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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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Friday, 22 November 13
DRY BULK MARKET STILL LACKLUSTRE, DESPITE PROJECTIONS OF A NEW RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't ye ...
Friday, 22 November 13
US COAL PRODUCTION DOWN 1.3% W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Thursday, 21 November 13
TAIPOWER TO PROCURE 750K MT OF 5500 GAR BITUMINOUS COAL FOR MAY - AUGUST 2014
COALspot.com: Taiwan Power Company intends to procure 750,000 metric tons of bituminous coal with calorific value not lesser than 5,500 kcal/kg on a ...
Thursday, 21 November 13
CAPESIZE : THE DOWNWARD TREND HAS TURNED INTO NOTABLE SPOT AND PERIOD IMPROVEMENT - FEARNLEYS
Handy
The Atlantic market experienced a general rate increase for most trades this week. More cargoes in the market and chrts looking for prompt t ...
Wednesday, 20 November 13
PANAMAX MARKET RESUMED ITS NEGATIVE MOVEMENT FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The recovery noted the week prior in the dry Bulk market proved to be short-lived, as the BDI slipped back down to the low 1,500 point ...
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- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
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