OCEAN & TRANSPORT TERMS

 

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Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
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TERM COLORS: Black = Transport - -  Blue = Insurance - - Green = Chat/Email

Chat - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

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-- We have Logistics AllCovered --

 

- L -

TERM DEFINITION
L8R Later
L8R G8R Later Gator
L/C Abbreviation for "Letter of Credit."
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 Loaded aboard a vessel.
Lading Refers to the freight shipped; the contents of a shipment.
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.
Landbridge 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.
Landed Value Wholesale market value at destination on final day of discharge.
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.
Lane Meter A method of measuring the space capacity of Ro/Ro ships whereby each unit of space (Linear Meter) is represented by an area of deck 1.0 meter in length x 2.0 meters in width.
LASH A maritime industry abbreviation for "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.
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.
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.
Last Carrier The participating airline over which air routes the last section of carriage under the Waybill is undertaken or performed (aircargo).
Last In - First Out (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 not immediately apparent.
Lateral & Front Stacking Truck High-lift stacking truck capable of stacking and retrieving loads ahead and on either 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').
LAYCAN Laydays/Canceling (date): Range of dates within the hire contract must start.
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.
Laytime Time at charterers disposal for purpose of loading/unloading.
Lay Up 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.
LC or L/C or LOC See "Letter of Credit"
LCL Abbreviation for "Less than Container Load." The quantity of freight which is less than that required for the application of a container load rate. Loose Freight.
LCR Lowest Current Rate
LD Later Dude
LDR Long Distance Relationship
Lead Time The total time that elapses between an order's placement and its receipt. It includes the time required for order transmittal, order processing, order preparation, and transit.
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.
Leasehold Insurance (Ins) Insurance for the tenant of a property leased against the loss of value of the lease or of profit from a sub-lease through termination of the lease by fire or other peril insured against.
Leasing Company The company from which property or equipment is taken on lease.
Leasing Contract A contract for the leasing of property or equipment.
Lee Side away from wind or protected from wind
Leeward Side or direction away from wind
Leeway Sideways movement of ship caused by wind or current
Leg A leg has an origin, destination, and carrier and is composed of all consecutive segments of a route booked through the same carrier. Also called Bookable Leg.
Less than Container Load (LCL) For operational purposes container is considered a container in which multiple consignments or parts thereof are shipped. (See Consolidated/Consolidation)
Less Than Truckload (LTL) Also known as LTL or LCL.
Lessee A person or firm to whom a lessor grants a lease
Lessor A person or firm that grants a lease
Letter of
Credit (LC) (LOC)

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:

  • - 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.

  • - Clean: A letter of credit that requires the beneficiary to present only a draft or a receipt for specified funds before receiving payment.

  • - 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.

  • - 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.

  • - Irrevocable: An instrument that, once established, cannot be modified or cancelled without the agreement of all parties concerned.

  • - Non cumulative: A revolving letter of credit that prohibits the amount not used during the specific period from being available afterwards.

  • - Restricted: A condition within the letter of credit which restricts its negotiation to a named bank.

  • - 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.

  • - Revolving: An irrevocable letter issued for a specific amount; renews itself for the same amount over a given period.

  • - 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.

  • - 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.

  • - 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.
LF Load Factor
LHO Laughing Head Off
Liability Legal responsibility for the consequences of certain acts or omissions.
Liability (Ins) Broadly, any legally enforceable obligation; a responsibility of one person to another, enforceable in law.
Liability Insurance (Ins) That insurance that pays and renders service on behalf of an insured for loss arising out of his responsibility, due to negligence, to others imposed by law or assumed by contract.
Liability Limits (Ins) The sum or sums beyond which a liability insurance company does not protect the insured on a liability policy.
LIBOR Acronym for the London Interbank Offered Rate. The interest rate at which banks in London place Eurocurrency/Eurodollar deposits with each other for specified, fixed periods of time, most commonly six months.
Licenses - Some governments require certain commodities to be licensed prior to exportation or importation. Clauses attesting to compliance are often required on the B/L.
- Various types issued for export (general, validated) and import as mandated by government(s).
Lien A legal claim upon goods for the satisfaction of some debt or duty.
LIFO See "Last In First Out"
See "Liner In Free Out"
Lift On / Lift Off (LO/LO) A method by which cargo is loaded onto and unloaded from an ocean vessel, which in this case is with a crane.
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 An open or covered barge towed by a tugboat and used mainly in harbors and inland waterways to carry cargo to/from alongside a vessel.
Lighter Aboard Ship (LASH) A vessel which carries barges
Lighterage Refers to carriage of goods by lighter and the charge assessed therefrom.
Lightweight Weight of an empty vessel including equipment and outfit, spare parts required by regulatory bodies, machinery in working condition and liquids in the systems, but excluding liquids in the storage tanks, stores and crew.
Line Functions The decision-making areas companies associate with daily operations. Logistics line functions include traffic management, inventory control, order processing, warehousing, and packaging.
Line Item A specific and unique identifier assigned to a product by the responsible enterprise.
Line Haul Shipment A shipment that moves between cities and over distances more than 100 to 150 miles in length.
Liner A vessel sailing between specified ports 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 (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 Shipping Company A company transporting goods over sea in a regular service.
Liner Terms General statement of undefined terms of contract that tend to vary from port to port around the world.
Liner Terms Hook to Hook 1)- Shipper/Receiver arranges for delivery of cargo to/from directly under ships hook and the ship paying for the labor to stow the cargo in the vessels cargo holds, as well as on-board lashing & securing and provision of dunnage materials, and to discharge again over the ship’s side. Shore based stevedoring aspects remain the responsibility of the shipper/receiver
2)-
LINER TERMS HOOK / HOOK:
Given that this is a notional point in chartering terms, this is best described as the Shipper/Receiver arranging for delivery/receival of cargo to/from directly under ships hook and the ship paying for the labour to stow the cargo in the vessels cargo holds, as well as on-board lashing & securing and provision of dunnage materials, and to discharge again over the ship’s side. Shore based stevedoring aspects remain the responsibility of the shipper/receiver, however, there are some Owners that may incorporate these costs into their LTHH rate. Once again, ask Owners to clearly define this aspect. Wharfage charges/dues/taxes can be a contentious issue but are usually considered to be for the Shippers/Receivers account and there may also be many other statutory levies on cargo or freight that may apply. Many Shippers/Receivers are unaware of these additional costs and do not include them into their costing and consequently may be left with an unexpected considerable expense at the completion of a project.
Line-Haul Transportation from one city to another as differentiated from local switching service.
List The amount in degrees that a vessel tilts from the vertical.
Liter 1.06 liquid U.S. quarts or 33.9 fluid ounces.
Liquidated Damages The penalty a seller must pay if the construction project does not meet contractual standards or deadlines.
Livestock or Live Stock Cargo consisting of live animals, such as horses, cows, sheep and chickens.
Lloyd's Open Form A form for continuous or "open" coverage based on standards and forms set by Lloyd's of London
Lloyds' 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.
Lloyds Syndicate A group of underwriters at London Lloyds who entrust the underwriting of their business to one underwriter.
LMAO Laughing My A** Off
LMSO Laughing My Socks Off
LNG Liquified natural Gas
LOA Length Overall
Load Line Also known as "Plimsoll Line" - A series of horizontal lines, corresponding to the seasons of the year and fresh or saltwater, painted on the outside of a ship marking the level which must remain above the surface of the water for the vessel's stability.
Load Ratio The ratio of loaded miles to empty miles.
Load Tender Pick-Up Request - An offer of cargo for transport by a shipper. Load tender terminology is primarily used in the motor industry.
Loaded Leg Subdivision of a ship's voyage during which the ship is carrying cargo
Loaden Vessel Vessel where cargo has been put on board
Loading Allowance A reduced rate that carriers offer to shippers and/or consignees who load and/or unload LTL or AQ shipments
Loading Port The port where the cargo is loaded onto the exporting vessel. This port must be reported on the Shipper's Export Declaration.
Loan Receipt Document signed by the Assured where he acknowledges receipt of money advanced by the insurance company as an interest-free loan (instead of payment of a loss) repayable to the insurance company only if the loss is recovered from a third party and then only to the extent of the recovery.
Local Cargo Cargo delivered to/from the carrier where origin/destination of the cargo is in the local area.
Local Rate A rate published between two points served by one carrier
Locating Pin See "Cone"
Location Clause (Ins) Used in cargo open covers this limits Underwriters' liability in any one location.
Location - Any named geographical place, recognized by a competent national body, with permanent facilities used for goods movements associated with international trade, and used frequently for these purposes.
- 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.
- An area (e.g.in a warehouse) marked off or designated for a specific purpose.
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.
LOF Lloyd's Open Form
LOG - Record of operation of a vessel or vehicle
- device to measure speed
Logistics The process of planning, implementing, and controlling procedures for the efficient and effective storage of goods, services, and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements. This definition includes inbound, outbound, internal, and external movements.
Logistics Channel The network of intermediaries engaged in transfer, storage, handling, and communications functions that contribute to the efficient flow of goods.
Logistics Costs The factors associated with the acquisition, storage, movement, and disposition of goods.
LOI Letter of Indemnity
LO/LO See "Lift On / Lift Off"
LOL Laughing Out Loud
London Interbank Offered Rate LIBOR - The interest rate at which banks in London place Eurocurrency/Eurodollar deposits with each other for specified, fixed periods of time, most commonly six months.
Longitude The angular distance of a position on the equator east or west of the standard Greenwich meridian up to 180o east or west
Long Ton 2,240 pounds
Longshoreman Individual employed in a port to load and unload ships.
Loose Without packing.
Lorry (Brit) Motor truck used for transport of goods
Loss of Use Insurance (Ins) Insurance against loss due to the inability to use property because of its damage or destruction.
Loss Payable Clause (Ins) Clause in an insurance policy to specifically identify interested parties (the insured, mortgagees, trustees, lienholders, etc.).
Lost or Not Lost A clause used in ocean marine insurance under which the company will pay even if the loss insured against has occurred prior to the effective date of the insurance. The company would, of course, not be liable if the policyholder knew that the loss had occurred when he/she bought the insurance. In days past, a ship could easily be lost or damaged and the owner would not find out about it until later, during which time he might want to insure it.
LOW Last Open Water
Low-Boy A trailer or semi-trailer with no sides and with the floor of the unit close to the ground.
LPG Liquefied Petroleum Gas, or a carrier of LPG
LS (Lumps) Lumpsum Freight. Money paid to Shipper for a charter of a ship (or portion) up to stated limit irrespective of quantity of cargo
LSA Liner Shipping Agreements
LSHMBH Laughing So Hard My Belly Hurts
LSD Lashed Secured Dunnage
LSW 1130 London "War On Land" insurance clauses.  (ICC War Clauses end coverage once goods are offloaded from the ship or aircraft).
LT - Liner Terms
- Long Ton
LTHH Liner Terms - Hook-to-Hook
LTL See "Less than TruckLoad"
LTM Laugh To Myself
LTNS Long Time No See
LTR Long Term Relationship
Luffing Crane A crane with which the load can be moved to or from the crane horizontally
LULAB Love You Like A Brother
LULAS Love You Like A Sister
Lumping The act of assisting a motor carrier owner-operator in the loading and unloading of property; quite commonly used in the food industry.
Lumps Lumpsum Freight. Money paid to Shipper for a charter of a ship (or portion) up to stated limit irrespective of quantity of cargo
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.
LUWAMH Love You With All My Heart
LW Low Water
LYCN Laycan - Layday Canceling date
LY Love You
LY4E Love You For Ever
   
 
DISCLAIMER:   These terms and definitions have been gathered from many sources public and private. This list is designed to serve as a reference. No warranty for the accuracy is stated nor implied.

HOME

Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
To jump to a section, click the letter. (Opens in new browser window)
Some letters have several hundred entries and may take some time to download
TERM COLORS: Black = Transport - -  Blue = Insurance - - Green = Chat/Email

Chat - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

5 Steps + 2 Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O - Warehouse - Business Insurance --

-- We have Logistics AllCovered --

These terms, abbreviations and descriptions have been gathered from many sources
online and in print. No warranty for their accuracy is stated nor implied.

 

Last Updated:
Monday, 08 June 2009 14:28:34 -0400

 

 

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Customer Service - Allcovered.net
Ocean Marine Division; Allen Insurance Group
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