Crnogorska Plovidba //free\\ -

Operational nightmares compounded the financial distress. The vessel Kotor became the face of the company’s collapse. In June 2025, the ship was detained in the American port of Savannah by the US Coast Guard due to nine procedural and technical deficiencies. This detention lasted for weeks, causing daily losses that, according to Montenegro’s Minister of Maritime Affairs, threatened to exceed the ship’s market value. The government had its bank account blocked by Prva Banka due to non-payment of loan obligations and was unable to even service its current liquidity needs.

Ensuring complete compliance with international maritime safety codes and ISO standards . crnogorska plovidba

The roots of Crnogorska Plovidba trace back to the mid-20th century. Founded in 1945 in the town of Bar, the company was initially a branch of the larger Yugoslav shipping conglomerate, Jugoslavenska Linijska Plovidba (Jugolinija). However, as Montenegro’s coastal potential grew, the need for a dedicated local fleet became apparent. Operational nightmares compounded the financial distress

To achieve this, the company executed a major fleet expansion. On January 26, 2010, Crnogorska plovidba signed a landmark contract to procure two modern bulk carriers: the and the M/V 21. Maj . To finance this ambitious project, the company secured a substantial $55.7 million credit arrangement from the Export-Import Bank of China (Exim Bank). The loan was facilitated and secured under a state guarantee issued by the Government of Montenegro. This detention lasted for weeks, causing daily losses

: Employment terms for crew members are governed by a specific Collective Agreement

The company also faced secondary legal and operational expenses, including an additional for vessel repairs demanded during the transfer period. Current Status

Experts and seafarers were outraged, claiming the vessels were sold far below their real market value. Janko Milutin from the Association of Sea Captains of Montenegro stated that the ships were sold for millions of dollars below the market price, noting that similar vessels were commanding prices of around 11 million dollars per unit, while Kotor fetched only $5.75 million and the better-maintained 21. Maj went for $7.5 million.