Crnogorska Plovidba ((free)) Jun 2026

Crnogorska Plovidba, the state-owned shipping company based in Kotor, is currently navigating a severe financial crisis. Recent reports indicate the company has sold its entire fleet of two bulk carriers, the Kotor and 21. maj , for roughly €11.2 million—a price significantly lower than their estimated market value of over €30 million. This fire sale was intended to settle urgent debts, yet the company remains burdened by an estimated €26 million in remaining liabilities.

To achieve this, the company executed a major fleet expansion. On January 26, 2010, Crnogorska plovidba signed a landmark contract to procure two modern bulk carriers: the and the M/V 21. Maj . To finance this ambitious project, the company secured a substantial $55.7 million credit arrangement from the Export-Import Bank of China (Exim Bank). The loan was facilitated and secured under a state guarantee issued by the Government of Montenegro. crnogorska plovidba

From the outset, Crnogorska plovidba was not just another company; it was a state instrument. The government became the majority shareholder, holding an overwhelming 99.97% of the shares, while the state-run Employment Agency held the remaining 0.03%. This was a company born from government decision, entirely dependent on the state not only for its existence but for its survival. This fire sale was intended to settle urgent