Naval Vessel Transfer Act of 2007

Naval Vessels Transfer Act of 2007 - Authorizes the President to transfer on a grant basis to: (1) Turkey, the OLIVER HAZARD PERRY class guided missile frigates GEORGE PHILIP and SIDES; and (2) Lithuania, the OSPREY class minehunter coastal ships CORMORANT and KINGFISHER.

Authorizes the President to transfer on a sale basis to: (1) Taiwan, the OSPREY class minehunter coastal ships ORIOLE and FALCON; and (2) Turkey, the OSPREY class minehunter coastal ship SHRIKE.

States that: (1) the value of such vessels transferred on a grant basis shall not be counted against the aggregate value of excess defense articles transferred to countries in any fiscal year under the Foreign Assistance Act of 1961; (2) transfer costs shall be charged to the recipient; and (3) to the maximum extent practicable, the country to which a vessel is transferred shall have necessary vessel repair and refurbishment carried out at U.S. shipyards (including U.S. Navy shipyards).

Terminates transfer authority two years after enactment of this Act.