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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, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
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- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
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