Transfer of Naval Vessels Act of 2003

Transfer of Naval Vessels Act of 2003 - Authorizes the President to transfer the following guided missile frigates on a grant basis under provisions of the Foreign Assistance Act of 1961: (1) the USS GEORGE PHILIP to the Government of Bahrain; and (2) the USS SIDES to the Government of Portugal. States that the value of such transferred vessels shall not be counted against the aggregate value of excess defense articles authorized to be transferred to foreign countries under such Act. Requires transfer costs to be borne by the recipients.

Authorizes the President to transfer the destroyer FLETCHER to the Government of Chile on a sales basis under provisions of the Arms Export Control Act.

Mandates that the President require, as a condition of transfer of any such vessels, that the recipient country have any necessary vessel repair or refurbishment performed at a U.S. shipyard, including a Navy shipyard.

Terminates all such transfer authority two years after the enactment of this Act.