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Sunday, January 13, 2013

Shipping Terms - Letter L

Glossary
of
Maritime, Shipping and Commercial Terms,
Expressions, Abbreviations, Measuring Units, etc.
Dictionary of Shipping Terms

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

Laden On Board
Statement on a Bill of Lading which indicates that a shipment has been loaded on board a vessel.
Land Bridge
Cross-country rail service connecting two ocean ports.
LARS
Local Accounts Receivable System. Used for per diem/repairs and demurrage.
Lash
a. To hold cargo in position by the use of wires, ropes, chains, rods and straps.
b. Goto : Lighter Aboard Ship.
Lash Barge
Type of barge carried by Lash vessels.
Lashing Equipment
Various types of equipment used to secure containers/cargo on board vessel.
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').
L/C
Goto : Letter of Credit.
LCL
Goto : Less than Container Load.
Lead Time
The time elapsed between the request of a service and the actual provision of such service.
Lease
A contract by which one party gives to another party the use of equipment, f. inst. containers, for a specified time against fixed payments.
Leasing Contract
A contract for the leasing of property or equipment.
Less than Container Load (LCL)
A general reference for cargo in any quantity intended for container carriage, where stuffing/unstuffing is carried out by the line, but where an LCL container usually consists of multiple consignments.
Letter of Credit (L/C) (ELCEE)
A written undertaking by a bank (issuing bank) given to the seller (beneficiary) at the request, and on the instructions of the buyer (applicant) to pay at sight or at a given future date up to a stated sum of money, within a prescribed time limit and against a stipulated set of documents (including the original Bill of Lading).
Letter of Indemnity
A letter indemnifying a company the Carrier from the consequences associated in the release of goods without an original Bill of Lading. This practise should be exercised with extreme caution, and cannot be recommended.
L/G
Goto : Company Guarantee.
Liability
Legal responsibility for the consequences of certain acts or omissions.
License Cargo
Cargo necessitating a license to move.
Lien
Goto : Carriers’ Lien.
Lighter
Goto : Barge.
Lighter Aboard Ship (Lash)
A vessel specially designed to carry lighters (barges).
Lighterage
The carriage of goods within a port area by a barge.
Liner
Vessel engaged in regular liner trade.
Linerbag
Bag, usually made of plastic, used to line the inside of containers for subsequent stowage of dry bulk commodities (nuts, cocoa beans etc.)
Liner Conference
Goto : Conference
Liner Service
Carrier advertises fixed schedule of services; port calls usually not made on inducement basis.
Liner Shipping Company
A company transporting cargo over sea in a regular service.
Liner Terms
Condition of carriage according to which thet costs for loading and unloading are borne by the Carrier.
Liner Service
A regular service which according to a pre-defined schedule serves a number of regular ports within a trade.
Live Reefer
Reefer container used for transport of temperature-controlled cargo (as opposed to dry Reefer).
Lloyd's Register of Shipping
British classification society.
LNG Carrier
Liquefied Natural Gas Carrier.
Load List
Goto : Container Stuffing List (CSL).
Load Port
Port where cargo is actually loaded on vessel.
Loadmaster
A device (calculator or computer) designed for a vessel approved by a classification bureau for the calculation of the vessel’s stability.
Log Book
The daily report of all events and other relevant particulars of a vessel and attested by proper authorities as a true record.
Long Length
Any piece of cargo exceeding 40’ in length.
Longitude
The angular distance of a position on the equator east or west of the standard Greenwich meridian up to 180o east or west.
LO/LO
Lift On Lift Off
Low Boy
Special trailer used to accommodate over height cargo with flat bed, approximately 12’ above ground.
LS or LM
Lump Sum. A freight rate which is inclusive of all charges.
LT
Long Ton (equivalent to 2,240 lbs.)
Lump-sum
An agreed sum of money, which is paid in full at one time.
Tags: Glossary, Dictionary, Explained, Define, Meaning, Description.
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