Terms used in shipping such as LUMPER,Main Hatch,Made merchantable,Maastricht Treaty,Malicious damage

 

Terms used in shipping such as LUMPER,Main Hatch,Made merchantable,Maastricht Treaty,Malicious damage etc.

 

 

This post explains about terms used in shipping such as Less-Than-Truckload,Liner Terms,LUMPER,Main Hatch,Made merchantable,Maastricht Treaty,Malicious damage 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 shipping

 

LS - Lump sum.

 

LSA:Liner Shipping Agreements.

 

LT - Liner Terms - Qualification to a freight rate which signifies that it consists of the ocean carriage and the cost of cargo handling at the Loading and discharging ports according to the custom of those ports. This varies widely from country to country and, within countries, from port to port: in some ports, the freight excludes all cargo handling costs while in others the cost of handling between the hold and the ship's rail or quay is included.

 

Terms used in shipping such as LUMPER,Main Hatch,Made merchantable,Maastricht Treaty,Malicious damage etcLt.-v. - Light-vessel

 

LT:Long Ton = 1016.05 kilogram

 

LTD - Limited (Liability)

 

LTFV - Less Than Fair Value

 

LTGE – Lighterage

 

LTL - [check Less than truckload]

 

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

 

LTL:(See Less than Truckload)

 

Ltr. – Lighter

 

LUF - Lifting unit frame

 

Lump Sum Charter - Voyage charter for which the freight is payable as a lump sum rather than per ton or other unit of cargo. The shipowner guarantees to lift a certain quantity of cargo but the charterer pays the same amount for freight irrespective of the quantity loaded.

 

LUMPER:A person hired to help unload a trailer

 

LUMPSUM FREIGHT:Money paid to shipper for charter of a ship (or portion) up to stated limit irrespective of quantity of cargo

 

Lusophone Countries - Lusophone countries are those in which the official language is Portuguese: Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, Portugal, and Sao-Tome and Principe.

 

LWONT - Low Water Ordinary Neap Tides.

 

m – meter

 

M A R form - The standard of marine insurance policy used in the London market by both Lloyd's and companies

 

M. & D.P. - Minimum and deposit premium

 

M. & W. - Marine and war risks

 

m. pack - Missing package

 

M.A.V.I.S. - Marine Audio-Visual Instruction Systems

 

M.B.D. - Machinery breakdown

 

M.C. - Machinery certificate

 

M.F.C. - Maximum foreseeable loss

 

M.H. - Main Hatch

 

M.H.W.S. - Mean High Water Spring

 

M.I.P. - Marine Insurance Policy

 

M.L.W.S. - Mean Low Water Springs

 

m.m. - Made merchantable

 

M.M. - Mercantile Marine

 

M.M.A. - Merchandise Marks Act

 

M.M.F.B.:Middlewest Motor Freight Bureau.

 

M.N.S.C. - Managed Network Steering Committee

 

M.O.H. - Medical Officer of Health

 

M.P.L. - Maximum probable loss

 

M.R. - Mate's receipt

 

M.S. - Motor ship, Machinery survey

 

M.T. - Mean Time

 

M.T.L. - Mean tidal level

 

M/C - Metalling clause (marine insurance), Machinery certificate

 

M/d - Malicious damage

 

M/D - Memorandum of deposit

 

M/R - Mate's Receipt - Receipt made out by the first officer, stating the quantity and condition of the goods loaded on board the ship. This document is given to the shipper and later exchanged for the Bill of Lading.

 

M/s - Months after sight

 

M/T:Metric Ton (2204.6 lbs).

 

M/V OR MV:Motor Vessel.

 

Maastricht Treaty - The Maastricht Treaty (named for the Dutch town in which the treaty was signed) is also known as the Treaty of European Union. The treaty creates a European Union by: (a) commiting the 12 member states of the European Economic Community to both European Monetary Union (EMU) and political union; (b) introducing a single currency (European Currency Unit, ECU); (c) establishing a European System of Central Banks (ESCB); (d) creating a European Central Bank (ECB); and (e) broadening EEC integration by including both a common foreign and security policy (CFSP) and cooperation in justice and home affairs (CJHA). The treaty, negotiated in 1991 and signed in February 1992, entered into force on November 1, 1993.The Maastricht Treaty envisioned EMU being achieved in three stages: - A first stage (encompassing treaty negotiations and lasting through January 1, 1994) concludes with ratification of treaty amendments needed to establish EMU, including participation by all 12 EEC member states in the Exchange Rate Mechanism; - A second stage (January 1, 1994 through no later than January 1, 1999) involves establishment of the European Monetary Institute (EMI) to support development of a single currency (the ecu) and development of the ECB; - A third stage (starting no later than January 1, 1999) involves irrevocable fixing of exchange rates and the debut of the ECB with transfer of powers necessary for administering economic and monetary union. See: European Central Bank European Currency Unit European Monetary Institute European System of Central Banks Exchange Rate Mechanism.

 

Machy – Machinery

 

Maghreb States - The Maghreb states include the three nations of Algeria, Morocco, and Tunisia. The European Community concluded a trade and aid agreement in 1976 with these states. The term Maghreb states sometimes also includes Libya and Mauritania. The five Maghreb states created the Arab Maghreb Union. See: Arab Maghreb Union Comite Permanent Consultatif du Maghreb.

 

The above details describes about terms called in shipping such as Less-Than-Truckload,Liner Terms,LUMPER,Main Hatch,Made merchantable,Maastricht Treaty,Malicious damage 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 shipping business below this post.Terms used in shipping such as Lombard Rate,London Club ,long ton,longitude

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