The measures include:
Unfortunately, the shipping industry has inevitably been a victim. Particularly for those who intend to remit foreign currency (freight, hire, commission, demurrage) out of China. In that the measures are likely to prolong the process for company outward remittances.
In practice, many foreign shipping entities take advantage of their overseas offices to avert the problem, by handling all foreign exchange remittance. This is largely to avoid Chinese foreign exchange control, as well as other administrative difficulties. Under such circumstances, their Chinese offices purely act as an agent.
The increased measures may also trigger a tax withholding issue when remitting funds out of China. This depends on many factors and whether they are relevant to China, such as cargo, payer, loading port and so on. In theory, the payer is obliged to withhold such tax within China, according to the most common Chinese tax regulation. However, this practice varies from city to city and we recommend members carefully check with the local Chinese tax authority whether, and if so, which tax scheme may apply to that particular business.
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Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
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