Terms used in shipping such as Lombard Rate,London Club ,long ton,longitude etc.
This post explains about terms used in shipping such as Local Cargo,Loading Broker,Lombard Rate,London Club ,long ton,longitude,Lookout 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
Loading Broker - Company that represents a shipping line at the port of loading. Its duties are to advertise the line's sailings, to obtain cargoes and co-ordinate their delivery to the ship and to sign bills of lading on behalf of the master.
Local Cargo:Cargo delivered to/from the carrier where origin/destination of the cargo is in the local area.
Local Competitive Bidding - LCB is one of several forms of procurement made with World Bank financing. LCB is generally used for contracts involving: (a) labor intensive activities; (b) small value; (c) locally procurable services or goods priced below the world market; (d) intermittant work; or (e) activities to be performed at numerous sites. See: International Business Opportunities Service International Competitive Bidding Limited International Bidding.
LOCAL MOVE:A railroad movement in which only one road haul carrier participates. The one carrier serves both the origin and destination station
Locking Bar:Device that secures container doors at top and bottom.
LOGISTICS MANAGEMENT:The efficient and cost-effective management of the physical movement of goods from supply points to final sale and the associated transfer and holding of such goods at various intermediate storage points.
LOI:Letter of indemnity
LO-LO (Load-On, Load-Off):A charge for loading and unloading a container
Lo-lo:“Lift-on, lift-off” Conventional container or cargo ships, in which quay cranes are used to load and unload containers or generalized cargo.
Lombard Rate - The Lombard rate is one of the official interest rates in Germany used to regulate the money market. Other countries use the term Lombard to describe rates which function somewhat like the Lombard rate. The Swiss, for example, have their own Lombard rate. In France, it's called the Central Bank Intervention rate but performs the same function.
Lome Convention - The Convention is an agreement concluded at Lome, Togo in February 1975 and which entered into force in April 1976. The orginal Convention has been followed by several additional Lome Conventions which expanded the scope of the original agreement. The Convention is between the European Community (EC) and 62 African, Caribbean, and Pacific states (mostly former colonies of the EC members). The agreement covers some aid provisions as well as trade and tariff preferences for the ACP countries when shipping to the EC. Lome grew out of the 1958 Treaty of Rome's "association" with the 18 African colonies/countries that had ties with Belgium and France. The ACP members are: Angola, Bahamas, Barbados, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Cote d'Ivoire, Djibouti, Dominica, Equatorial Guinea, Ethiopia, Fiji, Gabon, Gambia, Ghana, Grenada, Guinea, Guinea-Bissau, Guyana, Jamaica, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mauritania, Mozambique, Namibia, Niger, Nigeria, Papua New Guinea, Rwanda, Saint Lucia, Saint Vincent, Samoa, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Solomon Islands, Somalia, Sudan, Suriname, Swaziland, Tanzania, Togo, Trinidad and Tobago, Uganda, Zaire, Zambia, and Zimbabwe.
London Club - The London Club, a creditor cartel of commercial banks, evolved in the early 1980s. Debt rescheduling (i.e., constructing new repayment profiles over a specific period of time) was a primary function of the club. The Brady deals on debt restructuring (i.e., renegotiating the entire stock of outstanding debt at a discount), obviated the need to reschedule repayments every couple of years. In some respect, the Bank Advisory Committee has replaced the London Club. The Paris Club, also concerned with debt repayment, is an association of official creditors. See: Bank Advisory Committee.
London Interbank Bid Rate - LIBID is the rate of interest paid for funds in the London interbank market. The bid to Libor's offer has been used as a reference for floating rate payments for especially strong borrowers.
London Interbank Mean Rate - Abbreviated as LIMEAN, this is the midpoint of the LIBOR-LIBID spread. LIMEAN has been used as a reference for floating rate payments.
London Interbank Offered Rate - LIBOR, the most prominent of the interbank offered rates, is the rate of interest at which banks in London lend funds to other prime banks in London. LIBOR is frequently used as a basis for determining the rate of interest payable on Eurodollars and other Eurocurrency loans. The effective rate of interest on these Eurocredits is LIBOR plus a markup negotiated between lender and borrower. See: Interbank Offered Rate.
London International Financial Futures and Options Exchange - LIFFE, Europe's leading exchange, trades in futures contracts including short-term interest rates, government bonds, stock indices, and traded options on these instruments. The Exchange was established in 1982 to provide a means for hedging interest rates and currency exposures against volatility. Originally called the London International Financial Futures Exchange, LIFFE merged in March 1992 with the London Traded Options Market (LTOM) and retained the original acronym.
long ton - 2,240 lbs.
long ton: A long ton equals 2240 pounds.
Long-Dated Forward - The long-dated forward is a foreign exchange contract whose maturity exceeds one year; a few have extended over ten years.
Longhaul:Sometimes, linehaul. Terminal-to-terminal freight movements in transportation. Such long distance moves are distinguished from local freight movements.
longitude - Distance east or west of the Greenwich meridian.
Longshoreman:Individual employed in a port to load and unload ships.
LONGSHOREMAN:Ocean carrier cargo handler that loads and unloads freight at the harbor.
Longshoreman:Workers employed in the terminals or quays to load and unload ships. They are also known as “Stevedores”. Loop A particular service of any Consortium or Carrier among various ports of calls, with the objective of creating a niche in the market for the first port of discharge.
longshoremen: Dock workers who load and unload ships, or perform administrative tasks associated with the loading or unloading of cargo. They may or may not be members of labor unions. Longshore gangs are hired by stevedoring firms to work the ships. Longshoremen are also called stevedores.
LONL — Lost or Not Lost - Term which may be used in contracts of carriage in which the freight is prepaid: often, freight is not returnable whether the ship and/or the cargo are lost or not once having commenced the voyage. Many charter-parties provide that brokerage commission is payable whether the ship is lost or not.
LOOKOUT:A member of the crew stationed on the forecastle, or on the bridge, whose duty it is to watch for any dangerous objects or for any other vessels heaving into sight.
Loose - Said of a consignment, which consists of single pieces not bundled together.
Loose:Without packing
Loss and Damage:Loss or damage of freight shipments while in transit or in a carrier-operated warehouse. Terms for the handling of claims are usually stipulated in the freight bill. Shippers/consignees usually take out insurance against L&D with premiums a function of the value of goods shipped, and the likelihood of L&D.
Louvre Accord - The Louvre Accord (February 1987) attempted to stop the dollar's fall and stabilize currency relationships by introducing reference ranges among the G-7 currencies. See: Plaza Accord.
Low-Bed:A trailer or semi-trailer with no sides and with the floor of the unit close to the ground.
Lower Deck:The compartment below the Main Deck (also synonymous with lower hold and lower lobe).
LPG - Liquefied petroleum gas
LPG:Liquefied Petroleum Gas, or a carrier of LPG.
The above details describes about terms called in shipping such as Local Cargo,Loading Broker,Lombard Rate,London Club ,long ton,longitude,Lookout 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.
Related posts about free online training on overseas trade:
Terms used in shipping such as Lombard Rate,London Club ,long ton,longitude etc.
This post explains about terms used in shipping such as Local Cargo,Loading Broker,Lombard Rate,London Club ,long ton,longitude,Lookout 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
Loading Broker - Company that represents a shipping line at the port of loading. Its duties are to advertise the line's sailings, to obtain cargoes and co-ordinate their delivery to the ship and to sign bills of lading on behalf of the master.
Local Cargo:Cargo delivered to/from the carrier where origin/destination of the cargo is in the local area.
Local Competitive Bidding - LCB is one of several forms of procurement made with World Bank financing. LCB is generally used for contracts involving: (a) labor intensive activities; (b) small value; (c) locally procurable services or goods priced below the world market; (d) intermittant work; or (e) activities to be performed at numerous sites. See: International Business Opportunities Service International Competitive Bidding Limited International Bidding.
LOCAL MOVE:A railroad movement in which only one road haul carrier participates. The one carrier serves both the origin and destination station
Locking Bar:Device that secures container doors at top and bottom.
LOGISTICS MANAGEMENT:The efficient and cost-effective management of the physical movement of goods from supply points to final sale and the associated transfer and holding of such goods at various intermediate storage points.
LOI:Letter of indemnity
LO-LO (Load-On, Load-Off):A charge for loading and unloading a container
Lo-lo:“Lift-on, lift-off” Conventional container or cargo ships, in which quay cranes are used to load and unload containers or generalized cargo.
Lombard Rate - The Lombard rate is one of the official interest rates in Germany used to regulate the money market. Other countries use the term Lombard to describe rates which function somewhat like the Lombard rate. The Swiss, for example, have their own Lombard rate. In France, it's called the Central Bank Intervention rate but performs the same function.
Lome Convention - The Convention is an agreement concluded at Lome, Togo in February 1975 and which entered into force in April 1976. The orginal Convention has been followed by several additional Lome Conventions which expanded the scope of the original agreement. The Convention is between the European Community (EC) and 62 African, Caribbean, and Pacific states (mostly former colonies of the EC members). The agreement covers some aid provisions as well as trade and tariff preferences for the ACP countries when shipping to the EC. Lome grew out of the 1958 Treaty of Rome's "association" with the 18 African colonies/countries that had ties with Belgium and France. The ACP members are: Angola, Bahamas, Barbados, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Cote d'Ivoire, Djibouti, Dominica, Equatorial Guinea, Ethiopia, Fiji, Gabon, Gambia, Ghana, Grenada, Guinea, Guinea-Bissau, Guyana, Jamaica, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mauritania, Mozambique, Namibia, Niger, Nigeria, Papua New Guinea, Rwanda, Saint Lucia, Saint Vincent, Samoa, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Solomon Islands, Somalia, Sudan, Suriname, Swaziland, Tanzania, Togo, Trinidad and Tobago, Uganda, Zaire, Zambia, and Zimbabwe.
London Club - The London Club, a creditor cartel of commercial banks, evolved in the early 1980s. Debt rescheduling (i.e., constructing new repayment profiles over a specific period of time) was a primary function of the club. The Brady deals on debt restructuring (i.e., renegotiating the entire stock of outstanding debt at a discount), obviated the need to reschedule repayments every couple of years. In some respect, the Bank Advisory Committee has replaced the London Club. The Paris Club, also concerned with debt repayment, is an association of official creditors. See: Bank Advisory Committee.
London Interbank Bid Rate - LIBID is the rate of interest paid for funds in the London interbank market. The bid to Libor's offer has been used as a reference for floating rate payments for especially strong borrowers.
London Interbank Mean Rate - Abbreviated as LIMEAN, this is the midpoint of the LIBOR-LIBID spread. LIMEAN has been used as a reference for floating rate payments.
London Interbank Offered Rate - LIBOR, the most prominent of the interbank offered rates, is the rate of interest at which banks in London lend funds to other prime banks in London. LIBOR is frequently used as a basis for determining the rate of interest payable on Eurodollars and other Eurocurrency loans. The effective rate of interest on these Eurocredits is LIBOR plus a markup negotiated between lender and borrower. See: Interbank Offered Rate.
London International Financial Futures and Options Exchange - LIFFE, Europe's leading exchange, trades in futures contracts including short-term interest rates, government bonds, stock indices, and traded options on these instruments. The Exchange was established in 1982 to provide a means for hedging interest rates and currency exposures against volatility. Originally called the London International Financial Futures Exchange, LIFFE merged in March 1992 with the London Traded Options Market (LTOM) and retained the original acronym.
long ton - 2,240 lbs.
long ton: A long ton equals 2240 pounds.
Long-Dated Forward - The long-dated forward is a foreign exchange contract whose maturity exceeds one year; a few have extended over ten years.
Longhaul:Sometimes, linehaul. Terminal-to-terminal freight movements in transportation. Such long distance moves are distinguished from local freight movements.
longitude - Distance east or west of the Greenwich meridian.
Longshoreman:Individual employed in a port to load and unload ships.
LONGSHOREMAN:Ocean carrier cargo handler that loads and unloads freight at the harbor.
Longshoreman:Workers employed in the terminals or quays to load and unload ships. They are also known as “Stevedores”. Loop A particular service of any Consortium or Carrier among various ports of calls, with the objective of creating a niche in the market for the first port of discharge.
longshoremen: Dock workers who load and unload ships, or perform administrative tasks associated with the loading or unloading of cargo. They may or may not be members of labor unions. Longshore gangs are hired by stevedoring firms to work the ships. Longshoremen are also called stevedores.
LONL — Lost or Not Lost - Term which may be used in contracts of carriage in which the freight is prepaid: often, freight is not returnable whether the ship and/or the cargo are lost or not once having commenced the voyage. Many charter-parties provide that brokerage commission is payable whether the ship is lost or not.
LOOKOUT:A member of the crew stationed on the forecastle, or on the bridge, whose duty it is to watch for any dangerous objects or for any other vessels heaving into sight.
Loose - Said of a consignment, which consists of single pieces not bundled together.
Loose:Without packing
Loss and Damage:Loss or damage of freight shipments while in transit or in a carrier-operated warehouse. Terms for the handling of claims are usually stipulated in the freight bill. Shippers/consignees usually take out insurance against L&D with premiums a function of the value of goods shipped, and the likelihood of L&D.
Louvre Accord - The Louvre Accord (February 1987) attempted to stop the dollar's fall and stabilize currency relationships by introducing reference ranges among the G-7 currencies. See: Plaza Accord.
Low-Bed:A trailer or semi-trailer with no sides and with the floor of the unit close to the ground.
Lower Deck:The compartment below the Main Deck (also synonymous with lower hold and lower lobe).
LPG - Liquefied petroleum gas
LPG:Liquefied Petroleum Gas, or a carrier of LPG.
The above details describes about terms called in shipping such as Local Cargo,Loading Broker,Lombard Rate,London Club ,long ton,longitude,Lookout 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,Liner,Line,Liner Waybill ,Liter,Load Factor,Load Ratio , LNG Carrier
Related posts about free online training on overseas trade:
How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Dimension of export containers
Export Promotion Councils and Commodity Boards, product wise
SEIS scheme for exporters in India
Mode of payments in international trade
LIST OF AGENCIES AUTHORISED TO ISSUE CERTIFICATES OF ORIGIN- NON PREFERENTIAL ALL INDIA ORGANISATIONS
Validity period of DGFT Authorisation, Licence, Certificate, Authorisation, Permissions, and CCPs
Maintain quality of goods - a prime factor in exports
Master collect House collect
How does Letter of Credit work?
How does STP units work in India?
How does TT (Telegraphic Transfer) work?