Title 46 — ShippingRelease 119-73not60
§57514 Qualifications of Bidders
Title 46 › Subtitle Subtitle V— Merchant Marine › Part F— Government-Owned Merchant Vessels › Chapter 575— CONSTRUCTION, CHARTER, AND SALE OF VESSELS › Subchapter II— CHARTERS › § 57514
Summary
When awarding a ship charter, the Secretary of Transportation must check a bidder’s funds, credit, and real experience running ships, plus other sensible investment factors. The Secretary must not give a charter to anyone who lacks enough funds, credit, or experience to operate the vessel for the charter term.
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 5, 2026
Release point: 119-73not60