Merchant Marine Act Bulk Shipping Amendments of 1979

[AI summary unavailable — showing source text] Merchant Marine Act Bulk Shipping Amendments of 1979 - Amends the Merchant Marine Act, 1936, to allow proposed ship purchasers or United States' shipyards to apply to the Secretary of Commerce for financial aid for the construction and operation of vessels to be used in essential bulk cargo carrying services. Makes such vessels, once constructed pursuant to plans and specifications approved by the Secretary and once documented under the laws of the United States, eligible for per diem financial assistance payable for each day the vessel is operated in foreign trade. Stipulates that such vessels shall be entitled to engage in all domestic trades without restriction of any kind and shall be entitled to enter or leave domestic trade upon giving the required notice as set forth in this Act. Stipulates that such assistance shall consist of a construction component and an operating component. Establishes a method for computing such assistance. Reduces the time period during which a vessel which has received a construction-differential subsidy must remain documented under the laws of the United States. Stipulates that if such a vessel has held such documentation for less than 25 years the…