The company’s financial difficulties began almost immediately after the purchase of the fleet. The loan from the Chinese bank placed a heavy repayment burden on a state-owned company that was highly sensitive to the volatility of global shipping freight rates. As early as August 2014, the company reported a profit of only 147,000 euros, which was half of what it had earned in the previous period, with operating income falling by 42%.
: The vessel Kotor was briefly detained in the U.S. in mid-2025 due to unpaid debts to American creditors, highlighting the company's severe liquidity issues.
: The bulk carriers m/v Kotor and m/v Dvadesetprvi maj (built in 2012) were approved for sale by the Montenegrin government. crnogorska plovidba
Crnogorska plovidba!
: There is a stark divide between the Ministry of Maritime Affairs, which claims the ships were in "catastrophic technical condition" , and independent inspections from the US and South Korea that reportedly found them to be seaworthy and in good shape just before the sale. : The vessel Kotor was briefly detained in the U
The maritime tradition of Montenegro is inextricably linked to the Bay of Kotor (Boka Kotorska), a historic region that has produced world-renowned sailors, navigators, and shipowners for centuries. In the modern era, preserving this identity on the high seas falls squarely on the shoulders of state-owned shipping enterprises. At the heart of this ongoing mission is , a joint-stock shipping company that is entirely state-owned.
: The company remains a priority for the Ministry of Maritime Affairs, which views its survival as essential for maintaining maritime infrastructure and protecting the status of Montenegrin seafarers. disaster struck. On June 15
Maj, or are you interested in how the Montenegrin government's compare to other state-owned enterprises? Let me know what you'd like to explore next .
For Crnogorska plovidba, the path forward requires a delicate balance of financial restructuring, fleet modernization, and strategic fleet management. The core objective of the Montenegrin government has shifted from merely covering shortfalls to creating a sustainable, long-term business model that can weather the natural cycles of the international shipping industry.
Then, disaster struck. On June 15, 2025, the Kotor was detained in the port of Savannah, Georgia, by the U.S. Coast Guard. The inspection revealed a total of nine procedural and technical deficiencies, including a failure in the safe steering system caused by defects in the main and auxiliary engines. The ship remained stuck in the U.S., racking up daily costs that threatened to exceed its market value. Minister Radulović publicly declared that all legal mechanisms were exhausted and that the government could no longer help the company. By September, the company’s total debt was estimated at €37.3 million, including €33.8 million owed directly to the state for its guarantees.
Srce kompanije čine brodovi za prijevoz rasutog tereta (Bulk carriers). Ovi brodovi su radni konji svjetske trgovačke mornarice, dizajnirani za prevoz velikih količina robe poput: