Title 46 — ShippingRelease 119-73

§53412 Acquisition of Fleet vessels

Title 46 › Subtitle Subtitle V— - Merchant Marine › Part Part C— - Financial Assistance Programs › Chapter CHAPTER 534— - TANKER SECURITY FLEET › § 53412

Last updated Apr 6, 2026|Official source

Summary

The Secretary of Transportation can take a Fleet vessel that is being replaced into the National Defense Reserve Fleet if the vessel’s program participant agrees and the Secretary of Defense also agrees. To qualify, the vessel must have been under an operating agreement for at least 3 years and must meet recapitalization rules for the Ready Reserve Force. The Maritime Administration will set a fair market price for the purchase. Any purchase must wait for available appropriations and use funds authorized for the National Defense Reserve Fleet; money from the Maritime Security Program cannot be used.

Full Legal Text

Title 46, §53412

Shipping — Source: USLM XML via OLRC

(a)Upon replacement of a Fleet vessel under an operating agreement under this chapter, and subject to agreement by the program participant of the vessel, the Secretary of Transportation is authorized, subject to the concurrence of the Secretary of Defense, acquire the vessel being replaced for inclusion in the National Defense Reserve Fleet.

(b)To be eligible for acquisition by the Secretary of Transportation under this section a vessel shall—

(1)have been covered by an operating agreement under this chapter for not less than 3 years; and

(2)meet recapitalization requirements for the Ready Reserve Force.

(c)A fair market value shall be established by the Maritime Administration for acquisition of an eligible vessel under this section.

(d)Vessel acquisitions under this section shall be subject to the availability of appropriations. Amounts made available to carry out this section shall be derived from amounts authorized to be appropriated for the National Defense Reserve Fleet. Amounts authorized to be appropriated to carry out the Maritime Security Program may not be use to carry out this section.

Reference

Citations & Metadata

Citation

46 U.S.C. § 53412

Title 46 — Shipping

Last Updated

Apr 6, 2026

Release point: 119-73