Latter means . . .

1. being the second mentioned of two (distinguished from former): I prefer the latter offer to the former one.

2. more advanced in time; later: in these latter days of human progress.

3. near or comparatively near to the end: the latter part of the century.

http://dictionary.reference.com/browse/latter

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Port means the left hand side of the vessel when you are facing the front of the boat. It’s easy to remember which side is which because port and left each have four letters.

Port is also a kind of wine, dark red, very rich.

Port is also where boats end their journeys.

Starboard is the right side of the boat.

Latter – part of a pair, the former, the latter. The former is the first thing mentioned, the latter is the second thing mentioned. For example, in giving definitions of port and starboard, the former can be remembered by the four letter cryptic, while the latter is by default the other side

Starboard = Right (nautical term)

Latter = second out of two choices, near the end

Examples: I had the choice of either apples or oranges. I chose the latter. (means you chose oranges) or Latter Day Saints

Starboard, Right

Latter, what you use to get off the boat if you are in Maine.