Atlantic Swordfish Management Improvement Act of 1998

Atlantic Swordfish Management Improvement Act of 1998 - Prohibits the Secretary of Commerce from issuing any new fishing permit authorizing a vessel to fish in the U.S. Atlantic swordfish pelagic longline fishery unless the vessel had a valid fishing permit to fish that fishery on August 1, 1998. Prohibits renewing or transferring a permit for such fishing after August 1, 1998, if no swordfish was reported landed under such a permit after January 1, 1987. Directs the Secretary to ensure that the total fishing capacity of all vessels with valid permits for that fishery and the landings of swordfish under those permits do not increase above the capacity and landings between January 1, 1987, and August 1, 1998. Allows (notwithstanding the first sentence of this paragraph) a new permit for a replacement vessel for a vessel that is an actual or constructive total loss if the loss was not caused by the willful misconduct of the owner or the owner's agent and if the replacement vessel otherwise qualifies under U.S. laws for such a permit.