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K.D.C.L.
Knocked down in carload lots
KD Flat
An article taken apart, folded, or telescoped to reduce its bulk at least 66 2/3% below its assembled size.
K.D.L.C.L.
Knocked down in less than carload lots.
Knock Down (KD)
An article taken apart, folded or telescoped in such a manner as to reduce its bulk at least 33 1/3% below its assembled bulk.
Knot (Nautical)
The unit of speed equivalent to one nautical mile, or 6,080.20 feet per hour or 1.85 kilometers per hour.
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L/C - Letter of Credit
A document issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms. Issued as revocable or irrevocable.
L. & D.
Loss and damage
Lagan
Cargo or equipment to which an identifying marker or buoy is fastened, thrown over-board in time of danger to lighten a ship's load. Under maritime law if the goods are later found they must be returned to the owner whose marker is attached; the owner must make a salvage payment.
Lash
Lighter Aboard Ship (see Lighter)
Lash Vessel
Designed to load internally, barges specifically designed for the vessel. The concept is to quickly float the barges to the vessel (using tugs or ships wenches) load these barges through the rear of the vessel, then sails. Upon arrival at the foreign port, the reverse happens; Barges are quickly floated away from the vessel and another set of waiting barges quickly are loaded. Designed for quick vessel turn-around. Usually crane-equipped; handles mostly breakbulk cargo.
Lay Days
The dates between which a chartered vessel is to be available in a port for loading of cargo.
L.C.L.
Less than container load; less than car load.
Legal Weight
The weight of the goods plus any immediate wrappings which are sold along with the goods: e.g., the weight of a tin can as well as its contents. (See Gross Weight).
Less than Truck Load (LTL)
Rates applicable when the quantity of freight is less than the volume or truckload minimum weight.
Letter of Credit
A document issued by a bank at a buyer's request honoring debt obligations to the seller upon receipt of the document.
Lighter
An open or covered barge equipped with a crane and towed by a tugboat. Used mostly in harbors and inland waterways.
Lighterage
The cost of loading or unloading a vessel by means of barges alongside.
Liner
The word "liner" is derived from the term "line traffic" which denotes operation along definite routes on the basis of definite, fixed schedules; a liner thus is a vessel that engages in this kind of transportation, which generally involves the haulage of general cargo as distinct from bulk cargo.
Liquidation
The finalization of a customs entry.
Livestock
Common farm animals.
Lkg. & Bkg.
Leakage and breakage.
Load Factor
Capacity sold as against capacity available, expressed as a percentage.
Lo/Lo
The acronym meaning "lift-on,lift-off," denoting the method by which cargo is loaded onto and discharged from an ocean vessel, which in this case is by the use of a crane.
l.t. or l.tn.
Long ton (2240 lbs.).
Ltge.
Lighterage
LTL
Less than truckload
Letter of Credit - payment by sight draft
The exporter receives guaranteed payment from the confirming bank in the U.S. upon presentation of the sight draft and documents required by the letter of credit.
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Manifest
A list of the goods being transported by a carrier.
Marine Insurance
An insurance which will compensate the owner of goods transported overseas in the event of loss which cannot be legally recovered from the carrier.
Maritime Administration (MARAD)
A US government agency, while not actively involved in vessel operation, administers laws for maintenance of merchant marine for the purposes of defense and commerce.
Mark
As used on containers in foreign trade, a symbol or initials shown together with the port of importation and the final destination, if different. Example: A.G. y Cia., Bogota via Barranquilla. Marks are registered at appropriate customs houses; they also appear on bills of lading and invoices. In domestic trade, it is common to mark containers with the name and address of the recipient, but this is rarely done in foreign trade.
Marking
Every article of foreign origin, or its container, imported into the United States shall be permanently marked in a conspicuous place in a manner which would indicate to the ultimate purchaser the English name of the country of origin of the article.
Mate's Receipt
Receipt of cargo by the vessel, signed by the mate (similar to dock receipt).
Measurement Ton
The measurement ton (also known as the cargo ton or freight ton) is a space measurement, usually 40 cubic feet or one cubic meter. The cargo is assessed a certain rate for every 40 cubic feet or 1 cubic meter it occupies.
Min. B/L
Minimum bill of lading
M.M.
Mercantile marine
MFN (Most Favored Nation)
Designation for countries which receive preferential tariff rates. This is no longer the best tariff structure available.
M/R
Mate's Receipt
M/T
Metric Ton (2204 lbs.)
mt.
Empty
M/V or M.V.
Motor vessel
MW
Minimum weight factor
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National Carrier
A flag carrier owned or controlled by the state.
n.e.m.
Not elsewhere mentioned (English)
n.e.s.
Not elsewhere specified
Nested
Three or more different sizes of an article are placed within each other so that each article will not project above the next lower article by more than 33 1/3% of its height.
Nested Solid
Three of more different sizes of an article are placed within each other so that each article will not project above the next lower article by more than 1/4 inch.
Net Terms
Free of charters' commission
Net Weight
(Actual Net Weight) Weight of goods alone without any immediate wrappings; e.g., the weight of the contents of a tin can without the weight of the can.
NMFC
National Motor Freight Classification
No Objection Certificate
Document provided by scheduled or national airlines of many countries declaring no objection to a proposed charter flight operated by another airline. Often demanded by government authorities before they grant permission for a charter flight to take place.
No Objection Fee
Sum of money paid by a charter airline normally to a scheduled airline in order that it waives its right of objection to its government, thus allowing a charter to take place. Tantamount to a bribe. The amount is usually a fixed percentage of the gross cost of a charter. Common practice in the Middle East and Africa.
N.O.E.
Not otherwise enumerated
N.O.H.P.
Not otherwise herein provided
N.O.I.
Not more specifically described
N.O.I.B.N.
Not otherwise indicated by number; Not otherwise indicated by name.
Non-Scheduled Flight
See scheduled flight.
Non-Tariff Barriers (NTB)
Economic, political, administrative or legal impediments to trade other than duties, taxes and import quotas
Non-Vessel Operation Common Carrier (NVOCC)
An F.M.C. registered cargo consolidator of small shipments in ocean trade, generally soliciting business and arranging for or performing containerization functions at the port. These carriers issue their own bill of lading referred to as a house bill of lading.
N.O.S.
Not otherwise specified
N.T.
Net tons
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