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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, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
Saturday, 03 January 15
U.S WEEKLY COAL PRODUCTION FELL 11.2% TO 17.6 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
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- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
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- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Planning Commission, India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
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