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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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Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Planning Commission, India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
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