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”.

Laytime not fixed. The period of time can be expressed in the charterparty in a number of ways.

Laydays. Sometimes this word may be used to refer to "laytime", calculated in a number of "days".

Lower hold. General cargo vessels may have one or two tweendecks (upper and lower) dividing the cargo compartments into lower hold and tween deck space.

LCL (Less (than a) container load). This abbreviation is commonly used to indicate that the size of the shipment is not large enough to use a full container.

Lien. This is a right given to one party to a contract to hold the property of another, as security for an obligation the other party owes the first.

Lashing expenses. Some cargo on a voyage-chartered ship may have to be secured. A clause in the charterparty should, clearly state which side is to be responsible for the expenses of such securing.

Landbridge. This is a concept that is particularly applicable to multimodalism in which a combination of land and sea transport modes is used.

Load Lines Convention 1966. The regulations laid down in the Load Lines Convention 1930 were revised in July 1968 when the International Convention on Load Lines 1966 came into force.

LIFO (Liner In Free Out). This abbreviation indicates that the shipowner bears all casts for loading; stowing and trimming the cargo and all the costs incurred for the discharge are to be borne by the charterer, or receiver, or consignee.

Light cargo. Goods which fill the ship's cargo space cubically but do not bring it "down to its marks", are called "light cargo", in contrast with heavy cargo, which brings the ship down to its marks but does not completely fill the space available for cargo.

Limitation of action and Limitation of time. In all disputes an action must be brought within a limited period.

Limitation of liability. To be in the business of carrying goods by sea can cause a person to become liable to pay compensation to the owners of cargo if the cargo is lost or damaged during carriage.

Limitation of action. This expression refers to the time limit placed on one party to a contract before which he can bring an action against the other party for a claim under the contract.

Longshoremen. These are workers in a port and who are involved in the handling of cargo. In most places they are called "stevedores" but particularly in the U.S.A. the name given to these workers is "longshoremen".