A bill to amend section 510 of the Merchant Marine Act, 1936.

(LATEST SUMMARY)

Authorizes the Secretary of Commerce, within two years after enactment of this Act, to acquire mariner class vessels in exchange for obsolete vessels in the National Defense Reserve Fleet that are scheduled for scrapping.

States that the traded-in and traded-out vessels shall be valued at the higher of their scrap value in domestic or foreign markets as of the date of the exchange, provided that in any exchange transactions the value assigned to the traded-in and traded-out vessels will be determined on the same basis.

Provides that the value of a traded-out vessel shall be as nearly as possible equal to the value of the traded-in vessel plus the fair value of the cost of towing the traded-out vessel to the place of scrapping.

Sets forth conditions under which rates and charges for the barging and freighting of containers or containerized cargo by barge between points in the United States shall be filed solely with the Federal Maritime Commission in accordance with the rules and regulations promulgated by the Commission.