Crnogorska Plovidba: The Rise, Fall, and Structural Crisis of Montenegro’s State-Owned Maritime Flagship
[Crnogorska Plovidba] ── Fleet Sale ($13.2M) ──► [K/S Navision Group (Denmark)] │ (M/V Kotor & M/V 21. Maj) ▼ Transition to Shore-Based Operations / Debt Restructuring
: While initial negotiations were held with the Turkish EOS Group , the fleet was eventually sold to the Danish K/S Navision Group for approximately $13.2 million . crnogorska plovidba
Here's a piece inspired by the traditional Montenegrin sailing:
: Before the sale, the MV Kotor faced high-profile technical breakdowns and was even blocked in the U.S. port of Savannah due to unpaid debts. 3. Why It Matters: The "Blue Economy" Struggle Crnogorska Plovidba: The Rise, Fall, and Structural Crisis
A turning point, however, seemed to arrive in 2021. For the first time since its founding, Crnogorska plovidba finished the year "in the plus," reporting a modest net profit. This positive streak peaked in 2022, a year marked by a significant increase in global freight rates, leading to a much more substantial net profit of €2.37 million, on revenues of €14.08 million. Though profits dipped again in 2023 as freight rates fell, the company was still in the black. This created a narrative of a company that, after years of struggle, had finally found its footing and was on a path to sustainable profitability.
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. port of Savannah due to unpaid debts
This is the story of how Crnogorska plovidba, once seen as a revival of Montenegrin shipping, ended its days as a ghost company—nearly 41 million euros in debt, with assets worth less than twenty thousand euros, and facing an uncertain future that has sparked intense political debate and a state prosecutor’s investigation.