(a) Each vessel under Sec. 157.10a or Sec. 157.10c of this part may qualify for an exemption from the requirements of Sec. 157.10a or Sec. 157.10c of this part if--
(1) The vessel loads and discharges cargo only at ports or places within the United States, its territories, or its possessions; and
(2) The application for exemption meets Sec. 157.302.
(b) Except where the owner can show good cause, a vessel is not granted an exemption under this subpart if a previous exemption for the vessel has been revoked by the Coast Guard under Sec. 157.308(a)(1) or Sec. 157.308 (a)(2). [CGD 79-126, 46 FR 3513, Jan. 15, 1981, as amended by CGD 82-28, 50 FR 11630, Mar. 22, 1985]