46 U.S.C. § 57301

(A)

constructed under this subtitle and acquired within 2 years after the date of completion; or

(B)

constructed in a domestic shipyard on private account and not under this subtitle, and documented under the laws of the United States.

(A)

is of at least 1,350 gross tons;

(B)

the Secretary of Transportation believes should, because of its age, obsolescence, or other reasons, be replaced in the public interest; and

(C)

has been owned by a citizen of the United States for at least 3 years immediately before its acquisition under this chapter.