Glossary of Shipping Terms:
" L " (page-2)
Letter of Credit (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 (LOLO)
Vessel of which the loading and discharging operations are carried out by cranes and derricks.
Lighter
See: Barge
Lighter Aboard Ship (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
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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 (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.
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