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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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Tuesday, 01 October 13
DRY BULK MARKET POISED FOR RETREAT ON CHINA HOLIDAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The start of a national weeklong in China as of Tuesday is expected to put a lid in the latest rally of the dry bulk freight market, as has always b ...
Monday, 30 September 13
NEWCASTLE'S COAL EXPORT VOLUME CONTINUES TO SLIP
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 8.38 per cent week on week to 2.67 million mt fo ...
Monday, 30 September 13
PANAMAX CHARTER RATES TOUCHING US$ 18K FOR A TRIP TO NOPAC - CAPT. REDDY
COALspot.com : The freight market continued to remain firm, BDI and the Panamax index up week ended 27 September 2013.
The cape index was fell to ...
Sunday, 29 September 13
API 8 CFR SOUTH CHINA COAL Q3 2014 DELIVERY SWAP GAINED $1.19 M-O-M
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
Sunday, 29 September 13
SUB-BIT INDONESIA COAL SWAP FELL ON MONTH AND WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 3.93 percept month on month on Friday 27 September 2 ...
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- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
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- Chettinad Cement Corporation Ltd - India
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- Marubeni Corporation - India
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- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
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- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
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- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Australian Coal Association
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
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- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
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- Bahari Cakrawala Sebuku - Indonesia
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- Bukit Asam (Persero) Tbk - Indonesia
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- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
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