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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Planning Commission, India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
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