Acronyms




L

L. & D.

Loss and damage

l.t. or l.tn.

Long ton (2240 lbs.).

L/C - 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.

Lagan

Cargo or equipment to which an identifying marker or buoy is fastened, thrown over-board in time of danger to lighten a ship's load. Under maritime law if the goods are later found they must be returned to the owner whose marker is attached; the owner must make a salvage payment.

Lane metre

A method of measuring the space capacity of Ro Ro ships whereby each unit of space (linear metre) is represented by an area of deck 1m in length by 2.5m in width.

LASH

Lighter aboard ship: This technique for sea transport of cargoes uses barges floated into specially designed vessels. One of our competitors, Baco Line employs such vessels on the Europe/Africa trade. This technique enables low drafted barges to access shallow ports ie some of those in the Niger delta including Onne and Warri.

Lash Vessel

Designed to load internally, barges specifically designed for the vessel. The concept is to quickly float the barges to the vessel (using tugs or ships wenches) load these barges through the rear of the vessel, then sails. 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. Designed for quick vessel turn-around. Usually crane-equipped; handles mostly breakbulk cargo.

Lashing

To hold goods in position by the use of, for example, wires, ropes, chains, or straps.

Laycan

Abbreviation for laydays cancelling periods during which a shipowner must tender notice that a ship has arrived at the port of loading and is ready to load cargo.

Laytime/Laydays

Time given by the shipowner to allow a chartered vessel to load and/or discharge cargo.

LCL

Less than a container load: A container with cargoes from/for different shippers/receivers, i.e. containing more than one shipper’s cargo.

Legal Weight

The weight of the goods plus any immediate wrappings which are sold along with the goods: e.g., the weight of a tin can as well as its contents. (See Gross Weight).

Less than Truck Load (LTL)

Rates applicable when the quantity of freight is less than the volume or truckload minimum weight.

Letter of Credit

A document issued by a bank at a buyer's request honoring debt obligations to the seller upon receipt of the document.

Letter of Credit - payment by sight draft

The exporter receives guaranteed payment from the confirming bank in the U.S. upon presentation of the sight draft and documents required by the letter of credit.

LI

Letter of Indemnity

LIC

Local import control

LIFFE

London International Financial Futures Exchange

Lighter

An open or covered barge equipped with a crane and towed by a tugboat. Used mostly in harbors and inland waterways.

Lighter

An open or covered barge equipped with a crane and towed by a tugboat. Used mostly in harbors and inland waterways.

Lighterage

The cost of loading or unloading a vessel by means of barges alongside.

LILO

Liner in, liner out or full liner terms: Qualification to a freight rate which signifies that it consists of the ocean carriage and the cost of cargo handling at the loading and discharging ports (to ship’s rail) according to the custom of a particular set of ports.

Linear metre

Method of measuring volume of cargo on Ro Ro vessels, in which the measurement is an estimate of the length of the cargo laid end to end. (See lane metre.)

Liner

The word "liner" is derived from the term "line traffic" which denotes operation along definite routes on the basis of definite, fixed schedules; a liner thus is a vessel that engages in this kind of transportation, which generally involves the haulage of general cargo as distinct from bulk cargo.

Liquidation

The finalization of a customs entry.

Livestock

Common farm animals.

Lkg. & Bkg.

Leakage and breakage.

Lo/Lo

The acronym meaning "lift-on,lift-off," denoting the method by which argo is loaded onto and discharged from an ocean vessel, which in this case is by the use of a crane.

LOA

Length over all: Vessel length.

Load Factor

Capacity sold as against capacity available, expressed as a percentage.

Ltge.

Lighterage

LTL

Less than truckload

NEWS
air cargo china cancelled the global covid-19 pandemic is growing in scale and is exceeding all ex-pectations. in consultation with partners and associations of the air freight industry messe münchen feels compelled to cancel air cargo china, which was scheduled for june 16–18 in shanghai. lufthansa hopes to keep cargo flying lufthansa cargo is making every effort to maintain the flight operations of its cargo aircraft in the current corona crisis. turkish cargo puts cargo in the passenger cabin turkish cargo will utilise their network and fly their turkish airlines passenger aircraft for airfreight as repercussions from the coronavirus outbreak and travel bans send global supply chains into disarray. latam cargo mitigates supply chain difficulties through freighters latam cargo has sought to mitigate the current difficulties through its 11 b767-300 freighter aircraft, which make latam cargo group the cargo airline with the most freighters operating in latin america. swiss worldcargo to commence freight-only flights swiss worldcargo has announced that this week will see the commencement of cargo-only flights on some aircraft. heathrow calls on supply chain to maximise capacity heathrow will be stepping up its cargo capabilities as it calls on more airlines and freight companies to maximise the use of the hub airport’s quieter schedule so that the aviation industry can play its part in the economic and social fight against covid-19. turkish cargo connects linz with direct freighter service turkish cargo is continuing to increase its network announcing new direct freighter flights to linz (austria). caribbean airlines cargo suspends two freighter services caribbean airlines has temporarily suspended its tuesday and thursday freighter flights etihad announces new freighter schedule etihad cargo has announced its freighter schedule for the iata summer season, boosting capacity to its top freighter gateways. atlas air’s flynn on track for a new career former atlas air president and ceo william j flynn has been appointed as us passenger train operator amtrak’s next chief executive officer and president. swiss worldcargo extends china suspensions in light of the current coronavirus situation, swiss and swiss worldcargo have made further adjustments on flights between zurich and beijing, shanghai and hong kong. fraport announces cost-reduction measures in response to coronavirus frankfurt airport operator fraport has announced new cost-reduction measures in response to the impact of the coronavirus. silkway keeps flying the current corona epidemic is having a significant impact on the air cargo industry. the aviation industry has taken the hit of coronavirus “airlines, aviation financing and plane makers – inherently vulnerable to the economic side-effects of a potential pandemic – faced challenges as the year began, ensuring they are now at growing risk of severe coronavirus-related disruption,” says scope, specialist financial analysts. covid-19: the disruption continues for supply chains richard wilding obe, professor of supply chain strategy at the uk’s cranfield university, comments on the latest challenges covid-19 presents the supply chain. he points out that consumer demand for face masks is impacting on wider industry needs. cargolux and atlas air predict a subdued airfreight market in 2020 the cargo freight market is likely to remain weak this year, industry leaders believe, as it remains hampered by overcapacity and weak growth in several regions around the world. finnair cancels mainland china flights until the end of winter finnair will cancel its flights to beijing capital airport and to shanghai during march 1-28, 2020 (until the end of the winter season), as the coronavirus situation has led to a temporary decline in air travel between china and europe. airbridgecargo offers charter flights to meet coronavirus-related demand the volga-dnepr group has been operating as many as five “sterilised” charter flights into china each day to cater for coronavirus related demand. valentines boost for latam cargo more than 210 latam cargo boeing 767-300 freighters took off from colombia and ecuador, carrying 12,600 tons of flowers for the 2020 valentine’s day season maersk line partnering with portrix maersk line is partnering with portrix logistic software gmbh (pls) to integrate spot pricing into pls’ market leading global price management (gpm) software solution.