A bill to revise, consolidate, and enact certain maritime laws as subtitles I and IV-VI and chapters 106 and 125 of title 46, United States Code, "Shipping", to revise chapter 121 of title 46, and to make other necessary technical and conforming revisions.

Revises, consolidates, and enacts certain maritime laws as major portions of title 46, United States Code, "Shipping."

Includes, codified into subtitle I (General Provisions), provisions relating to: (1) general maritime measures; (2) general measures relating to the Federal Maritime Commission; and (3) the Maritime Administration.

Includes, codified into subtitle II (Vessels and Seamen), provisions relating to: (1) general measures; (2) export of horses; (3) agreements, wages, shares, and penalties regarding fishermen; and (4) documentation of vessels and denial or revocation of documentation or number for smuggling.

Includes, codified into subtitle IV (Regulation of Commerce by the Federal Maritime Commission), provisions relating to: (1) general measures; (2) domestic offshore commerce; and (3) foreign commerce.

Includes, codified into subtitle V (Merchant Marine), provisions relating to: (1) general measures; (2) merchant marine service; (3) subsidy programs; (4) vessel financing programs; (5) investment capital accumulation programs; (6) promotional programs; (7) control of merchant marine capabilities; (8) war risk insurance; (9) Government-owned merchant vessels; and (10) restrictions and penalties.

Includes miscellaneous provisions, codified into subtitle VI (Miscellaneous).