President Bush signs MSP legislation into law

President Bush signs MSP legislation into law

   President Bush has signed the reauthorized Maritime Security Program into law on Nov. 24.

   Earlier this month, the House and Senate included language to renew and expand MSP in the $400-billion defense authorization legislation.

   MSP, initially established by the 1996 Maritime Security Act, was set to expire Sept. 30, 2005. It provides the government with access to 47 militarily useful commercial container and roll-on/roll-off ships. The government also pays the vessel operators in the program $2.1 million per year per ship.

   The new MSP calls for the Maritime Administration to enroll up to 60 U.S.-flag commercial ships, with an emphasis on ro/ro and product tankers. Congress also set the payment per ship starting at $2.6 million per ship for fiscal years 2006-2008; $2.8 million per ship for fiscal years 2009-2011; and $3.1 million per ship for fiscal years 2012-2015.