Admiral Holding and Roaming Montenegro are the only bidders for the purchase of the old, dilapidated business building of Barska plovidba, covering 1,872 square meters. Admiral Holding has offered €1.95 million, while Roaming Montenegro bid €1.75 million.
Barska plovidba urgently needs funds, as it must pay a $1.8 million (€1.55 million) installment to China’s Exim Bank within ten days and raise at least €600,000 to cover costs for the ship “Kotor,” which is currently detained in the US port of Savannah.
The property, located in the center of Bar, was put up for sale on July 12, with bids accepted until June 27. The starting price was €1.75 million, and the sale decision will be based on the highest offer. The sale process is overseen by a commission formed by Barska plovidba’s management.
Proceeds from the sale, together with funds from the sale of a business space in Belgrade, are planned to be used to rescue Montenegrin state shipping companies Barska plovidba and Crnogorska plovidba.
The building in Bar, constructed in 1966, is mostly unused and in poor condition, with 92% of its space unused since 2005. Part of the building is leased to a bank.
Barska plovidba recently took over two ships from Crnogorska plovidba as part of a broader cooperation model to stabilize the state maritime sector and provide urgent liquidity. However, the ship “Kotor” has been stuck in Savannah due to a technical issue and unpaid port fees exceeding €600,000, risking forced seizure.
The Ministry of Maritime Affairs stated it is seeking solutions but cannot provide state aid to any maritime company due to legal restrictions.
Barska plovidba still owes around $22 million to Exim Bank and €7.5 million to the government for previous loan repayments. Crnogorska plovidba, fully state-owned, has already repaid its Exim Bank loans but owes the state €34 million.
