Authorizes the Secretary of Transportation to issue a certificate of documentation with a coastwise endorsement for a cruise vessel not constructed in the United States to a person who enters into a binding contract for construction in the United States of a cruise vessel or vessels with a total combined berth or stateroom capacity equal to at least 75 percent of the total combined berth or stateroom capacity of the cruise vessel or vessels for which a certificate is to be issued. Declares that such certificate shall terminate two years after the date on which all vessels constructed under a binding contract have been delivered. Prohibits a vessel that has been issued a certificate of documentation under this Act from operating in the coastwise cruise trade on a route served by a cruise vessel built in the United States. Prohibits a vessel issued such a certificate, or constructed under a binding contract under this Act, from operating between or among the Hawaiian islands.

Authorizes a cruise vessel issued a certificate of documentation, or constructed under a binding contract, under this Act to be placed under foreign registry after its documentation. Requires the Secretary, in the event of such a placement, to revoke the vessel's coastwise endorsement.