FOURTEEN of the ships transferred to Italy today are Italian vessels seized by the United States during the war. The other 15 are the equivalent tonnage of Italian ships which were seized by the United States and lost during the conflict or reduced to such a condition that they could not be returned.
The Italian vessels seized by the United States during the early years of the war played an important part in the victory against dictatorship to which the Italian people contributed so much after their own liberation from fascism. They are returned now to rejoin the Italian Merchant Marines and work again for the rebuilding of peace and the restoration of a prosperous Italy.
In making this transfer, I am happy to express again the feeling of friendship and admiration of the American people for the Italian people who, in these brief years since the war ended in Europe, have made such courageous strides forward in the democratic faith and repeatedly shown the world that, supported with courage and wisdom, this faith cannot and will not falter or fail.
Note: The text of Executive Order 9935, "Directing the Transfer of Certain Vessels to the Government of Italy" (Mar. 16, 1948; 3 CFR, 1943-1948 Comp., p. 692), was released with the President's statement.
A White House release of the same date stated that, following the signing of the Executive order, an agreement transferring the vessels was signed by Ambassador Tarchiani of Italy and by Attorney General Tom Clark and Vice Adm. W. W. Smith, Chairman of the Maritime Commission, acting for the United States.
Harry S Truman, Statement by the President on the Order Transferring Vessels to Italy Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/232480