L/C → Letter of Credit
Label 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. → Bar Coding → Dangerous Goods Declaration → Overpack → Shipping Label
Laden Vessel → Loaden Vessel
Land Bridge Movement of goods from one port to another partially by land and partially by water, as a substitute for all-water transport.
Lash To hold goods in position by the use of e.g. wires, ropes, chains and straps. → Lighter Aboard Ship
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 Participating airline over which air routes the last section of carriage under the Air Waybill is undertaken or performed.
Last in/First out Abbreviation:
LIFO. Method of which the assumption is that the most recently received
(last in) is the first to be used or sold (first out).
Latitude Angular distance of a position on its meridian north or south from the equator, measured in degrees.
Lay Days 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 up a Vessel Temporary cessation of trading of a vessel by the shipowner.
Layout Key → United Nations Layout Key
LCL → Less than Container Load
Lead Time
- 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. 3. In a logistics context, the time between the initiation of
a process and its completion.
Lease 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
Leasing Company Company from which property or equipment is taken on lease.
Leasing Contract 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. Term used if the quantity or volume of one or more consignment(s) does not fill a standard truck.
Lessee Party to whom the possession of specified property has been conveyed for a period of time in return for rental payments.
Lessor 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. Method of payment between buyer and seller. The buyer opens a
Letter of Credit in favor of the seller at their local bank by
depositing the amount of the purchase price and dictating certain
documents which the seller must present in order to obtain a payment.
The Letter of Credit will be sent to a bank in the vicinity of the
seller and upon presentation of the documents called for, the local
bank will release payment. → Confirmed Letter of Credit → Deferred Payment Credit → Discrepancy Letter of Credit → Documentary Credit → Irrevocable Letter of Credit → Red Clause Letter of Credit → Revocable Letter of Credit → Transferable Letter of Credit → Uniform Customs and Practice for Documentary Credits
Letter of Credit, Payment by Sight Draft 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.
Letter of Indemnity Written
confirmation of holding a specified party harmless. E.g.: When a bank
refuses to accept a foul Bill of Lading, the shipper may obtain a clean
Bill of Lading. To acquire this, the shipper signs a letter of
indemnity, which is an inducement to obtain the clean Bill of Lading
through the dock or mate’s receipt, given on delivery of the goods to
dock or ship, showing that the shipment was damaged or in bad
condition. This acts as a form of guarantee whereby the shipper accords
a claim settlement against a steamship by a Bill of Lading holder
resulting from a clean bill being issued.
Letter of Instruction Written directions to be followed. → Shipping Instructions
Liability Legal responsibility for the consequences of certain acts or omissions.
Licensing Business
arrangement in which the manufacturer of a product (with proprietary
rights over certain technology or trademarks) grants permission to some
other group or individual to manufacture that product (or make use of
that proprietary material) in return for specified royalties or other
payment.
Lien Legal claim on assets (personal or commercial) to pay a debt or duty.
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.
LIFO → Last in First out >Liner in Free out
Lift-on/Lift-off Vessel Abbreviation: LOLO. Vessel of which the loading and discharging operations are carried out by cranes and derricks.
Lighter Open or covered barge towed by a tugboat and used mainly in harbors and inland waterways.
Lighter Aboard Ship Abbreviation: LASH Vessel which carries barges.
Lighterage Carriage of goods within a port area by a barge, e.g. from a vessel to a quay.
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.
Line Item → Order Line
Line Number → Flight Number
Liner Conference Group
of two or more shipping lines, 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 Connection through vessels between ports within a trade.
Liner Shipping Company Company transporting cargo in a regular service by ocean vessels.
Liner Terms Condition
of carriage denoting that costs for loading and unloading are borne by
the carrier subject to the custom of the port concerned. → Free in → Free in Liner out → Free in and out → Liner in Free out
Live Stock Cargo consisting of live animals, such as horses, cows, sheep and chickens.
Lloyd’s Register of Shipping British classification society. → Classification Society
Load Quantity or nature of what is being carried. This term normally refers to transport by truck.
Load Factor Management Process of maximizing the utilization of the (slot) capacity of vessels and/or other means of transport. → Yield Management
Load Master Person supervising process of loading and unloading.
Loaden Vessel Vessel where cargo has been put on board. Synonym: → Laden Vessel
Loading Physical process of bringing cargo into a means of transport.
Loading Platform Flat surface to facilitate loading usually alongside a warehouse.
Loadmaster Load calculator designed for a vessel approved by a classification bureau for the calculation of the vessel’s stability.
Loan Collection Method of financing by which an exporter borrows on the basis of drafts turned over to a bank for collection.
Loan Receipt Document
signed by the assured where they acknowledge 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 Charge → On-line Charge
Local Rate → On-line Rate
Locating Pin → Cones
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 Compartment, in a shed or on
board of a vessel, used as a safekeeping place to stow valuable goods,
and which can be secured by means of a lock.
Log Book Daily report of all events and other relevant particulars of a vessel and attested by the proper authorities as a true record.
Logistics Chain All successive links involved in the logistic process.
LOLO → Lift-on/Lift-off Vessel
Long Haul Transportation of cargo by truck over long distances.
Longitude Angular distance of a position on the equator east or west of the standard Greenwich meridian, up to 180 degrees east or west.
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 Market Situation
in which, for one reason or another, sound cargo is no longer wanted by
the consignee when it arrives. This is a “business loss” not
recoverable under a Marine Cargo Policy; e.g., Christmas trees arriving
in January undamaged. → All Risk
LTGE Lighterage.
LTL → Less than Truck Load
LTR Lighter.
Luffing Crane Crane with which the load can be moved to or from the vessel horizontally.
Luggage Travelers’ baggage, suitcases, boxes, etc., normally accompanied by a passenger. → Unaccompanied Baggage
Lump-Sum 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 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 paid. |