Terms used in shipping such as,Liner,Line,Liner Waybill ,Liter,Load Factor,Load Ratio , LNG Carrier etc.
This post explains about terms used in shipping such as Line-Haul,Liner,Line,Liner Waybill ,Liter,Load Factor,Load Ratio 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
Line-haul carrier:carrier that picks up goods from a region they are domiciled out of, but goods are consigned to an area in which they are not domiciled.
LINEHAUL:The management of freight between cities, usually more than 1000 miles.
Line-Haul:Transport from one city to another as differentiated from local switching service.
Liner - It is a vessel carrying cargo that operates with a fixed schedule on a particular route.
Liner Bill of Lading - Bill of Lading containing the terms and conditions of carriage of a shipping line.
LINER SERVICE:Vessels operating on fixed itineraries or regular schedules and established rates available to all shippers. The freight rates which are charged are based on the shipping company’s tariff or if the company is a member of a liner conference, the tariff of that conference.
Liner Shipping:Liners are vessels sailing between specified ports on a regular schedule; schedule is published and available to the public. Most large container shipping companies operate liner services.
Liner Terms:Freight includes the cost of loading onto and discharging from the vessel.
Liner terms:Freight rates which include loading/unloading charges, generally with a regular shipping lines.
Liner Waybill - Document, issued by a shipping line to a shipper, which serves as a receipt for the goods and evidence of the contract of carriage. In these respects it resembles a Bill of Lading but, unlike a Bill of Lading, it is not a document of title; it bears the name of the consignee who has only to identify himself in order to take delivery of the cargo. Because it is not negotiable, the liner waybill is not acceptable to the banks as collateral security; the purpose of the liner waybill is to avoid the delays to ships and cargoes that occur when bills of lading are late in arriving at the discharge port. The liner waybill is also referred to as a sea waybill or an ocean waybill or simply waybill.
Liner:A vessel sailing between specified ports on a regular basis.
LINER:The word “liner” is derived from the term “line traffic,” which denotes operation along definite routes on the basis of definite, fixed schedules. A liner thus is a vessel that engages in this kind of transportation, which usually involves the haulage of general cargo as distinct from bulk cargo.
Liner:Vessel plying a regular trade/defined route against a published sailing schedule.
Linertime - Deep sea time Charter-Party published by BIMCO, used when ships are chartered for liner operation.
Liquidated Damages:The penalty a seller must pay if the construction project does not meet contractual standards or deadlines.
Liquidation System - The Liquidation System, a part of Customs' Automated Commercial System, closes the file on each entry and establishes a batch filing number which is essential for recovering an entry for review or enforcement purposes. An entry liquidation is a final review of the entry. P.L. 95-410 (Customs Procedural Reform and Simplification Act of 1978) requires that all liquidations be performed within one year from the date of consumption entry or final withdrawal on a warehouse entry. Three one-year extensions are permitted.
LIQUIDATION:The finalization of a customs entry.
List - See Crew List Mercantile Navy List:a comprehensive, alphabetical list of all British registered Merchant vessels, whether sail or steam. For each vessel, the MNL contained the name of ship and port of registry, the official number, rigging, year and port of build, international code, registered tonnage, and the name and address of the Registered or Managing owner.
List:The amount in degrees that a vessel tilts from the vertical.
Liter:1.06 liquid U.S. quarts or 33.9 fluid ounces.
Lkg. & bkg. - Leakage and breakage
Ll. & Cos. - Lloyd's and Companies
LLDCs - Lesser Developed Countries
LLOYD’S REGISTER OF SHIPPING:British classification society.
Lloyds' Registry:A British organization maintained for the surveying and classing of ships so that insurance underwriters and others may know the quality and condition of the vessels offered for insurance or employment.
LNG - Liquefied natural gas
LNG (Liquefied Natural Gas):Primarily methane, the lightest hydrocarbon, LNG has a specific gravity of approximately 0.47, depending upon the percentage of methane and other light-end hydrocarbons. Natural gas will liquefy at a temperature of approximately -259°F or -160°C at atmospheric pressure. One cubic foot of liquefied gas will expand to approximately 600 cubic ft. of gas at atmospheric pressure.
LNG CARRIER;Liquefied natural gas carrier, perhaps the most sophisticated of all commercial ships. The cargo tanks are made of a special aluminum alloy and are heavily insulated to carry natural gas in its liquid state at a temperature of -2850F. The LNG ship costs about twice as much as an oil tanker of the same size.
LNG Liquefaction Facility:A processing plant that converts warm pressurized gas gathered from the gas field into LNG, generally at atmospheric pressure, for transporting as a liquid, most commonly on special purpose LNG ships. Liquefaction facilities are typically located near the gas fields and consist of one or more processing lines, referred to as “trains.” LNG trains are each capable of producing 7 to 8 million tons of LNG/ year. A process of compressing, expanding and cooling using evaporation and other cold liquids is used to produce the end product. The facility will typically include substantial storage capacity for LNG and a loading station for transferring the LNG to receiving ships.
LNG Regasification/vaporization Facility:A facility designed to convert LNG back to gaseous form under pressure, for injection into a gas pipeline system. The facility typically uses heat derived from burning other fuel (or gas) to transform the LNG to gas which is then compressed to sufficiently high pressures to enable it to be injected into a gas distribution system. A typical facility also includes storage tanks and a piping transfer system to receive the LNG from LNGCs.
LNG:Liquefied Natural Gas, or a carrier of LNG.
LNGC (LNG Carrier):An ocean-going ship specially constructed to carry LNG in tanks at -160°C. Current average carrying capacity of LNGCs of 125,000 cubic metres. However, many LNGCs presently under construction or on order are in the 210,000/215,000 cubic metre range.
LO/LO (LIFT-ON/LIFT-OFF):Denotes the method by which cargo is loaded onto and discharged from an ocean vessel, which in this case is by the use of a crane.
loa - Length overall
Load Factor - It is the ratio of the average load to the maximum load during a given period of time.
Load Factor:Percent of loaded containers against total capacity of vessel or allocation.
Load Factor:Percent of loaded containers against total capacity of vessel or allocation.
LOAD FACTOR:Percentage of cargo or passengers carried e.g. 4000 tons carried on a vessel of 10000 capacity has a load factor of 40%
LOAD LINE:The line on a vessel indicating the maximum depth to which that vessel can sink when loaded with cargo. Also known as marks.
Load Ratio:The ratio of loaded miles to empty miles.
LOADED LEG:Subdivision of a ship’s voyage during which the ship is carrying cargo.
The above details describes about terms called in shipping such as Line-Haul,Liner,Line,Liner Waybill ,Liter,Load Factor,Load Ratio 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 Lien Clause,Lighter,Lift,Limean,Limits Of liability,Limnet
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