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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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Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
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- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Indogreen Group - Indonesia
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- Mjunction Services Limited - India
- Economic Council, Georgia
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- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
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- Indian Energy Exchange, India
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- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
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- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
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- Ministry of Mines - Canada
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- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
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- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
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- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
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- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
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- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- The University of Queensland
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Tata Chemicals Ltd - India
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- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Planning Commission, India
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- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
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- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Posco Energy - South Korea
- India Bulls Power Limited - India
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- Sakthi Sugars Limited - India
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- Minerals Council of Australia
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- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
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- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
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- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
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- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
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