A bill to amend section 510 of the Merchant Marine Act, 1936.

[AI summary unavailable — showing source text] Authorizes the Secretary of Commerce, within two years after enactment of this Act, to acquire mariner class vessels constructed under Private Charter Operation (Title VII, Merchant Marine Act, 1936) and under Maritime Activities (Pub. L. No. 81-911) in exchange for obsolete vessels in the National Defense Reserve Fleet that are scheduled for scrapping. States that the traded-in and traded-out vessels shall be valued at the higher of their scrap value in domestic or foreign markets as of the date of the exchange, provided that in any exchange transactions the value assigned to the traded-in and traded-out vessels will be determined on the same basis. Provides that the value of traded-out vessels shall be as nearly as possible equal to the value of the traded-in vessels plus the fair value of the cost of towing the traded-out vessels to the place of scrapping.…