A series of economic assessments revealed extreme underlying vulnerabilities:
: Both ships are approximately 179.9 meters long and 28.4 meters wide. Crnogorska Plovidba A.D. Kotor Business Operations & Market Presence Cargo Focus : The fleet is specifically designed for transporting bulk cargo (e.g., grain, minerals, coal) on the international market. Chartering : The ships typically operate under time charter
The 19th century is often referred to as the golden age of Montenegrin navigation. During this period, the country's merchant fleet flourished, with Montenegrin ships sailing across the Mediterranean, transporting goods such as olive oil, wine, and textiles. The port city of Kotor became a major hub for trade, with shipyards and warehouses springing up to support the thriving maritime industry.
Despite its strategic importance, the company is currently navigating a severe , with the Montenegrin government intervening as recently as April 2025 to prevent potential bankruptcy and ensure the continued employment of local seafarers. Fleet and Operations
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. crnogorska plovidba
The controversy forced the Special State Prosecutor's Office (SDT) to launch a criminal investigation into the sale to determine if a criminal offense had been committed. Adding to the intrigue, a Podgorica law firm, VRD Legal, issued a preliminary invoice for over €135,000 for legal services rendered to Crnogorska plovidba, raising further questions about the opaque processes surrounding the company's demise.
Despite the initial vision, the company has faced severe financial headwinds in recent years: Shrinking Profits : Net profit plummeted from €2.3 million in 2022 €165,000 in 2023 Insolvency Risks
The core of Crnogorska Plovidba’s commercial strategy rested on two identical "Handysize" bulk carriers commissioned from Chinese shipbuilders. These flexible cargo vessels were designed to carry bulk commodities like grain, coal, and ore globally. Vessel Name Built Year Tonnage (DWT) Primary Deployment Shanghai Shipyard Co. Ltd. International Long-term Time Charter MV Dvadesetprvi Maj Shanghai Shipyard Co. Ltd. International Long-term Time Charter
The company competes regionally with Croatian, Greek, Turkish, and Ukrainian bulk operators. A series of economic assessments revealed extreme underlying
: Kotor, a city with a centuries-old maritime tradition.
The core strategy focused on operating flexible, modern vessels capable of navigating shallow ports while carrying a broad diversity of bulk materials. To achieve this, the company commissioned two newly built bulk carriers from the in China. Vessel Breakdown Vessel Name Delivery Date Gross Tonnage Deadweight Tonnage (DWT) Dimensions (LOA x Breadth) MV Kotor January 12, 2012 179.9m × 28.4m MV Dvadesetprvi Maj August 31, 2012 179.9m × 28.4m
Facing this crisis, the government made its final, fatal decision. It authorized Crnogorska plovidba to sell its two ships, its only assets of any real value. In September 2025, the company signed an agreement to sell both bulk carriers to the Danish family office K/S Navision Group. The total price: just $13.25 million—a figure the company had set just two years earlier as the starting point for the sale of one of the ships. The government’s own 2024 audit had valued the two ships at €30.4 million. Critics were quick to point out that the sale price was at least one-third below market value and that the government had effectively sold a €55 million asset for less than a quarter of its original purchase price.
The sale was a political firestorm. Critics accused the government of corruption, ignoring expert advice, and conducting the deal through a secretive, non-transparent process without a public tender. The Association of Maritime Captains of Montenegro condemned the move, and Member of Parliament Boris Mugosa proposed a parliamentary hearing into the “problematic sale”. Montenegro’s Special State Prosecutor’s Office announced an investigation into the actions of company representatives and Ministry officials for potential violations of national law. Chartering : The ships typically operate under time
, aimed at modernizing maritime education and training systems in Montenegro to meet International Maritime Organization (IMO) standards. Crnogorska Plovidba A.D. Kotor financial breakdown
For Crnogorska Plovidba to survive, it must look toward the principles of the . This involves a shift toward ecologically sustainable maritime transport , integrating new marine technologies, and improving fuel efficiency to meet International Maritime Organization (IMO) standards.
Between 2006 and 2014, the company underwent a massive privatization and recapitalization process. They sold off the old, inefficient vessels and acquired a fleet of "Handysize" and "Supramax" bulk carriers. Today, does not operate passenger cruise ships or tankers; its specialty is dry bulk cargo —specifically transporting iron ore, bauxite, and coal.