Freight market downturn in 2023–2024 led to reduced charter rates, impacting revenue.
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For nearly a decade, this new entity was more of a holding vehicle than an active shipping line. Its true story didn’t begin until a landmark deal in 2010. That year, Crnogorska plovidba secured a $55.7 million loan from the Chinese Exim Bank to build two brand-new Handysize bulk carriers. The government issued a sovereign guarantee for $47.3 million of the principal, putting the state’s full weight behind the project. The ships, each with a carrying capacity of 34,987 tons, were built at a Shanghai shipyard. The first, named “Kotor,” was delivered in January 2012, followed by its sister ship, “Dvadesetprvi Maj” (21st of May), in August of the same year. It was a moment of great national pride, a tangible investment in a new era of Montenegrin shipping. crnogorska plovidba
, a state-owned shipping company in Montenegro, has recently faced a severe financial crisis that has led to the effective dismantling of its fleet. Recent Fleet Liquidation
: Kotor, a city with a centuries-old maritime tradition. Freight market downturn in 2023–2024 led to reduced
However, these initial profits masked a deeper structural problem. The company’s financial statements showed a massive burden of long-term liabilities, primarily the $55.7 million loan from Exim Bank. While the company generated operational revenue, the sheer weight of the debt, combined with the volatile nature of global freight rates, meant that it was always skating on thin ice. Profits in one year could quickly turn into significant losses the next, as was the case in 2014 when half-year profits were nearly halved, and by 2015, the company had plunged into a €4.92 million loss. The seeds of its future destruction had been sown.
The company was founded with the ambition of returning Montenegro to the international shipping market. Its operations centered on two bulk carriers, both built at the in China and delivered in 2012: MV Kotor : A 35,000 DWT "Handy" type vessel. MV 21. Maj : Identical sister ship, also 35,000 DWT. Its true story didn’t begin until a landmark deal in 2010
Montenegro, a small country located in the Balkan Peninsula, boasts a rich maritime history that dates back centuries. The country's strategic location on the Adriatic Sea has made it an important hub for trade, commerce, and cultural exchange. In this blog post, we'll delve into the fascinating world of crnogorska plovidba, or Montenegrin navigation, and explore its significance in shaping the country's identity.
(Udaljenosti su približne; birajte rute prema vremenskoj prognozi i stanju mora.)
As of late 2025, the company has moved to sell its only two vessels to address mounting debts:
Mandatory modern amenities, such as ensuring crew members have regular internet access to communicate with family while at sea. Navigating Financial Turbulent Waters