MARAD may, in consultation with another agency, designate certain classes or types of Vessels to be eligible for priority processing and financing through the Program (Vessels of National Interest) as follows:

(a) When there is no specified funding for financing of Vessels designated as Vessels of National Interest, MARAD may give public notice of the designation, e.g. publication via the MARAD web page. Unless extended, earlier revoked, or an expiration is specified in the notice, such a designation will remain valid for four years from the date of publication.

(b) When funding is specified for Vessels designated as Vessels of National Interest, MARAD will publish notice of the designation in the Federal Register. The designation notice will include the amount of funding available for qualifying Vessels and other information necessary for interested parties to apply such as the timeline for applying and any expiration on funding.