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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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Sunday, 03 November 13
H2' 2014 INDONESIAN COAL PRICE ( SWAPS) SHOWS POSITIVE TREND
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 0.24 percept week on week on Friday 1 ...
Sunday, 03 November 13
THE CAPE SIZE INDEX FELL 13.61 PCT W-W
COALspot.com: The freight market continued to soften on the cape and panamax sectors , however the supramax and handy size remained fairly firm.
...
Saturday, 02 November 13
DRY BULK SHIPPERS AREN'T CELEBRATING, BUT THEIR SILENCE IS GOLDEN - MARKET REALIST
In October, performance for major dry bulk shipping companies was mixed. Companies like DryShips Inc. (DRYS) had pulled back more than Diana Shippin ...
Friday, 01 November 13
US'S COAL PRODUCTION UP 0.9 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
Friday, 01 November 13
DRY BULK MARKET IN FIRST POSITIVE SIGN IN DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Owners of dry bulk carriers are well aware of the rollercoaster ride that has been the market for their vessels over the past few years. This trend ...
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- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- VISA Power Limited - India
- White Energy Company Limited
- PTC India Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- The University of Queensland
- Goldman Sachs - Singapore
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
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