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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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Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
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- Singapore Mercantile Exchange
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- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
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- Indonesian Coal Mining Association
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- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
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- Sojitz Corporation - Japan
- The Treasury - Australian Government
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- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
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- Wilmar Investment Holdings
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- Africa Commodities Group - South Africa
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- GN Power Mariveles Coal Plant, Philippines
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- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
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- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
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- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
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- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
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- Economic Council, Georgia
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- Savvy Resources Ltd - HongKong
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- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
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- Baramulti Group, Indonesia
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- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Planning Commission, India
- Georgia Ports Authority, United States
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- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
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- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Parliament of New Zealand
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- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
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- Global Green Power PLC Corporation, Philippines
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- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
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- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
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- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
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- Indian Oil Corporation Limited
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- PTC India Limited - India
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- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
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- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Romanian Commodities Exchange
- Australian Coal Association
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
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- Banpu Public Company Limited - Thailand
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Eastern Energy - Thailand
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