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 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.
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.
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 - 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.
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.
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.
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.
LTL: Less than truckload