The department shall issue the permit for use of a replacement vessel if it determines, after consultation with the review board, the following:
(a)
The replacement vessel has the same fishing potential as, or less fishing potential than, the permitted vessel. The review board and the department shall consider the type of fishery the vessel was previously used in and the vessel’s highest and best use by a prudent operator, and the review board shall make written findings on those facts.
(b)
The replacement vessel’s fishing potential will not substantially increase fishing capacity over that which resulted from the operation of the permitted vessel.
(c)
The applicant owns the replacement vessel.
(d)
The conditions in this article are satisfied.