Title 46 › Subtitle Subtitle V— - Merchant Marine › Part Part C— - Financial Assistance Programs › Chapter CHAPTER 534— - TANKER SECURITY FLEET › § 53401
Lists the important words used in this chapter and explains them in plain language. "Foreign commerce" covers trade between the United States (including its territories and D.C.) and other countries, and trade between foreign countries. A "participating Fleet vessel" is a product tank ship that is part of an operating agreement on or after January 1, 2022, meets certain technical rules in section 53402(b)(1)–(4), and is no older than 20 years. "Person" includes businesses like corporations, partnerships, and associations. A "product tank vessel" is a double‑hulled tanker that can carry more than 2 separate grades of refined petroleum at the same time. A "program participant" is an owner or operator who signs an operating agreement under section 53403. "Secretary" means the Secretary of Transportation unless stated otherwise. A "United States citizen trust" is a trust whose trustees are U.S. citizens and that includes affidavits about beneficiaries so non‑citizens do not hold more than 25 percent of control to influence or remove trustees; it excludes trusts where non‑citizens can direct or remove trustees unless the trust limits non‑citizen power to 25 percent or less, but it may still include trusts where non‑citizens own more than 25 percent of the beneficial interest. A "long term charter" is a time charter of a product tank vessel to the U.S. Government that lasts, with options, for more than 180 days in a row.
Full Legal Text
Shipping — Source: USLM XML via OLRC
Legislative History
Reference
Citation
46 U.S.C. § 53401
Title 46 — Shipping
Last Updated
Apr 6, 2026
Release point: 119-73