Crnogorska Plovidba

For over a decade, both ships were continuously chartered out to global operators. The strategy aimed to ensure predictable, long-term cash flow to service the initial loans used to purchase the newbuilds. 📉 Financial Hardship and the Debt Trap

To stop ongoing sovereign debt accumulation, the company obtained state approval to sell both the M/V Kotor and M/V Dvadesetprvi Maj . The ships were sold to the Danish maritime operator for a total sum of $13.2 million (approximately €11.3 million).

The primary catalyst for the company’s downfall was its inability to independently service the China Eximbank loan. Because the loan carried strict sovereign guarantees, the Montenegrin State Treasury was repeatedly forced to step in to repay multi-million dollar bi-annual installments to prevent a national default. crnogorska plovidba

To ensure long-term survival, Crnogorska Plovidba is undergoing a period of rigorous assessment and potential reform.

With its new fleet, Crnogorska plovidba began operations. The year 2012 was the company’s first “real” business year, as its ships entered commercial service. The results were promising. The company achieved total revenues of €3.28 million and an operating profit of €243,869. This profit came despite a challenging global economic crisis, and the company’s ships were employed at rates above the world average. Optimism was high, and by May 2014, the president of the board of directors announced ambitions to double the fleet from two to four ships, with negotiations underway for another purchase in China. For over a decade, both ships were continuously

: The company has historically struggled with debt repayment, specifically a $55 million loan from the Chinese Exim Bank used to purchase its ships in 2012, which the state has largely had to cover as a guarantor. Operational Integration

In its initial phase, the company commissioned two identical Handy-size bulk carriers (35,000 DWT) from the Shanghai Shipyard Co. Ltd. in China: : Built and delivered in 2012. The ships were sold to the Danish maritime

Dan 1 — Bar → Sutomore → Ulcinj (≈25–35 NM)