Title 46 — ShippingRelease 119-73

§57514 Qualifications of bidders

Title 46 › Subtitle Subtitle V— - Merchant Marine › Part Part F— - Government-Owned Merchant Vessels › Chapter CHAPTER 575— - CONSTRUCTION, CHARTER, AND SALE OF VESSELS › Subchapter SUBCHAPTER II— - CHARTERS › § 57514

Last updated Apr 6, 2026|Official source

Summary

The Secretary of Transportation must weigh a bidder’s money and assets, credit history, and real experience running ships when deciding who gets a charter. The Secretary must also consider other common business factors used for big investments. The Secretary may not award a charter to someone who seems to lack enough capital, credit, or experience to operate the ship successfully for the whole charter period.

Full Legal Text

Title 46, §57514

Shipping — Source: USLM XML via OLRC

(a)In deciding whether to award a charter to a bidder, the Secretary of Transportation shall consider—

(1)the bidder’s financial resources, credit standing, and practical experience in operating vessels; and

(2)other factors a prudent business person would consider in entering into a transaction involving a large capital investment.

(b)The Secretary may not charter a vessel to a person appearing to lack sufficient capital, credit, and experience to operate the vessel successfully over the period covered by the charter.

Legislative History

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 5751446 App.:1203.June 29, 1936, ch. 858, title VII, § 713, 49 Stat. 2010; Pub. L. 97–31, § 12(115), Aug. 6, 1981, 95 Stat. 164.

Reference

Citations & Metadata

Citation

46 U.S.C. § 57514

Title 46 — Shipping

Last Updated

Apr 6, 2026

Release point: 119-73