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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, 07 April 14
API 8 CFR SOUTH CHINA COAL SWAPS GAINED 2.09% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 2.09 percent month on month and closed at US$ 75.68 per ...
Sunday, 06 April 14
THE FREIGHT MARKET KEEPS SLIDING
COALspot.com: The freight market continued to drop this week. The BDI (Baltic Dry Index) is a widely followed metric that reflects the overall r ...
Friday, 04 April 14
UNITED STATES COAL OUTPUT UP 5.4% IN PAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.9 million short tons (mmst) of coal i ...
Thursday, 03 April 14
PANAMAX SECTOR IS WATCHING A SEVERE DROP IN RATES - FEARNLEYS
Handy
A further weaker sentiment for the Supras as well in both hemispheres this week with oversupply of tonnage being the major headline. Tra ...
Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
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- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
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- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
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- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
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- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Planning Commission, India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
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