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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, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
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