A financial instrument issued by a bank on behalf of a buyer guaranteeing payment to the seller upon presentation of specified shipping documents, including the bill of lading. Letters of credit are fundamental to international trade, providing security to both buyer and seller.
Category: Cargo & Trade
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LashingThe process of securing cargo aboard a vessel using chains, wires, ropes, turnbuckles, and other fittings to prevent movement during the voyage.Lay DaysThe range of dates within which a vessel must arrive at the loading port and present notice of readiness to the charterer.LaytimeThe period of time agreed in the charter party during which the shipowner makes the vessel available for loading or discharging cargo without additional charge.ManifestA comprehensive document listing all cargo carried on a vessel for a particular voyage, including descriptions, quantities, weights, shippers, and consignees.Spot RateThe current market price for chartering a vessel or shipping cargo for immediate or near-term loading, as opposed to long-term contract rates.Stowage FactorThe volume in cubic metres or cubic feet occupied by one metric tonne of a particular cargo when stowed in a vessel's hold.
Back to DictionaryEntry updated May 2026