Lay days - The period of time described in the charter party during which the owner must tender his ship for loading. The charterer is not obliged to start loading before the commencement of lay days. The charterer may cancel the charter if the ship does not tender prior to the expiration of lay days.

Laytime - The allowable time specified in the charter party for vessel's loading or discharging of cargo.

Length Between Perpendiculars (LBP) - The length of the vessel measured between the forward part of the stem to the after part of the rudder post.

Letter of Protest or Notice of Apparent Discrepancy - A letter issued by any participant in a custody transfer citing any condition with which issue is taken. This serves as a written record that the particular action or finding was questioned at the time of occurrence.

Length Overall (LOA) - The extreme length of the vessel measured from the foremost part to the aftermost part of the hull.

Lighter - 1) General name for a broad, flat-bottomed boat used in transporting cargo between a vessel and the shore. The distinction between a lighter and a barge is more in the manner of use than in equipment. The term "lighter" refers to a short haul, generally in connection with loading and unloading operations of vessels in harbor while the term "barge" is more often used when the cargo is being carried to its destination or over a long distance. 2) To load or discharge cargo to or from another vessel. VTBL vessel to be lightered.

Lighterage - 1) Fee charged for conveying cargo by lighters or barges. 2) Area where vessels normally lighter.

Lightering - Conveying cargo with another vessel known as a lighter from a ship to shore, or voyage.

Limited Liability - The law that permits a shipowner to restrict his liability to the value of this vessel after the accident plus the earnings for the voyage.

Lloyd's Register of Shipping - British classification society.

Load Displacement - The displacement of a vessel when it floats at its loading draft.

Load Line - The maximum draft to which the vessel may load. The line on a vessel indicating the maximum depth to which that vessel can sink when fully loaded with cargo. Also known as its marks.

Load on Top (LOT) - is defined as both a procedure and a practice.

Procedure: Load on top is the shipboard procedure of collecting and settling water and oil mixtures, resulting from ballasting and tank cleaning operations (usually in a special slop tank or tanks), and subsequently loading cargo on top of and pumping the mixture ashore at the discharge port.

Practice: Load on top is the act of commingling on-board quantity with cargo being loaded.

Loaded Passage - The passage during which the tanker is carrying cargo.

Log - An apparatus for measuring the speed of a vessel through the water. Also, an entry made in a logbook to record any event e.g. to enter in the logbook the name of a seaman and his offense and the penalty attached to it.

Long Ton - A unit of weight = 2,240 pounds or 1,106 kilos.

LOOP - The Louisiana Offshore Oil Port, a 19 mile-long underwater pipeline connecting Louisiana with offshore tankers. The LOOP provides VLCCs and ULCCs with an alternative method of delivering crude oil to port rather than Caribbean transshipments and lightering.