Montenegro’s state maritime company Crnogorska plovidba has recently put both of its ships, “Kotor” and “Dvadeset prvi maj”, up for sale through global brokers. The company faces urgent financial difficulties and needs to sell at least one vessel—primarily “Kotor,” which is currently en route to the port of Tyne in the UK.
Executive Director Vladimir Tadić explained that creditors are pressing for payments on various debts including fuel, supplies, and parts. Additionally, an American company is demanding immediate payment for port and tug services following an unplanned stop in Savannah, USA. The First Bank terminated a revolving credit agreement and requested repayment of €320,000, threatening to block the company’s account again. The current charterer of “Kotor” has also announced the termination of their contract, increasing financial pressure. Selling “Kotor” quickly is seen as the only way to temporarily resolve these issues.
Earlier, a cooperation agreement with the private company Barska plovidba was mutually terminated. This agreement, insisted upon by the Ministry of Maritime Affairs, aimed to provide management support and a €1 million loan to Crnogorska plovidba but was criticized as unlawful and potentially harmful to both companies. Barska plovidba transferred only €360,000 before management problems led to the unplanned detainment of “Kotor” by the US Coast Guard due to minor technical and procedural deficiencies, causing significant unexpected costs.
Minister of Maritime Affairs Filip Radulović stated that the government no longer has legal options to assist Crnogorska plovidba and called for the urgent sale of both ships to recover part of the €37 million the state guaranteed on loans from China’s Exim Bank for their construction. Radulović claimed both ships were in poor condition, but this was refuted by inspections from US and South Korean maritime authorities, confirming both vessels are seaworthy.
The brokerage firm SSY, managing the sale internationally, confirmed “Kotor” recently passed its periodic inspection by Bureau Veritas and is due for its next major survey in April 2027. Potential buyers are invited to submit offers for “Kotor” by August 3, with inspections available in the UK port of Tyne until August 4, and for “Dvadeset prvi maj” in Ko Sichang, Thailand, between August 2 and 7.
Tadić emphasized the urgency due to pressure from creditors and that there are already interested buyers, some willing to purchase both ships. The final decision on the sales lies with the company’s Board of Directors. He also suggested that if “Kotor” is sold first and debts settled, it might be possible to delay selling the second ship, giving Crnogorska plovidba a chance to survive, though he noted a lack of response from the Ministry and government to their appeals.
The ships are twin handy-size bulk carriers built in 2012 in China, each 180 meters long with a beam of 28.4 meters and a draft of 10.8 meters. Powered by MAN B&W engines producing 8,810 horsepower, they are equipped with four deck cranes each capable of lifting 30 tons, enabling them to handle cargo such as timber. The current market value for similar second-hand vessels of this type and age ranges between $8.5 million and $10 million USD.
