To eliminate foreign shipbuilding subsidy practices and to enhance the competitiveness of the United States merchant marine.

Title I: Fair Trade for the Commercial Shipbuilding and Repair Industry - Subtitle A: Subsidized Shipyard List and Required Vessel Entry Documentation Regarding Construction and Repair Subsidies - Shipbuilding Trade Reform Act of 1992 - Directs the Secretary of Commerce to maintain a list of all foreign shipyards that receive or benefit from, directly or indirectly, a subsidy for the construction or repair of vessels.

Requires a vessel master to deposit with appropriate customs officers a construction subsidy certification for the vessel at the time of making formal entry under the Tariff Act of 1930.

Requires the master at, or before, the time of formal entry, to deposit with such customs officer a subsidy declaration for repairs made to such vessel since the last time it entered the United States.

Subtitle B: Treatment of Vessels Under the Countervailing and Antidumping Duty Laws - Amends the Tariff Act of 1930 to establish special rules in applying countervailing and antidumping laws to foreign-made vessels.

Title II: Contingency Retainer Fleet Program - Maritime Reform Act of 1992 - Amends the Merchant Marine Act, 1936 to direct the Secretary of Transportation to encourage the establishment of a fleet of active, militarily useful, vessels to meet Department of Defense and other security requirements, while also maintaining an American presence in international commercial shipping, to be known as the Contingency Retainer Fleet, to consist of privately owned, U.S.-flag vessels for which there are in effect operating agreements.

Sets forth requirements for the operating agreement and restrictions on noncontiguous trade.

Authorizes appropriations.

Prohibits new operating-differential subsidy contracts. Allows the trade-in of obsolete vessels.

Limits construction loan guarantees to vessels built in the United States or vessels built in a foreign shipyard that is not included on the subsidized foreign shipyard list.

Sets forth reemployment rights for merchant seamen who are members of the Armed Forces Reserves and ordered to active duty.

Eliminates certain mortgage restrictions on vessel financing.

Amends the Shipping Act to provide for the placement of vessels under foreign registry.

Requires the Secretary to study and report to the Congress on the impact of this Act on U.S. international competitiveness in the maritime industry.

Title III: Amendments Related to Capital Construction Fund; Phaseout of Duty on Equipment and Repairs of Vessels in Foreign Countries - Subtitle A: Amendments Related to Capital Construction Funds - Amends the Merchant Marine Act to remove the requirement that vessels be built in the United States in order to establish a capital construction fund. Provides for the taxation of earnings on fund investments. Allows the withdrawal of such funds to make certain payments on leased vessels. Authorizes deposits in such fund in excess of limitations for prior years based on an audit adjustment. Provides for the treatment of long-term capital gains and losses and the computation of interest on nonqualified withdrawals in such fund.

Subtitle B: Phaseout of Duty on Equipment and Repairs of Vessels in Foreign Countries - Reduces the required duty for repairs made in a foreign country by vessels documented in the United States.