Montenegro’s majority state-owned Barska Plovidba has again failed to secure the shareholder participation required to approve changes to its governance structure, prolonging uncertainty over the management of the shipping company. At the latest shareholder meeting, holders representing 57.3% of the company’s shares were present, below the more than two-thirds participation required to adopt a new statute and board structure.
Participation increased only slightly from 56.6% at the previous meeting. After the company exhausted the permitted sequence of adjournments, the meeting was formally closed. The existing board’s mandate was extended to maintain operational continuity, while another extraordinary shareholders’ meeting will have to be convened.
State ownership insufficient for qualified-majority decisions
The government holds 51.9% of Barska Plovidba, leaving it unable to meet the required threshold without participation by minority shareholders. The ownership structure has made the governance issue a matter of shareholder control and participation, as well as the company’s longer-term strategic direction.
While a stake of slightly more than half of the capital can be sufficient for many ordinary corporate decisions, it does not meet requirements for statutory changes subject to a qualified majority. Minority shareholders therefore retain significant influence over structural decisions. Barska Plovidba operates in a capital-intensive shipping sector, where governance stability is relevant to financing, fleet renewal and commercial partnerships.
Potential ownership changes add to governance uncertainty
The company’s governance situation is also relevant to a memorandum previously signed between the government and Faminas Investment Group, under which the investor could seek to acquire a significant minority stake from existing shareholders. Any future restructuring of ownership would require a clearer governance framework and coordination between state and private shareholders. The company remains operational despite the unresolved governance changes, but the repeated inability to reach the required participation threshold creates uncertainty around investment and ownership decisions.
Maritime sector faces wider commercial pressures
The governance dispute comes amid broader challenges for Montenegro’s maritime sector, where domestic shipping companies have historically faced volatile freight markets, ageing fleets and limited scale compared with larger international operators. Vessel renewal requires substantial capital, making strategic investors and commercial partnerships potentially important for the sector.
Montenegro is also seeking to expand the role of the Port of Bar as a logistics gateway for Serbia and other Western Balkan markets. Port cargo figures for the first half of 2026 showed total throughput falling 7.8%, while export tonnage declined 31.5%, pointing to wider pressure across the transport and logistics chain.
Barska Plovidba’s unresolved governance structure does not immediately affect shipping operations, but it adds uncertainty around investment and ownership decisions. The next extraordinary shareholders’ meeting will determine whether the government can obtain sufficient minority shareholder participation to bring the company into full compliance with the Company Law and establish a governance structure for longer-term strategic decisions.
