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L
LC
See Letter of Credit
LT
See Long Ton
LAD
See Liquidated and Ascertained Damages
Label
A slip of e.g. paper or metal attached to an object to indicate the
nature, ownership, destination, contents and/or other particulars of the
object.
Laden Vessel
Loaded aboard a vessel.
See Loaden Vessel
Lading
Refers to the freight shipped; the contents of a shipment.
Lagan:
Cargo thrown overboard, but buoyed so that it may be recovered.
Laid-Up Tonnage
Ships not in active service; a ship which is out of commission for
fitting out, awaiting better markets, needing work for classification,
etc.
Laker
Type of ship which trades only in the Great Lakes of North America.
They usually carry grain and ore cargoes.
Land Bridge
Movement of cargo by water from one country through the port of another
country, thence, using rail or truck, to an inland point in that country
or to a third country. As example, a through movement of Asian cargo to
Europe across North America.
Landed Cost
The total cost of a good to a buyer, including the cost of transportation.
Landing Certificate
Certificate issued by consular officials of some importing countries
at the point or place of export when the subject goods are exported under
bond.
Landing Gear
A support fixed on the front part of a chassis (which is retractable);
used to support the front end of a chassis when the tractor has been removed.
LASH
To hold goods in position by the use of, e.g., wires, ropes, chains
and straps.
See Lighter Aboard Ship
LAYCAN
Laydays or Cancelling (date): Range of dates within the hire contract
must start.
Lay Days
Days allowed by charter for loading or discharging cargo.
LCL
1. See Less than Container Load
Less Than Truckload
Lighter Aboard Ship
A specially constructed vessel equipped with an overhead crane for
lifting specially designed barges and stowing them into cellular slots
in an athwartship position.
Lash Ships
LASH stand for Lighter Aboard Ship. It is a specialized container ship
carrying very large floating containers, or "lighters." The ship carries
its own massive crane, which loads and discharges the containers over the
stern. The lighters each have a capacity of 400 tons and are stowed in
the holds and on deck. While, the ship is at sea with one set of lighters,
further sets can be made ready. Loading and discharge are rapid at about
15 minutes per lighter, no port or dock facilities are needed, and the
lighters can be grouped for pushing by towboats
along inland waterways.
Lashing Point
Point on a means of transport to which wires, chains, ropes or straps,
which are used to hold goods in position, are attached.
Last Carrier
The participating airline over which air routes the last section of
carriage under the Air Waybill is undertaken or performed (air cargo).
Last In First Out
Abbreviation: LIFO
A method of which the assumption is that the most recently received
(last in) is the first to be used or sold (first out).
Latent Defect:
A defect in the construction of a ship or machinery that is not readily
discernible to a competent person carrying out a normal inspection. Discovery
of a latent defect does not give rise to a claim on the ordinary hull policy,
but damage caused thereby is usually covered.
Lateral and Front Stacking Truck
High-lift stacking truck capable of stacking and retrieving loads ahead
and on either or both sides of the driving direction.
Latitude
The angular distance of a position on its meridian north or south from
the equator, measured in degrees ('a vessel at 25 degrees north latitude').
Lay Days
The number of days allowed in a charter party for the loading and discharging
of cargo. Lay days may be indicated in different ways e.g. consecutive
days, working days, weather working days.
Lay Time
Time allowed by the shipowner to the voyage charterer or bill of lading
holder in which to load and/or discharge the cargo. It is expressed as
a number of days or hours or as a number of tons per day.
Lay Up A Vessel
Temporary cessation of trading of a ship by a shipowner during a period
when there is a surplus of ships in relation to the level of available
cargoes. This surplus, known as overtonnaging, has the effect of depressing
freight rates to the extent that some shipowners no long find it economical
to trade their ship, preferring to lay them up until there is a reversal
in the trend.
Lay-Up Return:
A return of part of the annual premium on a ship time policy paid back
to the assured by the underwriter because the ship has been laid up and
not exposed to full navigational risks for a period of not less than 30
consecutive days. Such return is not paid until the natural expiry date
of the policy, and is forfeit if the vessel becomes a total loss before
such date.
Layout Key
See United Nations Layout Key
Lazaretto
Place where goods are fumigated, or where a person under quarantine
is quartered.
Lead Time
1. The amount of time between the request of a service and the actual
provision of this service.
2. A span of time required to perform an activity. In a logistics context,
the time between the initiation of a process and its completion.
Leadage:
The cost of transporting coal from colliery to place of shipment.
Lease
A contract by which one party gives to another party the use of property
or equipment, e.g. containers, for a specified time against fixed payments.
Leasing Company
The company from which property or equipment is taken on lease.
Leasing Contract
A contract for the leasing of property or equipment.
Less than Container Load
Abbreviation: LCL
1. A general reference for identifying cargo in any quantity intended
for carriage in a container, where the Carrier is responsible for packing
and/or unpacking the container.
2. For operational purposes a LCL (Less than full container load) container
is considered a container in which multiple consignments or parts thereof
are shipped.
Less than Truck Load
Abbreviation: LTL/LCL
A term used if the quantity or volume of one or more consignment(s)
does not fill a standard truck.
Lessee
The party to whom the possession of specified property has been conveyed
for a period of time in return for rental payments.
Lessor
The party who conveys specified property to another for a period of
time in return for the receipt of rent.
Letter of Credit
Abbreviation: L/C
A document, issued by a bank per instructions by a buyer of goods,
authorizing the seller to draw a specified sum of money under specified
terms, usually the receipt by the bank of certain documents within a given
time. Some of the specific descriptions are:
1. Back-to-Back: A new letter of credit issued to another beneficiary
on the strength of a primary credit. The second L/C uses the first L/C
as collateral for the bank. Used in a three-party transaction.
2. Clean: A letter of credit that requires the beneficiary to present
only a draft or a receipt for specified funds before receiving payment.
3. Confirmed: An L/C guaranteed by both the issuing and advising banks
of payment so long as seller's documents are in order, and the L/C terms
are met. Only applied to irrevocable L/C's. The confirming bank assumes
the credit risk of the issuing bank.
4. Deferred Payment: A letter of credit issued for the purchase and
financing of merchandise, similar to acceptance-type letter of credit,
except that it requires presentation of sight drafts payable on an installment
basis.
5. Irrevocable: An instrument that, once established, cannot be modified
or cancelled without the agreement of all parties concerned.
6. Non cumulative: A revolving letter of credit that prohibits the
amount not used during the specific period from being available afterwards.
7. Restricted: A condition within the letter of credit which restricts
its negotiation to a named bank.
8. Revocable. An instrument that can be modified or cancelled at any
moment without notice to and agreement of the beneficiary, but customarily
includes a clause in the credit to the effect that any draft negotiated
by a bank prior to the receipt of a notice of revocation or amendment will
be honored by the issuing bank. Rarely used since there is no protection
for the seller.
9. Revolving: An irrevocable letter issued for a specific amount; renews
itself for the same amount over a given period.
10. Straight: A letter of credit that contains a limited engagement
clause which states that the issuing bank promises to pay the beneficiary
upon presentation of the required documents at its counters or the counters
of the named bank.
11. Transferable: A letter of credit that allows the beneficiary to
transfer in whole or in part to another beneficiary any amount which, in
aggregate, of such transfers does not exceed the amount of the credit.
Used by middlemen.
12. Unconfirmed: A letter of credit forwarded to the beneficiary by
the advising bank without engagement on the part of the advising bank.
Letter of Indemnity
In order to obtain the clean bill of lading, the shipper signs a letter
of indemnity to the carrier on the basis of which may be obtained the clean
bill of lading, although the dock or mate's receipt showed that the shipment
was damaged or in bad condition.
Levant
Eastern end of the Mediterranean.
Liability
Legal responsibility for the consequences of certain acts or omissions.
Licenses
1. Some governments require certain commodities to be licensed prior
to exportation or importation. Clauses attesting to compliance are often
required on the B/L.
2. Various types issued for export (general, validated) and import
as mandated by government(s).
Lien
A legal claim upon real or personal property to pay a debt or duty.
Lien:
A legal right over goods, to hold them until the claim against the
owner has been settled.
Lifeboat
A specially constructed double ended boat which can withstand heavy,
rough seas.
Lifeboat Drill
The master of every vessel is bound by international law to make the
officers, crew and passengers adequately acquainted with the procedures
of lowering and the use of lifeboats in case of emergency.
Life Cycle Cost
Encompasses all costs associated with the product's life cycle. These
include all costs involved in acquisition (research & development,
design, production & construction, and phase-in), operation, support
and disposal of the product.
Lift-On Lift-Off Vessel
Abbreviation: LOLO
Vessel of which the loading and discharging operations are carried
out by cranes and derricks.
Light Displacement Tonnage
The weight of a ship's hull, machinery, equipment and spares. This
is often the basis on which ships are paid for when purchased for scrapping.
The difference between the loaded displacement and light displacement is
the ship's deadweight.
Lightening
A vessel discharges part of its cargo at anchor into a lighter to reduce
the vessel's draft so it can then get alongside a pier.
Lighter
General name for a broad, flat-bottomed boat used in transporting cargo
between a vessel and the shore. The distinction between a lighter and a
barge is more in the manner of use than in equipment. The term "lighter"
refers to a short haul, generally in connection with loading and unloading
operations of vessels in harbor while the term "barge" is more often used
when the cargo is being carried to its destination over a long distance.
See Barge
Lighter Aboard Ship
Abbreviation: LASH
An ocean ship which carries barges. These barges are loaded with cargo,
often at a variety of locations, towed to the ocean ship, sometimes referred
to as the mother ship, and lifted or, in some cases, floated on board.
After the ocean crossing, the barges are off-loaded and towed to their
various destinations. The ocean ship then receives a further set of barges
which have been assembled in readiness. This concept was designed to eliminate
the need for specialized port equipment and to avoid transshipment with
its consequent extra cost.
Lighterage
1. The carriage of goods within a port area by lighter, e.g. from
a vessel to a quay.
2. Charge for conveying cargo by lighters or barges.
Lightering
Conveying cargo with another vessel known as a lighter from ship to
shore, or vice versa.
Lightweight
Weight of an empty vessel including equipment and outfit, spare parts
required by the regulatory bodies, machinery in working condition and liquids
in the systems, but excluding liquids in the storage tanks, stores and
crew.
Limber Hole:
A drainage hole in a ship.
Limited Terms:
An insurance expression meaning that the policy gives less cover than
a policy on full conditions (eg. total loss only).
Limit per Bottom:
The maximum amount of cargo insured by a policy in any one vessel.
Line-Haul
Transportation from one city to another as differentiated from local
switching service.
Line Item
See Order Line
Line Number
See Flight Number
Linear Programming
A mathematical procedure for minimising or maximising a linear function
of several variables, subject to a finite number of linear restrictions
on these variables.
Liner
A cargo-carrying ship which is operated between scheduled, advertised
ports of loading and discharge on a regular basis.
Liner Conference
A group of two or more vessel-operating carriers, which provides international
liner services for the carriage of cargo on a particular trade route and
which has an agreement or arrangement to operate under uniform or common
freight rates and any other agreed conditions (e.g. FEFC = Far Eastern
Freight Conference).
Liner In Free Out
Abbreviation: LIFO
Transport condition denoting that the freight rate is inclusive of
the sea carriage and the cost of loading, the latter as per the custom
of the port. It excludes the cost of discharging.
Liner Service
1. The connection through vessels between ports within a trade.
2. Vessels operating on fixed itineraries or regular schedules and
established rates available to all shippers. The freight rates which are
charged are based on the shipping company's tariff or if the company is
a member of a liner conference, the tariff of that conference.
Liner Shipping Company
A company transporting goods over sea in a regular service.
Liner Shipping Agreements.
Abbreviation : LSA
Liner Terms
Condition of carriage denoting that costs for loading and unloading
are borne by the carrier subject the custom of the port concerned.
Liquefied Natural Gas
Abbreviation : LNG.
Liquefied Petroleum Gas
Abbreviation : LPG.
Liquidated and Ascertained Damages
Abbreviation : LAD
The penalty a seller must pay if the construction project does not
meet contractual standards or deadlines.
List
Inclination of a ship to port or starboard caused by eccentric weights
such as cargo or ballast.
Live Stock
Cargo consisting of live animals, such as horses, cows, sheep and chickens.
Littoral Drift
Lloyd's Agents:
Persons appointed by the Corporation of Lloyd's and stationed in all
major world ports. Their function is to safeguard Lloyd's interests and
report all movements and losses of ships.
Lloyd's Broker:
An intermediary who negotiates insurance contracts with Lloyd's underwriters
on behalf of his client, the assured. For a broker to be admitted as a
Lloyd's broker he must satisfy the Committee of Lloyd's that he is a suitable
person to become a Lloyd's broker. Only Lloyd's brokers are permitted to
enter the underwriting room at Lloyd's to transact business with underwriters.
Lloyd's Register of Shipping
British classification society.
Lloyd's Register of Shipping:
An independent non-profit-making Society, controlled by the various
sectors of the shipping industry. It undertakes surveys, classification
of all vessels, and produces various annual publications, including Construction
Rules for Steel Ships.
Lloyd’s Registry
An organization maintained for the surveying and classing of ships
so that insurance underwriters and others may know the quality and condition
of the vessels offered for insurance or employment.
LNG Carrier
Liquefied natural gas carrier, perhaps the most sophisticated of all
commercial ships. The cargo tanks are made of a special aluminum alloy
and are heavily insulated to carry natural gas in its liquid state at a
temperature of -2850F. The LNG ship costs about twice as much as an oil
tanker of the same size.
Load
Quantity or nature of what is being carried. This term normally refers
to transport by truck.
Loaded Leg
Subdivision of a ship's voyage during which the ship is carrying cargo.
Load Factor Management
The process of maximising the utilisation of the (slot) capacity of
vessels and or other means of transport.
Load Line
The Load Line, sometimes called the Plimsoll Line, or "marks", indicates
the depth in the water down to which a ship may be loaded the position
of these marks is governed by international convention.
Load Ratio
The ratio of loaded miles to empty miles.
Loaden Vessel
Vessel where cargo has been put on board.
Loading
The process of bringing cargo into a means of transport or equipment.
Loading Platform
A flat surface to facilitate loading usually alongside a warehouse.
Loadmaster
A load-calculator designed for a vessel approved by a classification
bureau for the calculation of the vessels stability.
Local Cargo
Cargo delivered to/from the carrier where origin/destination of the
cargo is in the local area.
Local Charge
See On-line Charge
Local Rate
See On-line Rate
Locating Pin
See Cones
Location
1. Any named geographical place, recognised by a competent national
body, with permanent facilities used for goods movements associated with
international trade, and used frequently for these purposes.
2. Geographical place such as a port, an airport, an inland freight
terminal, a container freight station, a container yard, a container depot,
a terminal or any other place where customs clearance and/or regular receipt
or delivery of goods can take place.
3. An area (e.g. in a warehouse) marked off or designated for a specific
purpose.
Location Clause
A clause in a cargo insurance contract limiting insurance cover at
any place prior to loading on to the vessel.
Lock
For marine purposes: A space, enclosed at the sides by walls and at
each end by gates, by which a vessel can be floated up or down to a different
level.
Locker
A compartment, in a shed or on board of a vessel, used as a safekeeping
place to stow valuable goods, which can be secured by means of a lock.
Log Book
The daily report, authenticated by the master of all events and other
relevant particulars of a vessel, attested by the proper authorities as
a true record.
Logistics (CEN)
The planning, execution and control of the movement and placement of
people and/or goods and of the supporting activities related to such movement
and placement within a system organised to achieve specific objectives.
Logistics Chain
All successive links involved in the logistic process.
Longitude
The angular distance of a position on the equator east or west of the
standard Greenwich meridian up to 180o east or west.
Longshore
Long Ton
Abbreviation : LT
2,240 pounds.
Longshoreman
Individual employed in a port to load and unload ships.
Lookout
A member of the crew stationed on the forecastle, or on the bridge,
whose duty it is to watch for any dangerous objects or for any other vessels
heaving into sight.
Loose
Without packing.
Lorry
Motor truck used for transport of goods.
Note: Motor truck is an American term. British synonym for motor truck
is Heavy Goods Vehicle. This British term means any vehicle exceeding 7.5
metric tons maximum laden weight.
Loss of Specie:
A change in the character of cargo which, in insurance terms, is effectively
an actual total loss.
Low Boy
A trailer or semi-trailer with no sides and with the floor of the unit
close to the ground.
LTL
See Less Than Truckload
Luffing Crane
A crane with which the load can be moved to or from the crane horizontally.
Luggage
Travellers' baggage, suitcases, boxes etc., normally accompanied by
a passenger.
Lump-sum
An agreed sum of money, which is paid in full settlement at one time.
This term is often used in connection with charter parties.
Lump-Sum Charter
A voyage charter whereby the shipowner agrees to place the whole or
a part of the vessel's capacity at the charterer's disposal for which a
lump-sum freight is being paid.
Lump Sum Freight:
A fixed freight rate, regardless of how much cargo is loaded.
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