LIFO (Liner In Free Out). This abbreviation indicates that the shipowner bears all casts for loading; stowing and trimming the cargo and all the costs incurred for the discharge are to be borne by the charterer, or receiver, or consignee.
Light displacement or light weight. This expression relates to the weight of the hull completely equipped, plus the weight of the machinery, boilers, lubricating oils, cooling water, water in boilers and spare parts, but excluding bunkers, cargo, dunnage, provisions, stores, lubricating oil, ballast, crew, passengers, their personal effects and fresh water. The vessel’s draught at light displacement is called “light draught”.