L

 

LATIN AMERICAN INTEGRATION ASSOCIATION

An organization that supports the integration and proliferation of preferential agreements between Latin American participants.

LAID UP

A moored or blocked vessel that is awaiting employment, repair or clearance.

LANDBRIDGE

Intermodal system of shipping international cargo across intervening continent, from one seacoast to another, by special through-trains. Overland movement of containers having both a preceding and subsequent movement by ship.

LANDED COST

Total expense of receiving goods at place of retail sale, including retail purchase price, transportation costs, duties, value added taxes, excise tax and other taxes.

LANDING COST

The initial charges for landing imported goods, such as those for receiving goods from dockside vessels or from barges to lighters. They may also cover wharfage or delivery from the dock to land conveyance or warehouse.

LIGHTER ABOARD SHIP

Use of specially designed barges (or lighters), in which cargo is loaded directly in the barge. The barge is then moved via river and canal networks to a port area to await arrival of an oceangoing, barge-carrying ship, then hoisted aboard the ship by cranes or elevators.

LASHING

Restraining Devices to secure cargo/containers on a vessel.

LAST IN, FIRST OUT

Accounting method of valuing inventory that assumes latest goods purchased are first goods used during accounting period.

LAY TIME

Time in which ship is loaded/unloaded and for which no demurrage is charged.

LESS-THAN-CONTAINERLOAD

A shipment that does not completely fill a container.

LESS DEVELOPED COUNTRY

An unindustrialized, undeveloped, or developing nation.

LEG

City-pair traveled non-stop, one point to another, by the same conveyance.

LESSEE

Party or company with legal possession/control of vehicle (with/without driver), or other equipment owned by another under terms of lease agreement.

LESSOR

Party or company granting legal use of vehicle (with/without driver), or other equipment to another party under terms of lease agreement.

LESS-THAN-TRUCKLOAD

Less than quantity of freight required applying truckload rate charged by motor carriers.

LETTER OF ASSURANCE/LETTER OF ASSURANCE ENCRYPTION

Special instructions and guidance to help exporters apply for an export license, classify commodities or submit notification for encryption products.

LETTER OF CREDIT

Method of paying for goods, where buyer establishes credit with local bank, clearly describing goods to be purchased. Upon receipt of documentation, bank either is paid by buyer or takes title to goods and transfers funds to seller.

LICENSE

Authority issued by a government or non-governmental agency that regulates some type of activity.

LICENSE EXCEPTION

An authorization that allows for the export or re-export, under stated conditions, that otherwise would require a license.

LICENSING AGREEMENT

A contract whereby the holder of a trademark, patent, or copyright transfers a limited right to another party to use a process, sell, or manufacture an article, or furnish specialized services covered by the trademark, patent or copyright to another firm.

LIEN

A type of legal claim upon goods for the satisfaction of some debt or duty.

LIFT-ON/LIFT-OFF

The acronym meaning "lift-on/lift-off." denoting the method by which cargo is loaded onto and discharged from an ocean vessel. Cargo loaded or unloaded by either ship or shore cranes.

LIGHTER ABOARD SHIP

A containerized concept where the containers are also barges for further water movement.

LINE HAUL

The transportation of freight between cities; as distinguished from local pickup and delivery operations.

LINE-HAUL-COSTS

Costs assigned to line haul service as distinguished from terminal costs.

LINEHAUL OPERATION

The direct movement of freight between two major ports by a single ship or carrier.

LINER CARRIAGE

Liner carriage is common carrier water service by a vessel operator, with an advertised schedule of a predetermined and fixed itinerary over a given route at relatively regular intervals.

LINER CONFERENCE

An agreement among carriers that regularly serve a particular trade route to establish freight rates and service levels.

LINER DISCHARGE

Payment by the ship owner for unloading of cargo, including stevedore wages.

LINERS

Vessels that maintain a service between named ports on a fixed schedule.

LIQUIDATION

The final review and assessment of duty on imported merchandise by the Customs Service.

LLOYD'S OF LONDON

An incorporated society of marine and non-marine underwriters in London. In addition to insurance, the corporation's subsidiary, Lloyd's of London Press, collects and disseminates shipping intelligence.

LLOYD'S REGISTER OF SHIPPING

Yearly document issued by Lloyd's. Contains tonnage, age, build, nationalities, mode of power, condition of registered ships, latest voyage number, reported position, etc..

LOCAL CARTAGE

The pick-up and delivery of freight for line haul carriers, within a terminal area or commercial zone.

LONG FORM BILL OF LADING

Carriers Bill of Lading form containing all terms and conditions of the contract of carriage.

LONGSHOREMAN

Person employed at ship ports to load/unload vessels and provide other related maritime services.

LONG TON

Equivalent to 2,240 pounds or 20 long hundredweights. Also called a gross ton.

LOSS AND DAMAGE CLAIM

A claim filed as a result of loss/damage discovered when a package is delivered.