L – Shipping Terms
Abbreviation for “Letter of Credit.”
Loaded aboard a vessel.
Refers to the freight shipped; the contents of a shipment.
Movementof 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.
Primarily used to indicate the cargo capacity of a roll–on/roll–off car carrier. It is one meter of deck with a width of 2.5 to 3.0 meters.
Certificate issued by consular officials of some importing countries at the point or place of export when the subject goods are exported under bond.
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 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 athwart ship position.
LAYCAN Laydays/Cancelling (date):
Range of dates within the hire contract must start.
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.
Less Than Truckload
Also known as LTL or LCL.
Letter of Credit (LC)
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:
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.
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.
–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).
A legal claim upon goods for the satisfaction of some debt or duty.
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.
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.
Refers to carriage of goods by lighter and the charge assessed there from.
A vessel advertising sailings on a specified trade route on a regular basis. It is not necessary that every named port be called on every voyage.
Transportation from one city to another as differentiated from local switching service.
The amount in degrees that a vessel tilts from the vertical.
1.06 liquid U.S. quarts or 33.9 fluid ounces.
The penalty a seller must pay if the construction project does not meet contractual standards or deadlines.
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.
LNG (Liquefied Natural Gas)Natural
gas will liquefy at a temperature of approximately -259 F or -160 C at atmospheric pressure. Onecubic foot of liquefied gas will expand to approximately 600 cubic feet of gas at atmospheric pressure.
LNGC (LNG Carrier)An
ocean-going ship specially constructed to carry LNG in tanks at 160 C. Current average carrying capacity of LNGs is 125,000 cubic meters. Many LNGCs presently under construction or on order are in the 210,000 – 215,000 cubic meter range.
The waterline corresponding to the maximum draft to which a vessel is permitted to load, either by freeboard regulations, the conditions of classification, or the conditions of service. See also PlimsollMark.
Cargo delivered to/from the carrier where origin/destination of the cargo is in the local area.
Individual employed in a port to load and unload ships.
A trailer or semi–trailer with no sides and with the floor of the unit close to the ground.