A bill to amend the Merchant Marine Act of 1936 to establish a nuclear vessel construction program.

Authorizes the Secretary of Commerce to accept bids for the construction of three nuclear powered merchant vessels and to grant incentive financing over the estimated domestic cost of construction of a fossil fueled vessel with the same dead weight tonnage and the same characteristics in other pertinent respects.

Provides that the prospective owners of the vessels shall agree to: (1) repay any aid granted with interest to be determined by the Secretary of the Treasury and with an allowance for administrative costs to the Secretary of Commerce; (2) dispose of radioactive portions of the vessel at the end of its operating life in accordance with directions of the Atomic Energy Commission; and (3) other specified conditions including those determined to be necessary to protect the interests of the United States.

Provides that the Secretary of Commerce and the Atomic Energy Commission shall provide facilities for the disposition of radioactive portions of the vessel during its operating life.