The shareholders of Bar-based Barska Plovidba and Kotor-based Crnogorska Plovidba approved a cooperation agreement this morning aimed at resolving Crnogorska Plovidba’s liquidity problems. Under the deal, Barska Plovidba will make an advance payment of one million euros to Crnogorska Plovidba to help stabilize its financial situation, both companies confirmed.
Vladimir Tadić, director of Crnogorska Plovidba, said the contract would be signed today and that the payment is expected as early as tomorrow.
Maritime Affairs Minister Filip Radulović recently stated that this was the only available solution to prevent Crnogorska Plovidba from entering bankruptcy, describing the move as a temporary fix. According to Radulović, Prime Minister Milojko Spajić tasked him with developing an optimization model for both companies by the end of the year to shape the future of the maritime sector. He also clarified that merging the two companies is not an option due to their negative capital positions, which makes a legal merger impossible.
Under the cooperation agreement, Barska Plovidba will lease two ships from Crnogorska Plovidba and, in return, provide the advance payment of one million euros. This funding will enable the Kotor-based company to meet its obligations to banks and suppliers and restore day-to-day liquidity. Radulović emphasized last week that the agreement would prevent the company from going bankrupt, protect jobs, and preserve the ships valued at 30 million euros, for which the final loan installment was paid in January.
