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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, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Wilmar Investment Holdings
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- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
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- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
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- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
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