Terms used in freight forwarding such as Logistics,Loss of market,Low-Boy ,Less-Than-Truckload,Main-line Operator, Marketing channel

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Terms used in freight forwarding such as Logistics,Loss of market,Low-Boy ,Less-Than-Truckload,Main-line Operator, Marketing channel etc.

 

This post explains about terms used in freight forwarding such as Logistics Service Provider,Logistics,Loss of market,Low-Boy ,Less-Than-Truckload,Main-line Operator, Marketing channel,Marine Insurance,Main Deck, Manifest etc.These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

Terms used in freight forwarding

 

Logistics Service Provider (LSP): Any business which provides logistics services. Includes those businesses typically referred to as 3PL, 4PL, LLP, etc. Services may include provisioning, transport, warehousing, packaging, etc.

 

Logistics: The process of planning, implementing, and controlling procedures for the efficient and effective transportation and storage of goods including services, and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements. This definition includes inbound, outbound, internal, and external movements.

 

LOLO – Lift On Lift Off. LOLO covers the movement of the container from its location within the port and loading on to the truck. If the trader or agent chooses to arrange his own delivery, outside of the carrier’s services – i.e. with a merchant haulier, the carrier will, in most cases, charge a LOLO fee for the privilege.

 

Terms used in freight forwarding such as Logistics,Loss of market,Low-Boy ,Less-Than-Truckload,Main-line Operator,Lo-Lo:'Lift-on, lift-off '. Cargo handling method by which vessels are loaded or unloaded by either ship or shore cranes.

 

LONG LENGTH ADDITIONAL: Extra charge applied by liner conferences and shipping lines on cargo exceeding a length specified in their tariff.

 

LONG TON :2240 Lbs.

 

Longshoreman - Individual employed in a port to load and unload ships.

 

Loss and Damage Claim:This document is used to claim insurance compensation for goods lost or damaged during exportation. The items lost or damaged must be fully described. Supporting documentation would include copies of the Commercial Invoice, Bill of Lading, and Insurance Certificate.

 

Loss and Damage:loss or damage of cargo while in transit or in a carrier-operated warehouse. Terms for the handling of claims are usually stipulated in the bill. Shippers/consignees usually take out insurance against loss and damage with premiums a function of the value of goods shipped, and the likelihood of loss and damage.

 

LOSS OF MARKET:A 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.

 

Low-Boy - A chassis with no sides and with the floor of the unit close to the ground. Used to transport out of gauge, height wise, cargo.

 

Lower Deck Container- An aircraft container (ULD) that is shaped to fit the contours and/or dimensions of the aircraft’s lower hold. These ULD’s, as with main deck containers come in a variety of sizes and configurations.

 

Lower Deck -On an aircraft, the deck (or compartment) below the main deck. Also called lower hold or lower lobe

 

LRD:Last Receiving Date.

 

LSFC: Low Sulfur Fuel Surcharge is charged because of the increased cost of using low sulfur diesel

 

LT - Long Ton (2,240 pounds).

 

LTL (Less-Than-Truckload):a trucking industry term; a less-than-truckload (LTL) shipment is when a shipper or consignee contracts for the transportation of freight that will not require an entire truck. LTL shipments are priced according to the weight, volume of the freight, its commodity class (which generally determines its cube/weight ratio), and milage within designated lanes. An LTL carrier specializes in LTL shipments, and therefore typically operates a complex network with consolidation/deconsolidation points; LTL carriers carry multiple shipments for different customers in single trucks.

 

LTL: Less Than Trailer Load, Less Than Truck Load. This means exactly what it say. NOT a full truck load. Anything from a box to multiple pallets but NOT a Trailer Load

 

M & R - Maintenance and Repair.

 

M/N:Marks and Numbers.

 

M/T - Metric Ton.

 

M/V: Motor vessel.

 

M3:Cubic Meters.

 

Mafi: A term used for wheeled trailer used for carrying cargo also known as a roll trailer.

 

Main Deck -On an aircraft, the upper, and larger cargo hold. In a passenger aircraft, the passengers sit on the main deck.

 

Main-line Operator: MLO A carrier employing vessel(s) in the main or principal routes in a trade but not participating within a consortium.

 

Major carrier: A for-hire certificated air carrier that has annual operating revenues of $1 billion or more: the carrier usually operates between major population centers.

 

Manifest- Document that lists in detail all the bills of lading issued by a carrier or its agent or master for a specific voyage. A detailed summary of the total cargo of a vessel. Used principally for Customs purposes. Also, a detailed list of all cargo in a specific container.

 

The above details describes about terms called in freight forwarding such as Logistics Service Provider,Logistics,Loss of market,Low-Boy ,Less-Than-Truckload,Main-line Operator, Marketing channel,Marine Insurance,Main Deck, Manifest etc .These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in freight forwarding trade below this post. Terms used in freight forwarding such as Liability,Lift Truck,Liftgate,Liftvan,Liner In Free Out,Liner terms,Lloyds' Registry

 


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