Vessel Operating-Differential Subsidy Act of 1987

[AI summary unavailable — showing source text] Vessel Operating-Differential Subsidy Act of 1987 - Amends Title VI of the Merchant Marine Act, 1936 to create a new subtitle on new and amended contracts. Directs the Secretary of Transportation to enter into a liner vessel operating-differential subsidy contract with any person eligible under provisions of this Act who meets certain requirements. Directs the Secretary to amend an existing contract upon application by a contractor under provisions of this Act. Requires a contractor who is a party to two or more existing contracts to amend all contracts. Allows such contractor to consolidate the amended contracts or amend them separately. Declares that contracts entered into or amended under this new subtitle constitute prior legal obligations of the United States. Prohibits conditioning or limiting entering into or amending contracts on receipt of budget authority in advance in appropriations Acts. Prohibits the Secretary from entering into contracts under the existing subtitle relating to operating-differential subsidy contracts after enactment of this new subtitle. Specifies persons who are eligible to enter into contracts. Sets forth: (1) procedures for entering into and amendi…