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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, 09 July 13
CAPESIZE: SHOT UP; PANAMAXES: NOT SO LUCK; SUPRAS: SLIGHTLY BETTER; HANDIES: SOFT - INTERMODAL
COALspot.com : June 2013 Recap
A renewed Capesize market this month (June 2013) was the cause for much of the overall noteworthy performanc ...
Tuesday, 09 July 13
THE 11TH DEEP COAL PROCESSING FORUM 2013
Press Release : The 11th Deep Coal Processing Forum 2013 will be held in November Beijing China.
CDMC Events is pleased to announce that 11 ...
Monday, 08 July 13
ECO-FRIENDLY COAL FOR CHINA - VALUE FOR THE ENVIRONMENT AND VALUE FOR THE POWER GENERATOR - BY: LINDSAY JUNIPER
COALspot.com : January 2013 saw an episode of extreme particulate pollution in Beijing 35 times worse than the safe level recommended by the World H ...
Sunday, 07 July 13
FREIGHT MARKET IS EXPECTED TO BE SOFT TO STABLE NEXT WEEK- VISTAAR
COALspot.com - The freight market softened for the week ended 5 July 2013, and experienced a decline in all sectors, including BDI. Bulk dry Index d ...
Sunday, 07 July 13
COAL PRICES REMAIN UNDER PRESSURE
COALspot.com – Coal swaps for the year 2014 indicate that, the pressure on coal prices will continue at least until next year. Ave ...
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- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
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