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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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Saturday, 30 November 13
NTPC STARTED IMPORTING COAL THROUGH NW1 FOR ITS FARAKKA POWER PLANT
COALspot.com: In a pioneering and path breaking operation, the very first consignment of about 69,060 metric tons of imported coal bought by MV HUAY ...
Friday, 29 November 13
DRY BULK MARKET BACK ON HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is strengthening as a result of higher demand for Capesize vessels. The BDI (Baltic Dry Index) was up by 146 points yesterday, e ...
Wednesday, 27 November 13
DRY SEGMENTS EXCEPTION OF PANAMAXES, REMAINED OVERALL STABLE - INTERMODAL
COALspot.com : The Dry Bulk market closed off the week in the red, albeit the decrease noted was of short scale. With the exception of Panamaxes, th ...
Wednesday, 27 November 13
US WHEAT IMPORTS TO BRAZIL, REACHED A 35 - YEAR HIGH - EVA TZIMA
COALspot.com: As I am going through a number of dry market fixtures reported since the beginning of October, my eyes instinctively stop where they d ...
Wednesday, 27 November 13
SHIP OWNERS ONCE AGAIN TURN TO DRY BULK CARRIERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners once again turned to more dry bulk carrier ordering over the course of the past week, as more and more appear convinced of the industry ...
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- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
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- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
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- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
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- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
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- Coastal Gujarat Power Limited - India
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- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
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- MS Steel International - UAE
- Merrill Lynch Commodities Europe
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- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
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- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
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- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
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- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
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- VISA Power Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
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- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
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- Mjunction Services Limited - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
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- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
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- Bharathi Cement Corporation - India
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- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
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- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
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