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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, 08 January 13
HOLIDAY ACTIVITY SCARCE IN THE MARKET OF SECOND HAND VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although the market for second hand vessel purchasing was quite lull during the Holiday period, as is usually the case, the first days of the New Ye ...
Tuesday, 08 January 13
NEWCASTLE PORT SHIPPED 3.197 MILLION MT OF COAL W/E 7 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 3,197,580 MT of thermal and coking coal for week ended 0700 hours 7 January 2013, Newcas ...
Sunday, 06 January 13
CFR SOUTH CHINA COAL: 2014 DELIVERY CLOSED US$ 6.80 HIGHER THAN Q1 '13 PRICE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has gained 0.37 percent WoW and CFR South China coal sh ...
Sunday, 06 January 13
COAL BOOM: WAKE-UP CALL FOR INDIA & INDONESIA! - SUNIL K KUMBHAT
COALspot.com - Coal Boom : Scenario, Now & later!
Coal has been the dominant fuel for power generating plants in developed countries since th ...
Sunday, 06 January 13
FREIGHT MARKET REMAINED FAIRLY STEADY - VISTAAR
WISH YOU ALL HAPPY NEW YEAR
COALspot.com - The freight market remained fairly steady in spite of Christmas / New Year Holidays. The BDI was almos ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- The University of Queensland
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
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