In this chapter:

((1)) ** .—** The term “new vessel” means a vessel—

((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.

((2)) ** .—** The term “obsolete vessel” means a vessel that—

((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.