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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 October 13
PANAMAX: RATES SLIP ACROSS BOTH HEMISPHERES
Handy
We were back from holidays but still not much enquiries in the market. Overall future direction is uncertain. Currently, ships passing Singap ...
Thursday, 24 October 13
SHIP PRICES ARE INCREASING ON THE BACK OF IMPROVED MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leadin ...
Wednesday, 23 October 13
DRY BULK MARKET HAS SHOWN SIGNS OF STABILITY - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable-)
The Dry Bulk market has shown signs of stability this past week, with the sole exception of Capes, rates f ...
Wednesday, 23 October 13
MARKET SENTIMENT IN THE DRY BULK SECTOR REMAINS POSITIVE - YANNIS OLZIERSKY
Market sentiment in the dry bulk sector remains positive despite the latest correction in freight rates for the Capesize sector, which are sliding f ...
Tuesday, 22 October 13
NEWCASTLE PORT SERVED 38 OCEAN GOING VESSELS IN A WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 0.64 per cent week on week to 3.21 million mt for ...
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- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Australian Coal Association
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
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