Loss and Damage.
Laden
Latent defect
Lighter aboard ship
Linseed Association Terms
Lloyd's American Trust Fund
Lloyd's Aviation Underwriters' Association
Life Assurance and Unit Trust Regulatory
Length / breadth / height
London clause (chartering), Label clause
Less than full container load
London Corn trade
London, Hull, Antwerp or Rotterdam
Lloyd's Insurance Brokers' Committee
London Insurance Market
London Insurance Market Data Standards Manual
London Insurance Market Technical Co-ordination Group
Life Insurance Policy
London Land Terms
Lloyd's machinery certificate
Lloyd's machinery certificate, continuous survey
Liquified natural gas carrier
Liquified petroleum gas carrier
Lloyd's Policy Signing Office
Lloyd's refrigerating machinery certificate
Livestock clauses
Longshoremen's and Harbor Workers' Liability
Local standard time
Liner Terms;Long tons
Long term agreement
Lloyd's Underwriters' Association
Lloyd's Underwriting Agents Association
Leading underwriter agreement for marine cargo
Leading underwriter agreement for marine hull
Lloyd's Underwriters' Claims andRecoveries Office
Life and Unit Trust Intermediaries Regulatory Organization
Low water
Low water, ordinary spring tides
Loss during discharge
Letter of authority. Landing account. Lloyd's agent
Letter of Credit
Loading/discharging
Letter of indemnity
Loading Port
Lumpsum
Long tons (2,240 lbs.).
Leading Underwriter
Los Angeles
Latin American Economic System
Latin American Free Trade Association
Latin American Integration Association
Ships not in active service; a ship which is out of commission for fitting out, awaiting better markets, needing work for classification, etc.
Type of ship which trades only in the Great Lakes of North America. They usually carry grain and ore cargoes.
Large automatic navigation buoy
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.
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.
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.
Barges specifically designed to load on a vessel internally and for quick vessel turnaround. The concept is to quickly float the barges to the vessel (using tugs or ships wenches), load the barges through the rear of the vessel, then sail. Upon arrival at the foreign port, the reverse happens. Barges are quickly floated away from the vessel and another set of waiting barges quickly are loaded. Usually crane-equipped, these barges handle mostly breakbulk cargo.
Latitude; Lowest Astronomical tide
The dates between which a chartered vessel is to be available in a port for loading of cargo.
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.
Laydays/canceling
Laydays/Cancelling (date): Range of dates within the hire contract must start.
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.
Long Beach
Length between perpendiculars.(of a Ship)
London clause
Local Competitive Bidding
Lake Chad Basin Commission
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.
Lowest current rate
Less Developed Country
Least developed countries
Leaded
Loading
Laden
Light diesel oil
Load Port
Light Displacement Tonnage, weight of an empty vessel (usually in Long Tons).
LESS THAN CONTAINER LOAD (1) A consignment of cargo which is inefficient to fill a shipping container. It is grouped with other consignments for the same destination in a container at a container freight station. (2) The weight of the goods plus any immediate wrappings that are sold along with the goods, e.g., the weight of a tin can as well as its contents. (See also Gross Weight)
Rates applicable when the quantity of freight is less than the volume or truckload minimum weight.
A letter of audit issued by one bank to which another bank added its irrevocable confirmation to pay, thereby obligating itself in the same manner as the opening bank. For example, we hereby confirm this credit and undertake to pay drafts drawn in accordance with the terms and conditions of the letter of credit.
A revolving letter of credit which permits any amount not utilized during any of the specified periods to be carried over and added to the amounts available in subsequent periods.
A letter of credit issued for the purchase and financing of merchandise, similar to acceptance letter of credit, except that it requires presentation of sight drafts which are payable on installment basis usually for periods of 1 year or more. Under this type of credit, the seller is financing the buyer until the stipulated time his drafts can be presented to the bank for payment. There is a significant deference in the bank's commitment, depending on whether the negotiating bank advised or confirmed the letter of credit.
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. Issued as revocable or irrevocable.
A letter of credit which requires the beneficiary to present only a draft or a receipt for specified funds before he receives payment.
A letter of credit issued in such form that it allows any bank to negotiate the documents. Negotiable credits incorporate the opening bank's engagement, stating that the drafts will be duly honored on presentation, provided they comply with ail terms of the credit.
A revolving letter of credit which prohibits the amount not utilized during the specific period to be available in the subsequent periods.
This type of letter of credit is not as legally binding as an irrevocable credit. It can be modified or canceled without the beneficiary's consent, unless the negotiation has already taken place. The issuing bank must honor the drafts negotiated before the notice of revocation or amendment has been made. Negotiability is restricted to the advising bank and confirmation is usually not available.
A credit which includes a provision for reinstating its face value after being drawn under within a stated period of time. This kind of credit facilitates the financing of on going regular purchases.
One issued for the express purpose of effecting payment in the event of default. The issuing bank is prepared to pay but does not expect to as long as the underlying transaction is properly fulfilled.
A letter of credit which is issued by a bank to a customer preparing for an extended trip. The customer pays for the letter of credit at the time of issuance, and a bank issues the letter for a specified period of time in the amount purchased. The bank furnishes a list of correspondent banks where drafts against the letter of credit will be honored. The bank also identifies the customer by exhibiting a specimen signature of the purchaser in the folder enclosing the list of correspondent banks. Each bank, which honors a draft, endorses on the letter of credit the date when a payment was made, the bank's name, the amount drawn against the letter of credit, and charges the issuing bank's account
A letter of credit containing a guarantee on the part of both the issuing and advising banks of payment to the seller, provided the seller's documentation is in order and the terms of the letter of credit are met.
Liquified gas carrier
London Grain Fixtures Market
LenGThened
London, Hull, Amsterdam or Rotterdam
Limited International Bidding
London Interbank Bid Rate
London Interbank Offered Rate
A specially constructed double ended boat which can withstand heavy, rough seas.
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.
London International Financial Futures and Options, Exchange
Liner in, Free out; Last in, First out
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.
(1) 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. (2) An open or covered barge equipped with a crane and towed by a tugboat. Used mostly in harbors and inland waterways.
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.
London Interbank Mean Rate
London Insurance Market Network
The management of freight between cities, usually more than 1000 miles.
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.
The finalization of a customs entry.
Leakage and Breakage.
Laden legs; Loadlines
Lesser Developed Countries
British classification society.
London landed terms
Lane meters
London Maritime Arbitration Association
Liquefied Natural Gas, or a carrier of LNG.
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.
A tanker for the bulk carriage of Liquefied Natural Gas (primarily methane) in independent insulated tanks. Liquefaction is achieved at temperatures down to -163 deg C
Lubricating oil
Load-on and load-off or Lift-on and lift-off vessel
ocean vessel, which in this case is by the use of a crane.
Length Overall (of the vessel)
Percentage of cargo or passengers carried e.g. 4000 tons carried on a vessel of 10000 capacity has a load factor of 40%
The line on a vessel indicating the maximum depth to which that vessel can sink when loaded with cargo. Also known as marks.
Subdivision of a ship's voyage during which the ship is carrying cargo.
A railroad movement in which only one road haul carrier participates. The one carrier serves both the origin and destination station
The efficient and cost-effective management of the physical movement of goods from supply points to final sale and the associated transfer and holding of such goods at various intermediate storage points.
Letter of indemnity
Lift On Lift Off ship
Longtitude
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.
Load On Top
Last open water
Load port disbursements
Liquefied Petroleum Gas, or a carrier of LPG.
A self propelled tanker barge for the bulk carriage of Liquefied Petroleum Gas
A non propelled tank barge for the carriage of LPG
A tanker for the bulk carriage of Liquefied Petroleum Gas in insulated tanks, which may be independent or integral. The cargo is pressurised (smaller vessels), refrigerated (larger vessels) or both ('semi-pressurised') to achieve liquefaction.
An LPG tanker additionally capable of the carriage of chemical products as defined in the International Bulk Chemical Code
Liquified petroleum gas carrier
Liverpool
Lumpsum
Liverpool quay terms
Lloyds Register of Shipping
Load rate
Lloyds Register Fairplay: Publications such as the Register of Ships and the World Shipping Directory, Lloyd's Register - Fairplay also provides bespoke data services and market analyses.
Lumpsum;Lumber (timber) summer loadline
Liner Shipping Agreements.
Landing Ship Dock; Landing Storage and Delivery; Lashed Secured Dunnaged
Loaded, stowed, lasned, secured, dunnaged and unlashed
Long Ton = 1016.05 kilogram
Liner terms, both ends
Limited (Liability)
Less Than Fair Value
Lighterage
Less than Truck Load quantity refers to weights of less than 40,000 lbs unless otherwise stated.
Trucking company which consolidates less-than-truckload cargo for multiple destinations on one vehicle.
Long tons
Laytime saved
Laytime saved both ends
Lubricants
Lifting unit frame
A person hired to help unload a trailer
Lumpsum
Money paid to shipper for charter of a ship (or portion) up to stated limit irrespective of quantity of cargo
Low Water
Lumber Winter North Atlantic
Low Water On Ordinary Spring Tides
Lightweight tons
Laydays/Canceling date
See: Franc Zone.
A committee of private sector advisors, consisting of trade union representatives and other experts, which advises the Labor Department and the United States Trade Representative on U.S. trade policy matters.
Loaded aboard a vessel.
Refers to the freight shipped; the contents of a shipment.
A document accorded by a host government to foreign diplomatic personnel, which permits them to pass freely across the border of that country.
The LCBC recommends plans for developing the Chad Basin and coordinates research programs. The Commission was established in 1964; headquarters are in N'Djamena, Chad. LCBC members include: The Cameroon, Chad, Niger, and Nigeria.
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.
The total cost of a good to a buyer, including the cost of transportation
Certificate issued by consular officials of some importing countries at the point or place of export when the subject goods are exported under bond.
An open deck cargo vessel onto which cargo is loaded and unloaded over a bow door/ramp
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
A combat vessel designed for the transport of troops, using a semi submersible dock to launch landing craft or helicopters, and with ro-ro ramp facilities
A tanker for the bulk carriage of latex
The Association promotes cooperation among members in ways which support the integration of Latin American economies, including efforts to improve the flow of information among members and encouraging studies of problems of common interest. Members include 24 Latin American countries and several countries in Europe and North America. The Association was established in January 1968; headquarters are in Lima, Peru.
See: Banco Latinoamericano de Exportaciones.
See: Latin American Integration Association.
Landing and delivery
The League of Arab States (or Arab League) is a regional grouping aimed at improving relations among Arab nations. Members include: Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, United Arab Emirates, Yeman Arab Republic, Yemen People's Democractic Republic. The League was established in March 1945; headquarters are in Cairo, Egypt. See: Arab Bank for Economic Development in Africa Arab Fund for Economic and Social Development.
Legal charges
An LDC is a country with low per capita gross national product. Terms such as third world, poor, developing nations, and underdeveloped have also been used to describe less developed countries.
Also known as LTL or LCL.
The classification LLDC (sometimes also known as Least Developed Countries) was developed by the United Nations to give some guidance to donor agencies and countries about an equitable allocation of foreign assistance. The criteria for designating a country an LLDC, originally adopted by the UN Committee for Development Planning in 1971, have been modified several times. Criteria have included low: per-capita-income, literacy, and manufacturing share of the country's total gross domestic product. There is continuing concern that the criteria should be more robust and less subject to the possibility of easy fluctuation of a country between less developed and least developed status.
A financial document issued by a bank at the request of the consignee guaranteeing payment to the shipper for cargo if certain terms and conditions are fulfilled. Normally it contains a brief description of the goods, documents required, a shipping date, and an expiration date after which payment will no longer be made.- An Irrevocable Letter of Credit is one which obligates the issuing bank to pay the exporter when all terms and conditions of the letter of credit have been met. None of the terms and conditions may be changed without the consent of all parties to the letter of credit.- A Revocable Letter of Credit is subject to possible recall or amendment at the option of the applicant, without the approval of the beneficiary.- A Confirmed Letter of Credit is issued by a foreign bank with its validity confirmed by a U.S. bank. An exporter who requires a confirmed letter of credit from the buyer is assured payment from the U.S. bank in case the foreign buyer or bank defaults.- A Documentary Letter of Credit is one for which the issuing bank stipulates that certain documents must accompany a draft. The documents assure the applicant (importer) that the merchandise has been shipped and that title to the goods has been transferred to the importer.
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:
Communication by the advising bank that a letter of credit has been issued. The primary responsibility of the advising bank is to take care in establishing the authenticity of the credit.
A bank which acts as an agent of the issuing bank of a letter of credit in supplying the details of the letter of credit to its beneficial, without any responsibility or engagement on its part.
An acceptance transaction unrelated to a letter of credit, created for the purpose of borrowing, is referred to as acceptance financing. In contrast to direct loans, the bankers acceptance provides a vehicle of financing customers without the use of bank funds. By accepting a draft the bank merely adds its name to a bill which then can be used to raise funds by selling in the open market.
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.
Liability
- Some governments require certain commodities to be licensed prior to exportation or importation. Clauses attesting to compliance are often required on the B/L.
A legal claim upon goods for the satisfaction of some debt or duty
An accounting approach in which a company sets product prices based on recovering costs over the life cycle of the product. U.S. authorities dispute the validity of this approach because projections of future yield improvements cannot be verified at the time of dumping calculations.
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.
Refers to carriage of goods by lighter and the charge assessed therefrom
A vessel equipped for supply of stores and personnel to lighthouses
A vessel specifically designed for use as a lightship for use as a navigational mark
A single deck cargo vessel for the carriage of limestone in bulk. There are no weather deck hatches. May be self discharging
In the United Kingdom there are two types of limited companies: (a) a private limited company in which the public cannot be invited to subscribe to any share issue and (b) a public limited company (plc) which can raise funds through share issues. Before a limited company can go public, it must have a minimum share capital. A private limited company requires no minimum share capital.
Limited appointees to the U.S. and Foreign Commercial Service (or to other foreign services) are persons from the private sector or from the Federal Government who are non-career officers assigned overseas for a limited time.
LIB is one of several forms of procurement made with World Bank financing. In some circumstances (such as: small purchases, urgent need, or few suppliers), suppliers or contractors of specialized goods and services participate by invitation rather than in response to an advertisement. See: International Business Opportunities Service International Competitive Bidding Local Competitive Bidding.
The Line Release System, a part of Customs' Automated Commercial System, is designed for the release and tracking of shipments through the use of personal computers and bar code technology. To qualify for line release, a commodity must have a history of invoice accuracy, and be selected by local Customs districts on the basis of high volume. To release the merchandise, Customs reads the bar code into a personal computer, verifies that the bar code matches the invoice data, and enters the quantity. The cargo release is transmitted to the Automated Commercial System, which establishes an entry and the requirement for an entry summary, and provides the Automated Broker Interface system participants with release information
Transportation from one city to another as differentiated from local switching service.
A vessel sailing between specified ports on a regular basis.
Any classified linkspan, jetty or floating access pontoon
The penalty a seller must pay if the construction project does not meet contractual standards or deadlines.
The Liquidation System, a part of Customs' Automated Commercial System, closes the file on each entry and establishes a batch filing number which is essential for recovering an entry for review or enforcement purposes. An entry liquidation is a final review of the entry. P.L. 95-410 (Customs Procedural Reform and Simplification Act of 1978) requires that all liquidations be performed within one year from the date of consumption entry or final withdrawal on a warehouse entry. Three one-year extensions are permitted.
The amount in degrees that a vessel tilts from the vertical.
1.06 liquid U.S. quarts or 33.9 fluid ounces.
A vessel for the carriage of live fish in water tanks
A cargo vessel arranged for the carriage of livestock
Leakage and breakage
Lloyd's and Companies
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.
Lower Hold
The ratio of loaded miles to empty miles.
The procedure where a crude oil cargo is loaded into tanks on top of residues from a previous cargo (these residues are normally held in a slop tank and are the result of tank washing and dirty ballast decanting operations on pre-MARPOL ships).
Cargo delivered to/from the carrier where origin/destination of the cargo is in the local area.
LCB is one of several forms of procurement made with World Bank financing. LCB is generally used for contracts involving: (a) labor intensive activities; (b) small value; (c) locally procurable services or goods priced below the world market; (d) intermittant work; or (e) activities to be performed at numerous sites. See: International Business Opportunities Service International Competitive Bidding Limited International Bidding.
A vessel equipped to transport logs discharge them into the water by tipping itself
A naval auxiliary vessel. With ro-ro capability
The Lombard rate is one of the official interest rates in Germany used to regulate the money market. Other countries use the term Lombard to describe rates which function somewhat like the Lombard rate. The Swiss, for example, have their own Lombard rate. In France, it's called the Central Bank Intervention rate but performs the same function.
The Convention is an agreement concluded at Lome, Togo in February 1975 and which entered into force in April 1976. The orginal Convention has been followed by several additional Lome Conventions which expanded the scope of the original agreement. The Convention is between the European Community (EC) and 62 African, Caribbean, and Pacific states (mostly former colonies of the EC members). The agreement covers some aid provisions as well as trade and tariff preferences for the ACP countries when shipping to the EC. Lome grew out of the 1958 Treaty of Rome's association with the 18 African colonies/countries that had ties with Belgium and France. The ACP members are: Angola, Bahamas, Barbados, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Cote d'Ivoire, Djibouti, Dominica, Equatorial Guinea, Ethiopia, Fiji, Gabon, Gambia, Ghana, Grenada, Guinea, Guinea-Bissau, Guyana, Jamaica, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mauritania, Mozambique, Namibia, Niger, Nigeria, Papua New Guinea, Rwanda, Saint Lucia, Saint Vincent, Samoa, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Solomon Islands, Somalia, Sudan, Suriname, Swaziland, Tanzania, Togo, Trinidad and Tobago, Uganda, Zaire, Zambia, and Zimbabwe.
The London Club, a creditor cartel of commercial banks, evolved in the early 1980s. Debt rescheduling (i.e., constructing new repayment profiles over a specific period of time) was a primary function of the club. The Brady deals on debt restructuring (i.e., renegotiating the entire stock of outstanding debt at a discount), obviated the need to reschedule repayments every couple of years. In some respect, the Bank Advisory Committee has replaced the London Club. The Paris Club, also concerned with debt repayment, is an association of official creditors. See: Bank Advisory Committee.
LIBID is the rate of interest paid for funds in the London interbank market. The bid to Libor's offer has been used as a reference for floating rate payments for especially strong borrowers.
Abbreviated as LIMEAN, this is the midpoint of the LIBOR-LIBID spread. LIMEAN has been used as a reference for floating rate payments.
LIBOR, the most prominent of the interbank offered rates, is the rate of interest at which banks in London lend funds to other prime banks in London. LIBOR is frequently used as a basis for determining the rate of interest payable on Eurodollars and other Eurocurrency loans. The effective rate of interest on these Eurocredits is LIBOR plus a markup negotiated between lender and borrower. See: Interbank Offered Rate.
LIFFE, Europe's leading exchange, trades in futures contracts including short-term interest rates, government bonds, stock indices, and traded options on these instruments. The Exchange was established in 1982 to provide a means for hedging interest rates and currency exposures against volatility. Originally called the London International Financial Futures Exchange, LIFFE merged in March 1992 with the London Traded Options Market (LTOM) and retained the original acronym.
B/L form with all Terms & Conditions written on it. Most B/L's are short form which incorporate the long form clauses by reference
2,240 pounds
The long-dated forward is a foreign exchange contract whose maturity exceeds one year; a few have extended over ten years.
Individual employed in a port to load and unload ships.
Without packing.
The Louvre Accord (February 1987) attempted to stop the dollar's fall and stabilize currency relationships by introducing reference ranges among the G-7 currencies. See: Plaza Accord.
A trailer or semi-trailer with no sides and with the floor of the unit close to the ground.
Light vessel
Light-vessel
Lighter
Is a Clean Petroleum Product (CPP) as defined in this section. It is a product of many specialist grades derived through the blending of components known as Base Oils.
Lusophone countries are those in which the official language is Portuguese: Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, Portugal, and Sao-Tome and Principe.