A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

L

Laycan
A ship chartering term which stands for laydays commencement and cancelling, it specifies the earliest date on which laytime can commence and the latest date, after which the Charterer can opt to cancel the Charter Party Agreement.

Laytime
The time allowed by the shipowner to the voyage charterer to carry out the cargo loading and/or discharging operations; Laytime may be expressed as a certain number of days or number of tons of cargo loaded/unloaded per day.

L/C (Letter of Credit)
A document issued by a bank which guarantees the payment of a customer's drafts for a specified period and up to a specified amount.
Irrevocable Letter of credit, it means that once the buyer’s conditions in the letter have been agreed by the exporter, they constitute a definite undertaking by the buyer’s bank and cannot be revoked without the exporter’s agreement.
Revocable Letter of credit, it means that the terms of the credit can be cancelled or amended by an overseas buyer at any time without notice to the exporter. 

LCL
A seafreight expression which describes cargo amount to less than a full container load.

Levy, as a verb
To assess or impose a tariff on imported merchandise; as a noun, the charge on imports.

Liberal
When referring to trade policy, relatively free of import controls or restraints and/or exhibiting a preference for reducing existing barriers to trade, often contrasted with the protectionist preference for retaining or raising selected barriers to imports.

Liberalisation
Unilateral or multilateral reductions in tariffs and other measures that restrict trade. Trade liberalization has been the objective of all rounds of the GATT trade negotiations

LIBOR (London Interbank Offered Rate)
Is the rate of interest at which banks borrow funds from other banks, in marketable size, in the London interbank market.

Lien
A general lien is the right, which arises by contract to retain goods until any sum due in respect of them is paid and also in respect of any sum which may be owing by the owner to the person in possession.

Lighterage
It is the cost of a smaller vessel or barge for moving the goods ashore (in a case of a ship not being able to tie up to a quay).

Linear Reduction of Tariffs
A reduction by a given percentage in all tariffs maintained by countries participating in a round of trade negotiations, with or without exceptions for products deemed to be "sensitive." It is sometimes called "horizontal reduction of tariffs," "across-the-board reduction of tariffs," or "equal percentage reduction of tariffs."

LLDCs or LDCs (Least Developed Countries)
Some 48 of the world's poorest countries, considered by the United Nations to be the "least developed" of the less developed countries.

Loco (Within The Area Of)
The word “loco” is always used in conjunction with a defined town or area.  For example, “free delivery loco Sydney” would mean that goods will be delivered free within the area of Sydney, and that an additional charge would be made for any delivery outside the area.

Logistics Intermediary
A person who consolidates several small shipments from various sources into a larger shipment, usually up to a full truck, car, or container load.

Logistics Provider
A person who acts as an agent on behalf of the shipper

LO/LO
The cost of using a crane to lift goods onto, or off a ship.

LTL (Less-Than-Load Shipments)
A shipment that has not been loaded to capacity for the particular container type or shipping method.