Lagan – Cargo or equipment to which an identifying marker or buoy is fastened and thrown overboard 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.
LASH – Lighter Aboard Ship. (See Lighter)
Lash Vessels – Barges specifically designed to load on a vessel internally and for quick vessel turnaround. The concept is to quickly float the barges to the vessel (using tugs or ships wenches), load the barges through the rear of the vessel, then sail. 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. Usually crane-equipped, these barges handle mostly breakbulk cargo.
Lay Days – The dates between which a chartered vessel is to be available in a port for loading of cargo.
L/C – (See Letter of Credit)
LCL – Less than Container Load; Less than Car load.
L&D – Loss and Damage.
Legal Weight – The weight of the goods plus any immediate wrappings that are sold along with the goods, e.g., the weight of a tin can as well as its contents. (See also Gross Weight)
Less than Truckload (LTL) – Rates applicable when the quantity of freight is less than the volume or truckload minimum weight.
Letter of Credit (L/C) – 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.
Letter of Credit, Confirmed – A letter of credit containing a guarantee on the part of both the issuing and advising banks of payment to the seller, provided the seller’s documentation is in order and the terms of the letter of credit are met.
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.
Linehaul – The management of freight between cities, usually more than 1000 miles.
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 usually 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.
Load Factor – Capacity sold as against capacity available and expressed as a percentage.
Logistics Management – The efficient and cost-effective management of the physical movement of goods from supply points to final sale and the associated transfer and holding of such goods at various intermediate storage points.
Lo/Lo (Lift-On/Lift-Off) – Denotes the method by which cargo is loaded onto and discharged from an ocean vessel, which in this case is by the use of a crane.
I.t. or l.tn. – Long ton (2240 Ibs).
Ltge. – Lighterage.
LTL – (See Less than Truckload)