Shipping Glossary
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.
Lash
To hold goods in position by the use of, e.g.,
wires, ropes, chains and straps.
ShipLeasing Company
The company from which property or equipment is
taken on lease.
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
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.
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.
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 Terms
Condition of carriage denoting that costs for
loading and unloading are borne by the carrier
subject the custom of the port concerned.
Lloyd's Register of Shipping
British classification society.
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