Title 46, ShippingRelease 119-110
§57303 Utility Value and Tonnage Requirements
Title 46 › Subtitle V — Merchant Marine › Part F — Government-Owned Merchant Vessels › CHAPTER 573 — VESSEL TRADE-IN PROGRAM › § 57303
Summary
New vessels replacing old ones must be nearly as useful as the old vessels. If the Secretary finds the new vessel is at least as useful, it can be smaller, but it must have at least one-third of the old vessel’s gross tonnage.
Full Legal Text
Title 46, §57303
Shipping, Source: USLM XML via OLRC
(a)Utility Value.—
The utility value of a new vessel to be acquired under this chapter for operation in the domestic or foreign commerce of the United States may not be substantially less than that of the obsolete vessel acquired in exchange under this chapter.
(b)Tonnage.—
If the Secretary of Transportation finds that the new vessel will have a utility value at least equal to that of the obsolete vessel, the new vessel may be of lesser gross tonnage than the obsolete vessel. However, the gross tonnage of the new vessel must be at least one-third the gross tonnage of the obsolete vessel.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 5730346 App.:1160(c).June 29, 1936, ch. 858, title V, § 510(c), as added Aug. 4, 1939, ch. 417, § 7, 53 Stat. 1184; Pub. L. 97–31, § 12(91), Aug. 6, 1981, 95 Stat. 161.
Reference
Citations & Metadata
Citation
46 U.S.C. § 57303
Title 46, Shipping
Last Updated
Sep 22, 2026
Release point: 119-110