Senate Passes Maritime Security Program

Total program cost will increase by $24 million.

Senate Passes Maritime Security Program Funds, Enactment Expected

The U.S. Senate has passed a revised version of the National Defense Authorization Act (NDAA) for fiscal year 2016. The bill contains an increase in funding for the Maritime Security Program, which provides financial assistance to eligible American-flagged vessels.

The Maritime Security Program (MSP), enacted in 1996 and administered by MARAD, is intended to “establish a fleet of active, commercially viable, militarily useful, privately-owned vessels to meet national defense and other security requirements.” Some 60 vessels are currently enrolled and receive annual financial assistance from the government.

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Source: maritime-executive.com

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