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)