Knot. (See also Nautical Mile). A knot is 1 nautical mile per hour and is the measurement unit for speed of vessels and also aircraft.

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.

Length overall (LOA). This is the extreme length of the ship, measured from forward to aft.

LETTER OF PROTEST

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INDEX of NOTES of PROTEST

Ref # SUBJECT

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.

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.

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

Lightening or Lighterage. A lightening clause may read as follows:

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.

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

Lumpsum charter and Lumpsum freight. Sometimes a vessel is chartered on a "lumpsum" basis and not for a freight rate dependent on the quantity of cargo it carries.

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.