A bill to revitalize the maritime industry in the United States, and for other purposes.

[AI summary unavailable — showing source text] Amends the Merchant Marine Act, 1936 to create a new title establishing in the Treasury the Procure and Charter Revolving Fund (Fund) to consist of all moneys appropriated to the Fund, all moneys received for the charter or disposal of vessels constructed under the title, interest and investment income and capital appreciation, and any other moneys as made available for the Fund. Declares that, if the balance in the Fund plus anticipated moneys from charters is insufficient to support maintenance of vessels constructed under the title, the Fund shall be terminated and the vessels shall be transferred to the National Defense Reserve Fleet. Requires the Fund to be administered by the Secretary of Transportation. Allows the Fund to be used for: (1) construction of vessels in private shipyards in the United States; (2) charter of vessels to U.S. citizens for U.S. documentation and operation in the domestic trade, foreign commerce of the United States, or international trade, or transfer of vessels constructed under the title to the National Defense Reserve Fleet. Requires vessel construction contracts under the title to be advertised and let upon sealed competitive bids. Directs the Se…