L/C - Letter of Credit: 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.

L. & D.: Loss and damage

Lagan: Cargo or equipment to which an identifying marker or buoy is fastened, thrown over-board 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 Vessel: Designed to load internally, barges specifically designed for the vessel. The concept is to quickly float the barges to the vessel (using tugs or ships wenches) load these barges through the rear of the vessel, then sails. 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. Designed for quick vessel turn-around. Usually crane-equipped; handles 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.L.: Less than container load; less than car load.

Legal Weight: The weight of the goods plus any immediate wrappings which are sold along with the goods: e.g., the weight of a tin can as well as its contents. (See Gross Weight).

Less than Truck Load (LTL): Rates applicable when the quantity of freight is less than the volume or truckload minimum weight.

Letter of Credit: A document issued by a bank at a buyer's request honoring debt obligations to the seller upon receipt of the document.

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.

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 generally 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, expressed as a percentage.

Lo/Lo: The acronym meaning "lift-on,lift-off," denoting 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.

l.t. or l.tn.: Long ton (2240 lbs.).

Ltge.: Lighterage

LTL: Less than truckload

Letter of Credit - payment by sight draft: The exporter receives guaranteed payment from the confirming bank in the U.S. upon presentation of the sight draft and documents required by the letter of credit.