Glossary of Shipping Terms:
" L " (page-1)
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 (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.
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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 (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 (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.
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