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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, 12 October 13
PANAMAX: OWNERS ARE AT US$ 17-18.5K PER DAY; CHARTERERS ARE AT US$ 15.5-16K - CAPT. REDDY
COALspot.com - The futures market was heavily down on the cape size vessels and the physical average charterer rates on cape size vessels dropped by ...
Friday, 11 October 13
DRY BULK FREIGHT RATE POSITIVE MOMENTUM TO BE SUPPORTED BY HIGHER DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO released its latest short term research on the shipping markets, estimating that the elevated level of Capesize TC average rates i ...
Friday, 11 October 13
US COAL PRODUCTION FALLS 7.70% IN SEPTEMBER
COALspot.com – United States the world’s second largest coal producer produced approximately 17.70 million short tons (mmst) of coal in ...
Thursday, 10 October 13
NPC AUSTRALIA SHIPPED 2.99 MILLION TONS OF COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.04 per cent week on week to 2.99 million mt for ...
Thursday, 10 October 13
SEVERAL PANAMAX FIXTURES FOR 1 YEAR TC HAVE BEEN REPORTED AROUND $13.5K/DAY - FEARNRESEARCH
Handy
The market is not much fancy as several holidays in the Far East last week. Tonnage side seems tight in SE Asia but there are many of them in ...
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- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- VISA Power Limited - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
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