| KEEL | The centreline of a ship running fore and aft; the backbone of a vessel |
| KNOT | A measurement of speed equal to one nautical mile (6,076 feet) per hour |
| LANE METER | A method of measuring the space capacity of Ro/Ro ships whereby each unit of space (Linear Meter) is represented by an area of deck 1.0 meter in length x 2.0 meters in width. |
| LASH | To hold goods in position by use of Ropes, Wires, Chains or Straps etc. |
| LAT | Latitude. The distance north or south of the equator measured and expressed in degrees. |
| LAYCAN | Laycan (Layday Cancelling Date) |
| LAYTIME | Time at Charterers disposal for purpose of loading/discharging |
| L/C | Letter of Credit |
| LCL | Less than Container Load – a shipment that takes up only a portion of a consolidated container. LCL shpts are to be picked up at a CFS only, whereas FCL are to be picked up at a container yard/terminal. |
| LCR | Lowest Current Rate |
| LEE | The side sheltered from the wind |
| LEEWARD | The direction away from the wind. Opposite of windward |
| LEEWAY | The sideways movement of the ship caused by either wind or current |
| LF | Load Factor. Percentage of cargo or passengers carries e.g. 4,000 tons carried on a vessel of 10,000 capacity has a load factor of 40% |
| LIEN | Retention of property until outstanding debt is paid |
| LNG | Liquefied Natural Gas |
| LOA | Length Overall of the vessel |
| LOAD LINE | See PLIMSOLL LINE |
| LOF | Lloyds Open Form |
| LOG | A record of courses or operation. Also, a device to measure speed |
| LOI | Letter of Indemnity |
| LONGITUDE | The distance in degrees east or west of the meridian at Greenwich, England |
| LOW | Last Open Water |
| LS (or LUMPS) | Lumpsum Freight. Money paid to Shipper for a charter of a ship (or portion) up to stated limit irrespective of quantity of cargo |
| LSD | Lashed Secured Dunnaged |
| LT | Liner Terms |
| LT | Long Ton = 1,016.05 kilogram (2,240 lbs) |
| LTHH | Liner Terms Hook/Hook |
| LW | Low Water |
| LYCN | Laycan (Layday Cancelling Date)
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