
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- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- The University of Queensland
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
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