TERMS AND DEFINITIONS

ABBREVIATION MEANING
LANE METER A method of measuring the space capacity of Ro/Ro ships whereby each unit of space (Linear Meter) is represented by an area of deck 1.0 meter in length x 2.0 meters in width.
LASH To hold goods in position by use of Ropes, Wires, Chains or Straps etc.
LAT Latitude. The distance north or south of the equator measured and expressed in degrees.
LAYCAN Laycan (Layday Cancelling Date)
LAYTIME Time at Charterers disposal for purpose of loading/discharging
L/C Letter of Credit
LCR Lowest Current Rate
LEE The side sheltered from the wind
LEEWARD The direction away from the wind. Opposite of windward
LEEWAY The sideways movement of the ship caused by either wind or current
LF Load Factor. Percentage of cargo or passengers carries e.g. 4,000 tons carried on a vessel of 10,000 capacity has a load factor of 40%
LIEN Retention of property until outstanding debt is paid
LNG Liquefied Natural Gas
LOA Length Overall of the vessel
LOAD LINE SEE PLIMSOLL LINE
LOF Lloyds Open Form
LOG A record of courses or operation. Also, a device to measure speed
LOI Letter of Indemnity
LONGITUDE The distance in degrees east or west of the meridian at Greenwich, England
LOW Last Open Water
LS (or LUMPS) Lumpsum Freight. Money paid to Shipper for a charter of a ship (or portion) up to stated limit irrespective of quantity of cargo
LSD Lashed Secured Dunnaged
LT1 Liner Terms
LT2 Long Ton = 1,016.05 kilogram (2,240 lbs)
LTHH Liner Terms Hook/Hook
LW Low Water
LYCN Laycan (Layday Cancelling Date)