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Lien clause. This is generally connected with the "Lesser clause" in a charterparty. The shipowner is given a possessory lien either by the common law or by express agreement (e.g. in the "Lien and Lesser" clause) on the cargo earned.

Loyalty contract.  This is a contract by which a carrier or a conference offers a shipper a lower than normal advertised freight rate if the shipper undertakes to use the carrier’s or conference’s services exclusively.

Load lines. The deck line and load lines, laid down in Load Line Rules, are marked on the ship’s side as follows.

Laytime. This expression means the agreed period of time (in days or in hours) during which the shipowner makes the vessel available to the charterer for loading and/or discharging the cargo.

Laycan. This is an abbreviation for the "Laydays and Cancelling" clause in a charterparty.

Liner agent. In liner services, the carrier is very much like a public carrier and marketing becomes important to obtain cargo that will generate freight revenue.

Load on Top. In the TANKERVOY 87 voyage charterparty the "Load On Top" system and procedure is briefly described in the clauses dealing with disposal of residues after cleaning tanks.

Letter of indemnity. The short duration, of tanker voyages and the tanker trade frequently causes the cargo to be sold many times before final delivery, while the ship is still at sea.

Life salvage. Under English law a salvage award was not recognised for life salvage because there was no saved object, which could establish a fund out of which the award could be made.

Length between perpendiculars (LBP). The length between perpendiculars is the length between the foreside of the stem and the afterside of the rudder post at the vessel’s summer loadline. In a ship without a rudder post, the after perpendicular is the centreline of the rudder stock.


Light displacement or light weight. This expression relates to the weight of the hull completely equipped, plus the weight of the machinery, boilers, lubricating oils, cooling water, water in boilers and spare parts, but excluding bunkers, cargo, dunnage, provisions, stores, lubricating oil, ballast, crew, passengers, their personal effects and fresh water. The vessel’s draught at light displacement is called “light draught”.


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