Shipping Terms




l

Label

A 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.

Laden Vessel

See Loaden Vessel

Land Bridge

Overland transport between following and/or preceding sea transport of goods and/or containers.

Lash

To hold goods in position by the use of, e.g., wires, ropes, chains and straps. See 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

The participating airline over which air routes the last section of carriage under the Air Waybill is undertaken or performed (air cargo).

Last In First Out

Abbreviation: LIFO A method of which the assumption is that the most recently received (last in) is the first to be used or sold (first out).

Lateral and Front Stacking Truck

High-lift stacking truck capable of stacking and retrieving loads ahead and on either or both sides of the driving direction.

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').

Lay Days

The 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

See United Nations Layout Key

Lazaretto

Place where goods are fumigated, or where a person under quarantine is quartered.

Lead Time

The amount of time between the request of a service and the actual provision of this service. A span of time required to perform an activity. In a logistics context, the time between the initiation of a process and its completion.

Lease

A 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

The company from which property or equipment is taken on lease.

Leasing Contract

A contract for the leasing of property or equipment.

Less than Container Load

Abbreviation: LCL 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. 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 A term used if the quantity or volume of one or more consignment(s) does not fill a standard truck.

Lessee

The party to whom the possession of specified property has been conveyed for a period of time in return for rental payments.

Lessor

The 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 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 determinable future date up to a stated sum of money, within a prescribed time limit and against stipulated documents.

Letter of Indemnity

Written statement in which one party undertakes to compensate another for the costs and consequences of carrying out a certain act. The issue of a letter of indemnity is sometimes used for cases when a shipper likes receiving a clean Bill of Lading while a carrier is not allowed to do so. Within P&O Nedlloyd the issue of letters of indemnity are contrary to the company's instructions.

Levant

Eastern end of the Mediterranean.

Liability

Legal responsibility for the consequences of certain acts or omissions.

Lien

A legal claim upon real or personal property 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.

Lift-On Lift-Off Vessel

Abbreviation: LOLO Vessel of which the loading and discharging operations are carried out by cranes and derricks.

Lighter

See Barge

Lighter Aboard Ship

Abbreviation: Lash A vessel which carries barges.

Lighterage

The 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

See Order Line

Line Number

See Flight Number

Linear Programming

A mathematical procedure for minimising or maximising a linear function of several variables, subject to a finite number of linear restrictions on these variables.

Liner Conference

A group of two or more vessel-operating carriers, 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

The connection through vessels between ports within a trade.

Liner Shipping Company

A company transporting goods over sea in a regular service.

Liner Terms

Condition of carriage denoting that costs for loading and unloading are borne by the carrier subject the custom of the port concerned.

List

Inclination of a ship to port or starboard caused by eccentric weights such as cargo or ballast.

Live Stock

Cargo consisting of live animals, such as horses, cows, sheep and chickens.

Lloyd's Register of Shipping

British classification society.

Load

Quantity or nature of what is being carried. This term normally refers to transport by truck.

Load Factor Management

The process of maximising the utilisation of the (slot) capacity of vessels and or other means of transport.

Loaden Vessel

Vessel where cargo has been put on board.

Loading

The process of bringing cargo into a means of transport or equipment.

Loading Platform

A flat surface to facilitate loading usually alongside a warehouse.

Loadmaster

A load-calculator designed for a vessel approved by a classification bureau for the calculation of the vessels stability.

Local Charge

See On-line Charge

Local Rate

See On-line Rate

Locating Pin

See Cones

Location

Any named geographical place, recognised by a competent national body, with permanent facilities used for goods movements associated with international trade, and used frequently for these purposes. Geographical place such as a port, an airport, an inland freight terminal, a container freight station, a container yard, a container depot, a terminal or any other place where customs clearance and/or regular receipt or delivery of goods can take place. An area (e.g. in a warehouse) marked off or designated for a specific purpose.

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

A compartment, in a shed or on board of a vessel, used as a safekeeping place to stow valuable goods, which can be secured by means of a lock.

Log Book

The daily report, authenticated by the master of all events and other relevant particulars of a vessel, attested by the proper authorities as a true record.

Logistics (CEN)

The planning, execution and control of the movement and placement of people and/or goods and of the supporting activities related to such movement and placement within a system organised to achieve specific objectives.

Logistics Chain

All successive links involved in the logistic process.

Longitude

The angular distance of a position on the equator east or west of the standard Greenwich meridian up to 180o 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.

Luffing Crane

A crane with which the load can be moved to or from the crane horizontally.

Luggage

Travellers' baggage, suitcases, boxes etc., normally accompanied by a passenger

Lump-sum

An 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

A 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 being paid.

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