An irrevocable letter issued for a specific amount; renews itself for the same amount over a given period.

A letter of credit that contains a limited engagement clause which states that the issuing bank promises to pay the beneficiary upon presentation of the required documents at its counters or the counters of the named bank.

A letter of credit that allows the beneficiary to transfer in whole or in part to another beneficiary any amount which, in aggregate, of such transfers does not exceed the amount of the credit. Used by middlemen.

A letter of credit forwarded to the beneficiary by the advising bank without engagement on the part of the advising bank.

In order to obtain the clean bill of lading, the shipper signs a letter of indemnity to the carrier on the basis of which may be obtained the clean bill of lading, although the dock or mate's receipt showed that the shipment was damaged or in bad conditio ...

A commission issued, licensing the commander of a privately owned ship to cruise in search of enemy merchant vessels. see Privateer.

Level (LEVL)

A total life cycle cost divided into equal amounts.

A gigantic sea animal.

Liquefied Gas Carrier

Liquefied Hazardous Gas

Longshore and Harbor Workers Compensation Act

Loading Instrument

"Li-Ion" and "LiPo" batteries refer to lithium ion and lithium polymer respectively. They are the latest versions of rechargeable battery and produce three times the voltage of a nickel battery and last three times as long. They are widely used in cell ph ...

Term for a seaman's short leave from his ship, permitting him to go ashore for the day or night.

Permission to be absent from the ship for a short period (authorized absence).

London Interbank Offered Rate

A pilot with a license stating that they are qualified to guide vessels in a particular area.

Some governments require certain commodities to be licensed prior to exportation or importation. Clauses attesting to compliance are often required on the B/L.- Various types issued for export (general, validated) and import as mandated by government(s).

To bring a sailing vessel head to the wind or as close to it as possible in high seas, maintaining a slight forward motion.