A bill to authorize the Secretary of Commerce to sell two obsolete vessels to Coast Line Company and for other purposes.

(House agreed to Senate amendments with amendments)

Authorizes the Secretary of Commerce to sell, after due advertisement and upon competitive sealed bids, to the highest bidder, the five obsolete vessels Arcturus, Hyades, Pictor, Procyon, and Zelima for conversion and operation in the fisheries of the United States, and the two obsolete vessels, Private George Peters and Resolute, for the purpose of conversion and operation in the fisheries or domestic commerce of the United States. Authorizes the Secretary to allow obsolete vessels previously sold from the reserve fleet to be converted and operated in the fisheries of the United States.

Declares that: (1) such conversion work shall be performed in the United States; (2) such vessels shall be documented and operated under the laws of the United States; (3) if scrapped, such vessels shall be scrapped in the domestic market; and (4) such vessels shall be purchased only by United States citizens or by a domestically organized corporation whose shareholders comprise at least 75 percent United States citizenry.

Renames the vessel Seafreeze Atlantic the Arctic Trawler. Extends for two years the authority to allow such vessel to employ a certain percentage of foreign seamen.