46 U.S.C. § 57301: Definitions

In this chapter:(1) New vessel.—The term “new vessel” means a vessel—(A) constructed under this subtitle and acquired within 2 years after the date of completion; or (B) constructed in a domestic shipyard on private account and not under this subtitle, and documented under the laws of the United States. (2) Obsolete vessel.—The term “obsolete vessel” means a vessel that—(A) is of at least 1,350 gross tons; (B) the Secretary of Transportation believes should, because of its age, obsolescence, or other reasons, be replaced in the public interest; and (C) has been owned by a citizen of the United States for at least 3 years immediately before its acquisition under this chapter.