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Glossary of terms for phrases beginning with “L”

Label Cargo

Cargo, including all commodities, requiring a label according to the provisions of the International Maritime Dangerous Goods Code.


Land Bridge

Containers moving from a foreign country by vessel, and then sent to an inland point in the U.S. or elsewhere by land transportation (rail or truck). See also MLB.


Less Than Container Load (LCL)

Common term for an amount of goods to be shipped and which do not fill an entire container. Ocean rates for LCL are commonly higher on a per-unit basis than for a full container load. Thus, consolidation of several LCL loads from different places or shippers into a full container can save on costs.


Less Than Trailer Load (LTL)

See "Less Than Container Load" (LCL).


Letter of Credit (LC)

(1) Letter of agreement issued by a bank stating a foreign purchaser has established a line of credit in a seller's favour, and confirming that payment for goods will be made upon presentation of certain documents which are in agreement with terms on the letter of credit.

(2) A letter addressed by a banker to a correspondent certifying that a person named therein is entitled to draw on him or his credit up to a certain sum.

(3) A letter addressed by a banker to a person, to whom credit is given, authorising him to draw on the issuing bank or on a bank in his country up to a certain sum and guaranteeing to accept the drafts if duly made, also called commercial letter of credit, confirmed credit or confirmed letter of credit.

Letters of credit may take various forms, represent various undertakings for various purposes and be subject to different conditions.


Line Haul

Marine portion of a vessel's route covering the greatest distance, usually across an ocean (e.g. Singapore-Los Angeles).


LNG Carrier

Liquified Natural Gas Carrier.


Logistics

The management of freight and information throughout the total supply chain from the original raw material source to the ultimate consumer of the finished product, encompasing factories, assembly and packing plants, warehouses, distribution centres and retail outlets.


Longshoreman

Also known as stevedore.

Worker who loads and unloads a ship. Terminal operator who is designed to facilitate the operation of loading and discharging vessels, as well as other terminal activities.


LT

Long Ton

1 Long Ton = 2,240 lbs