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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, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the la ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
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- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
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