New ship means a ship:

1. (1) For which the building contract is placed on or after February 1, 1992; or
2. (2) In the absence of a building contract, the keel of which is laid or which is at a similar stage of construction on or after August 1, 1992; or
3. (3) The delivery of which is on or after February 1, 1997; or
4. (4) For which application for reflagging is made on or after February 1, 1997; or

5. (5) Which has undergone a major conversion:

   1. (i) For which the contract is placed on or after February 1, 1992; or
   2. (ii) In the absence of a contract, the construction work of which is begun on or after August 1, 1992; or
   3. (iii) Which is completed on or after February 1, 1997.