Terms used in shipping such as Laycan or L/C,Laytime,Laytime Saved,LAY-UP,League of Arab States,Leg. Chgs.,Legal Weight

 

 

Terms used in shipping such as Laycan or L/C,Laytime,Laytime Saved,LAY-UP,League of Arab States,Leg. Chgs.,Legal Weight etc.

  

This post explains about terms used in shipping such as Lay Days,launch service, Laycan or L/C,Laytime,Laytime Saved,LAY-UP,League of Arab States,Leg. Chgs.,Legal Weight 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

 

Latin American Association of Development Financing Institutions - The Association promotes cooperation among members in ways which support the integration of Latin American economies, including efforts to improve the flow of information among members and encouraging studies of problems of common interest. Members include 24 Latin American countries and several countries in Europe and North America. The Association was established in January 1968; headquarters are in Lima, Peru.

 

Latin American Economic System - LAES (Spanish: Sistema Econ¢mico Latinoamericano, SELA), established in October 1975, promotes economic and social integration among approximately 26 Latin American and Caribbean member states. The System also seeks to present a united view for Latin America before agencies of the European Economic Communities and the United Nations. LAES headquarters are in Caracas, Venezuela.

 

Latin American Export Bank - See: Banco Latinoamericano de Exportaciones.

 

Latin American Free Trade Association - See: Latin American Integration Association.

 

Terms used in freight forwarding such as Waybill,Weight Certificate, Wharfage,XML EDI,Yawl,Zone Charges,Latin American Integration Association - LAIA (Spanish: Asociaci¢n Latinoamericana de Integraci¢n, ALADI) was originally created in 1960 as the Latin American Free Trade Association (LAFTA). LAFTA was restructured by the 1980 Montevideo Treaty as a more flexible alternative to LAIA. LAIA, whose membership included Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, and Venezuela, has been declining as a major Latin American integration effort in favor of regional efforts, such as Mercosur. Association headquarters are in Montevideo, Uruguay.

 

latitude - Distance north or south of the equator.

 

launch service: Companies that offer "water-taxi" service to ships at anchor.

 

Lay Days - It is the number of days permitted in a charter party for loading and discharging of cargo. It can be in consecutive days, working days, weather working days, etc.

 

LAY DAYS:The dates between which a chartered vessel is to be available in a port for loading of cargo.

 

Laycan or L/C - Laydays Canceling - Period during which the shipowner must tender notice of readiness to the charterer that the ship has arrived at the pod of loading and is ready to load, This period is expressed as two dates, for example laydays 25 March canceling 2 April or, when abbreviated as laycan, laycan 25 March/2 April. The charterer is not obliged to commence loading until the first of these dates if the ship arrives earlier and may have the option of canceling the charter if the ship arrives after the second of the dates, known as canceling date.

 

LAYCAN:Laydays/Cancelling (date): Range of dates within the hire contract must start.

 

 

Laydays - Days allowed by the shipowner to the voyage charterer or Bill of Lading holder in which to load and / or discharge the cargo. See also laytime.

 

Laytime - Time allowed by the shipowner to the voyage charterer or Bill of Lading holder in which to load and / or discharge the cargo. It is expressed as a number of days or hours or as a number or tons per day. There is normally a provision in the Charter-Party for the commencement of laytime, which is often at a certain hour after notice of readiness has been tendered by the master, a provision for periods when laytime does not count, for instance during bad weather, weekends or holidays or a provision for laytime being exceeded, when demurrage or damages for detention become payable, or not being fully used, when despatch may be payable.

 

Laytime Saved - Charter-Party term used to define one method by which despatch money is calculated, that is, by deducting laytime used from laytime allowed. If for example, a Charter-Party provides for 6 laydays for loading and the charterer uses 3 days, he is entitled to 3 days despatch money. Also referred to as working time saved.

 

Laytime Statement - Portion of a time sheet, which details the amount of laytime used by a voyage charterer.

 

LAYTIME:Time allowed by the shipowner to the voyage charterer or bill of lading holder in which to load and/or discharge the cargo. It is expressed as a number of days or hours or as a number of tons per day.

 

LAY-UP:Temporary cessation of trading of a ship by a shipowner during a period when there is a surplus of ships in relation to the level of available cargoes. This surplus, known as overtonnaging, has the effect of depressing freight rates to the extent that some shipowners no long find it economical to trade their ship, preferring to lay them up until there is a reversal in the trend.

 

LCB - Local Competitive Bidding

 

LCBC - Lake Chad Basin Commission

 

LCL - Less than Container Load – Consignment of cargo, which is insufficient to fill a shipping container. It is grouped with other consignment for the same destination in a container at a container freight station.

 

LCL (Less than a Container Load):A shipment in a shared Container this is the opposite of FCL. An LCL shipment will more than likely be moved to an ERTS or ICD for Clearance and onward collection / distribution.

 

LCL (Less-than-Container-Load):An ocean-shipping and intermodal industry term; LTL equivalent in container shipping. Container freight stations at ports serve as consolidation and deconsolidation terminals. Historically, LCL also stands for less-than-carload. Before the prominence of interstate trucking, railroads offered less-than-carload (LCL) service but this business has largely disappeared.

 

LCL/FCL:See “CFS/CY”.

 

LCL:Less than Container Load, a small amount of cargo insufficient to on its own be economically shipped as FCL. It will be combined with other LCL cargo from other shippers going to the same destination port, into an FAK FCL. See also Consolidation.

 

LD3:Lower deck type 3 container. This is the most commonly used container in passenger aircraft.

 

LDC - Less Developed Country

 

ldg. – Loading

 

Ldg. & Dly. - Landing and delivery

 

lds. – Loads

 

LDT - Light displacement tons

 

League of Arab States - The League of Arab States (or Arab League) is a regional grouping aimed at improving relations among Arab nations. Members include: Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, United Arab Emirates, Yeman Arab Republic, Yemen People's Democractic Republic. The League was established in March 1945; headquarters are in Cairo, Egypt. See: Arab Bank for Economic Development in Africa Arab Fund for Economic and Social Development.

 

Leg. Chgs. - Legal charges

 

Legal Weight - It is the weight of the merchandise along with its own packaging, excluding the exterior containers or packing materials. [also check Gross Weight]

 

LEGAL WEIGHT (LCL) /LESS THAN CONTAINER LOAD:(1) A consignment of cargo which is inefficient to fill a shipping container. It is grouped with other consignments for the same destination in a container at a container freight station. (2) The weight of the goods plus any immediate wrappings that are sold along with the goods, e.g., the weight of a tin can as well as its contents. (See also Gross Weight)

 

Legal Weight:The total weight of the merchandise, including any immediate packaging which is sold along with the goods, i.e., the weight of a tin can as well as its contents, but excluding the cartons in which the cans are packed.

 

length overall - Maximum length between the farthest ends of a ship.

 

Length Overall (LOA): Linear measurement of a vessel from bow to stern.

 

The above details describes about terms called in shipping such as Lay Days,launch service,Laycan or L/C,Laytime,Laytime Saved,LAY-UP,League of Arab States,Leg. Chgs.,Legal Weight 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.erms used in shipping such as Low water,Lagan,Laisser Passer,LANDBRIDGE,Lash,landlord port,Lashing Gear

 Related posts about free online training on overseas trade:

How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Disadvantages of Letter of credit (LC) for Exporter
Foreign Trade Agreements of India
Mode of payments in international trade
Packing credit loan to Indian Exporters
Global System of Trade Preferences (G S T P)
Asia Pacific Trade Agreement (APTA)
India Japan Comprehensive Economic Partnership Agreement
Is Received for shipment Bill of Lading sufficient for LC negotiation?
Is Risk Management System (RMS) simplify import? What is RMS in import
Is sales tax applicable on shipments effected under high sea sales
Is Seaway bill a document of title? What is Seaway bill

Difference between IGST on International goods and IGST on domestic goods.

How is IGST calculated under Imports?

How is IGST rate on imports treated?

GST and e-Commerce Business, FAQ

Definition of E-Commerce under GST

TDS under GST, Frequently Asked Questions

Import of goods attracts IGST but not CVD under GST regime

Import goods attracts IGST and CVD under GST regime

Import Goods attract IGST, CVD and Compensation Cess under GST regime

Safeguard duty and Anti-dumping duty after GST implementation

 

Revised GST rate on Sulphur recovered as by-product in refining of crude oil

 

Revised GST rate on Marble and travertine, other than blocks

 

Revised GST rate on Granite, other than blocks

 

Revised GST rate on Uranium Ore Concentrate

Minimized GST rate on Yarn of manmade staple fibres

Reduced GST rate on All artificial filament yarn, such as viscose rayon, Cuprammonium

Reduced GST rate on Hard Rubber waste or scrap

Diminished GST rate on Poster Colour

Union territory tax (Rate) Notification No. 47 of 2017 DT 14th November, 2017, GST

 

Integrated Tax (Rate) Notification No. 50 of 2017 DT 14th November, 2017, GST

 

Central Tax Notification No 38 of 2017 dt 13th October, 2017 under GST

 

CUSTOMS Notification No. 79 of 2017 dt 13th October, 2017

Integrated Tax Notification No. 11 of 2017 DT 13th October, 2017, GST


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers