Title 46 — ShippingRelease 119-73not60

§53412 Acquisition of Fleet Vessels

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

Last updated Apr 5, 2026|Official source

Summary

When a Fleet ship is replaced under an operating agreement, the Secretary of Transportation can buy the old ship for the National Defense Reserve Fleet if the ship’s program participant agrees and the Secretary of Defense concurs. To qualify, the ship must have been under the operating agreement for at least 3 years and meet the Ready Reserve Force recapitalization rules. The Maritime Administration will set a fair market price. Purchases depend on available appropriations and must be paid from 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 5, 2026

Release point: 119-73not60