Definition
L/B = length divided by beam.
Units: Dimensionless.
Usually, the waterline dimensions LWL and BWL are used for monohulls, or for a single hull of a multihull.
What it's used for
Performance
Larger L/B indicates a slimmer hull. This usually implies less wave-making resistance, and thus more efficient high-speed performance, but also suggests reduced load-carrying ability for a given length.
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