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- L - |
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TERM |
DEFINITION |
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L8R |
Later |
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L8R G8R |
Later Gator |
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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 |
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LD |
Later Dude |
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LDR |
Long Distance Relationship |
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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:
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- 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.
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- 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.
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- Irrevocable: An instrument that, once established, cannot be modified
or cancelled without the agreement of all parties concerned.
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- Non cumulative: A revolving letter of credit that prohibits the
amount not used during the specific period from being available afterwards.
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- 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.
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- Revolving: An irrevocable letter issued for a specific amount; renews
itself for the same amount over a given period.
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- 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. |
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LF |
Load Factor |
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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. |
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LIFO |
See "Last In First Out"
See "Liner In Free Out" |
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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. |
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Lighter Aboard Ship (LASH) |
A vessel
which carries barges |
|
Lighterage |
Refers to carriage of goods by lighter and the charge assessed
therefrom. |
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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. |
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Liner |
A vessel sailing between specified ports on a regular basis. |
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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). |
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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. |
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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 |
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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. |
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Lloyds Syndicate |
A group of underwriters at London Lloyds who entrust the underwriting of their
business to one underwriter. |
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LMAO |
Laughing My A** Off |
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LMSO |
Laughing My Socks Off |
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LNG |
Liquified natural Gas |
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LOA |
Length Overall |
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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 |
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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. |
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LUWAMH |
Love You With All My Heart |
| LW |
Low Water |
| LYCN |
Laycan - Layday Canceling date |
|
LY |
Love You |
|
LY4E |
Love You For Ever |
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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. |
|
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5 Steps + 2
Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O -
Warehouse - Business Insurance --
-- We have Logistics AllCovered -- |
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These terms, abbreviations
and descriptions have been gathered from many sources
online and in print. No warranty for their accuracy is stated nor implied. |
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Last Updated:
Monday, 08 June 2009 14:28:34 -0400 |
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