Declares that requirements that specified percentages of gross tonnage of equipment, materials, or agricultural commodities furnished or financed by the United States be transported on U.S.-flag commercial vessels shall be applicable for the 12-month period commencing April 1 of each year before 2003, the 18-month period commencing on April 1, 2003, and the 12-month period commencing on October 1 (fiscal year) of each year after 2004. Repeals certain additional gross tonnage requirements with respect to U.S.-flag commercial vessels.