New Vessel

{
  "id": "MLC-T-ENV-018574",
  "term": "New Vessel",
  "field": "Environment",
  "definition": "1. Vessel, the equitable or legal title to which has never been transferred to an ultimate purchaser.\n\n2. For vessels with no Category 3 engines, a vessel that has been modified such that the value of the modifications exceeds 50 percent of the value of the modified vessel. The value of the modification is the difference in the assessed value of the vessel before the modification and the assessed value of the vessel after the modification. Use the following equation to determine if the fractional value of the modification exceeds 50 percent: Percent of value = [(Value after modification) - (Value before modification)] × ( 100% ÷ (Value after modification).\n\n3. For vessels with Category 3 engines, a vessel that has undergone a modification, which:(A) Substantially alters the dimensions or carrying capacity of the vessel; or (B) Changes the type of vessel; or(C) Substantially prolongs the vessel's life.\n\n4. Where the equitable or legal title to a vessel is not transferred to an ultimate purchaser prior to its being placed into service, the vessel ceases to be new when it is placed into service.\n\n5. For vessels with Category 3 engines, a vessel that has undergone a modification that substantially alters the dimensions or carrying capacity of the vessel, changes the type of vessel, or substantially prolongs the vessel's life,(4) An imported vessel that has already been placed into service, where it has an engine not covered by a certificate of conformity issued under this part at the time of importation that was manufactured after the requirements of this part start to apply (see § 1042.1).\n\n6. A vessel for which the ultimate purchaser has never received the equitable or legal title. The vessel is no longer new when the ultimate purchaser receives this title or it is placed into service, whichever comes first.\n\n7. Either of the following things:(1) A vessel for which the ultimate purchaser has never received the equitable or legal title. The product is no longer new when the ultimate purchaser receives this title or it is placed into service, whichever comes first.(2) An imported vessel that has already been placed into service, where it has an engine not covered by a certificate of conformity issued under this part at the time of importation that was manufactured after the requirements of this part start to apply (see § 1045.1).\n\n8. An imported vessel that has already been placed into service, where it has an engine not covered by a certificate of conformity issued under this part at the time of importation that was manufactured after the requirements of this part start to apply (see § 1042.1).\n\n9. Any vessel on which construction was initiated on or after January 30, 1975;\n\n10. For vessels with no Category 3 engines, a vessel that has been modified such that the value of the modifications exceeds 50 percent of the value of the modified vessel, excluding temporary modifications (as defined in this section). The value of the modification is the difference in the assessed value of the vessel before the modification and the assessed value of the vessel after the modification. The vessel is no longer new when it is placed into service. Use the following equation to determine if the fractional value of the modification exceeds 50 percent:Percent of value = [(Value after modification)-(Value before modification)] × 100% ÷ (Value after modification)",
  "references": [
    "40 CFR 94.2 (CFR 2013)",
    "40 CFR 94.2",
    "40 CFR 1042.901 (CFR 2013)",
    "40 CFR 1045.801 (CFR 2013)",
    "40 CFR 140.1 (CFR 2018)"
  ],
  "url": "https://mlchart.com/terminology/environment/new-vessel/"
}