An eligible export vessel is a type of ship that meets specific criteria outlined in U.S. law. According to 46 USCS § 53701(5), it refers to a vessel that:
The term "eligible export vessel" is primarily used in maritime law and financial assistance programs related to shipping. It is relevant for businesses involved in international trade, as it affects eligibility for loans and guarantees provided by the U.S. government. Users may need to complete specific forms to apply for such assistance, which can be facilitated through resources like US Legal Forms.
Here are a couple of examples of abatement:
Example 1: A shipping company builds a cargo ship in a U.S. shipyard. After completion, the ship is registered in Panama for international shipping routes. This vessel qualifies as an eligible export vessel.
Example 2: A fishing vessel is refurbished in the U.S. and then documented under the laws of Canada for fishing in international waters. This vessel also meets the criteria of an eligible export vessel.
Key statutes related to eligible export vessels include:
| Term | Definition | Difference |
|---|---|---|
| Eligible export vessel | A vessel built or modified in the U.S. for foreign documentation. | Focuses on construction and foreign documentation. |
| Documented vessel | A vessel registered with the U.S. Coast Guard. | Can be U.S. or foreign documented; does not specify construction location. |
| Commercial vessel | A vessel used for commercial purposes. | Broader term that includes all types of vessels used commercially, not limited to export. |
If you believe your vessel may qualify as an eligible export vessel, consider the following steps:
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| Attribute | Details |
|---|---|
| Typical fees | Varies based on the vessel and financing options. |
| Jurisdiction | U.S. federal law applies. |
| Possible penalties | Non-compliance may result in loss of eligibility for assistance. |
An eligible export vessel is a ship built or modified in the U.S. that is documented under a foreign country's laws.