### Question
How does DIFFERENTIAL SUBSIDY define new vessel?


### Answer
Under *APPENDIX U.S.C. § 1161*, **new vessel** is defined as:

> any vessel (1) documented or agreed with the Secretary of Transportation to be documented under the laws of the United States; (2) construction in the United States after December 31, 1939, or the construction of which has been financed under subchapters V or VII of this chapter, or the construction of which has been aided by a mortgage insured under subchapter XI of this chapter

#### Citation:
  - *APPENDIX U.S.C. § 1161*
  - Heading: **CHAPTER 24A-MERCHANT MARINE ACT, 1928 > SUBCHAPTER V-CONSTRUCTION-DIFFERENTIAL SUBSIDY**

