L (Lima)
You should stop, I have something important to communicate
L/C Letter of Credit ; Laydays/Canceling: See LAYCAN
L3C Last Three Cargoes
LA Los Angeles
LAFTA Latin America Free Trade Association
Lanemetre Used particularly in connection with the transportation of trailers. One lanemetre is one metre of deck, with a width of 2.5 to 3.0 metres.The capacity of ships built for the transportation of new automobiles is normally expressed by the number of cars carried, or by the area of deckspace, in square metres.
LASH Lighter Aboard Ship, i.e. ships which can carry lighters "piggy-back" fashion.
LAT Latitude ; Lowest Astronomic Tide: see Chart Datum
Lay Barge or Pipe Laying Barge
Vessel laying pipelines on the seabed.
LAYCAN Laydays/Canceling - a spread of dates - e.g.: "Laydays 1st September/Canceling 15th September," between which dates a vessel is to present for loading. Too early and she will probably have to wait. Too late and she risks being canceled by the charterers.
Ships are laid-up when rates are too low for profitable trading. Laid-up vessels are moored or anchored with a minimum watch crew on board.
LB Long Beach ; Lower Buchanan
LBP Length Between Perpendiculars - the length of the vessel measured between the forward part of the stern to the after part of the rudder post.
LCL Less than Container Load
LD Load
LDD Leaded
LDT Light Displacement Tonnage
Leasing When a ship is leased, the owner may in fact utilize it as in a bareboat or hire-purchase-C/P, but without entering into a charter-party-contract. The price is agreed between the shipping company (lessee) and the vessel's legal owner - the leasing company (lessor). The agreed fee will normally give the lessor a return on the investment with a profit during the leasing period. When the agreed period expires, the lessee may extend the leasing, but at a reduced fee (e.g. 1/12 of previous fee), or purchase the vessel at its estimated value.
LGM Lawful General Merchandise
LIFO Liner In Free Out
Liner Vessel serving a regular defined route or trade, following a published sailing schedule.
Liner conference Two or more shipping companies operating a service in common between designated areas. Conference partners agree special freight rates and terms for the trade, in order to stabilize market and service.
Liner Pipe
Casing which does not reach quite up to the well-head.
Liner service Cargoships operating regular schedules between advertised ports.
LIST The leaning of the vessel to the port or starboard.
LLA Long Length Additional
LLMC International Convention on Limitation of Liability for Maritime Claims
LMMA London Maritime Arbitrators Association, London
LNG Liquefied Natural Gas
LOA Length Over All:
The extreme length of the vessel measured from the foremost part to the aftermost part of the hull.
LOC (L/C) Letter of Credit ; Letter Of Compliance
LOF-90 Lloyd's Open Form - standardized salvage contract.
LOF-95 Lloyd's Open Form - standardized salvage contract. Current version is called LOF-95. Effective January 1 1995. Revised and updated version of the LOF-90, and reflects changes resulting from the UK Merchant Shipping (Salvage and Pollution) Act 1994. Other changes have also been incorporated in this new LOF-95.
LOFR Letter Of Financial Responsibility
LOG An apparatus for measuring the speed of a vessel through the water. ; An entry made in a log book to record any event or occurrence during the logging period.
LOI Letter of Indemnity - a guarantee issued by the receiver named in the Bill of Lading, Holding the carrier harmless if he is ordered to release the cargo without presentation of original Bill of Lading.
LOLO Lift On/Lift Off - a term describing the method of loading and discharging cargo by ship or shore gear.
Lo-lo-ship Lift on-lift off-ship. Containers or other goods are lifted on board and ashore by cranes.
LONG Longitude
LORI Letter Of Response Intention
LOT Load On Top - the concept of allowing hydrocarbon material recovered during tank washing to be commingled with the next cargo.
LOU Letter of Undertaking - a guarantee issued by a P & I Club or insurer, in cases where a vessel is involved in an accidents or damage to cargo. The LOU guarantees settlement of any proven claims, thus allowing the vessel to sail without unnecessary delays.
LPG Liquefied Petroleum Gas
LPOC Last Port Of Call
LR Lloyd's Register of Shipping - British classification society.
LS Lump Sum
LS & D Landing, Storage and Delivery
LSC Liberian Shipping Council
LSWR Low Sulphur Waxy Residue
LT (L/T) Long Ton - ton of 2,240 pounds, equivalent to 1,016 metric tons (M/T) ; Liner Terms - the responsibility and cost of loading, carrying and discharging cargo is that of the carrier, from the moment the goods are placed alongside the carrying vessel in readiness for loading, until discharged alongside at their destination. Time spent cargo-handling is also at the carrier's risk.
LTS LayTime Saved - dispatch to be paid for laytime saved.
LW Low Water
LWONT Low Water Ordinary Neap Tides
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