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Load calculator designed for a vessel approved by a classification bureau for the calculation of the vessel's stability.  
Loan Collection
Method of financing by which an exporter borrows on the basis of drafts turned over to a bank for collection.  
Loan Receipt
Document signed by the assured where they acknowledge receipt of money advanced by the insurance company as an interest-free loan (instead of payment of a loss) repayable to the insurance company only if the loss is recovered from a third party and then only to the extent of the recovery.  
Local Charge
On-Line Charge
Local Rate
On-Line Rate
Locating Pin
For marine purposes: A space, enclosed at the sides by walls and at each end by gates, by which a vessel can be floated up or down to a different level.  
Compartment, in a shed or on board of a vessel, used as a safekeeping place to stow valuable goods, and which can be secured by means of a lock.  
Log Book
Daily report of all events and other relevant particulars of a vessel and attested by the proper authorities as a true record.  
Logistics Chain
All successive links involved in the logistic process.  
Lift-on/Lift-off Vessel
Long Haul
Transportation of cargo by truck over long distances.  
Angular distance of a position on the equator east or west of the standard Greenwich meridian, up to 180 degrees east or west.  
Motor truck used for transport of goods. Note: Motor truck is an American term. British synonym for motor truck is heavy goods vehicle. This British term means any vehicle exceeding 7.5 metric tons maximum laden weight.  
Loss of Market
Situation in which, for one reason or another, sound cargo is no longer wanted by the consignee when it arrives. This is a "business loss" not recoverable under a Marine Cargo Policy; e.g., Christmas trees arriving in January undamaged. All Risk
Less than Truck Load
Luffing Crane
Crane with which the load can be moved to or from the vessel horizontally.  
Travelers' baggage, suitcases, boxes, etc., normally accompanied by a passenger. Unaccompanied Baggage
Agreed sum of money, which is paid in full settlement at one time. This term is often used in connection with charter parties.  
Lump-Sum Charter
Voyage charter whereby the shipowner agrees to place the whole or a part of the vessel's capacity at the charterer's disposal for which a lump-sum freight is paid.  

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