(Dvadesetprvi Maj): Delivered on August 31, 2012 (35,000 DWT).
This transaction generated sharp domestic criticism from maritime experts, labor groups, and former management teams. Critics argued that selling the core fleet at a low point in asset valuation hurt Montenegro's maritime status and effectively dissolved its state-owned international merchant fleet.
: Recent strategies have explored technical cooperation and fleet management integration with Barska Plovidba , another Montenegrin state-owned carrier. 3. Education & Employment
: Delivered on August 31, 2012. Built with identical specifications, holding a deadweight capacity of 35,000 tons and measuring 179.9 meters in length. Technical and Operational Profile crnogorska plovidba
At the core of Crnogorska plovidba’s operations were its two primary assets: the bulk carriers Kotor and Dvadesetprvi Maj (also referred to as 21. Maj ). Both vessels were Handysize bulk carriers, with a deadweight tonnage of approximately 35,000 tons each and a length of 179.9 meters.
. Strategically based in the historic naval town of Kotor, the enterprise was founded to rebuild the country's national commercial fleet and maintain a vital link to international bulk cargo markets. Controlled 99.97% by the Montenegrin government, the company operates on the global open freight market through long-term time charters. However, it faces severe structural and financial challenges that threaten its ongoing existence. The Genesis and Strategic Mission
(via the Ministry of Maritime Affairs): 99.97% (Dvadesetprvi Maj): Delivered on August 31, 2012 (35,000
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.
As the company teetered on the edge, the Ministry of Maritime Affairs, led by Minister Filip Radulović, scrambled to find a solution. The initial plan involved a business and technical cooperation agreement with Barska plovidba, another state-owned maritime company based in Bar.
The sale of the ships did not save Crnogorska plovidba; it merely marked its final act. The government used the €11.2 million from the sale to partially pay down the debt to the state. However, a financial report published in May 2026 laid bare the grim reality. After the sale, the company had just €3 million left in its bank account, while it still owed the government €33.8 million. Its accumulated loss had ballooned to a staggering €40.7 million. The value of its remaining assets was a measly €18,311, consisting mostly of licenses and some leftover office equipment. : Recent strategies have explored technical cooperation and
Despite initial optimism, Crnogorska Plovidba suffered from chronic structural and financial inefficiencies. The company relied heavily on state-backed loans, accumulating a massive .
Despite this positive financial trend, a dark cloud was gathering over Kotor. That storm broke in full force in 2024 and 2025, plunging the company into a crisis that would prove terminal.
: Specialized in transporting bulk cargo such as grain, coal, and ore on international routes. Crnogorska Plovidba A.D. Kotor 2. Operations & Business Model : 99.97% owned by the Government of Montenegro
For nearly a decade, Crnogorska plovidba was a company in name only, existing without a single ship under its control. This changed dramatically in 2012 when the company took delivery of its flagship—and only—vessels, both built at the Shanghai Shipyard.
: The sale has been mired in debate, with critics alleging it was "non-transparent." In one instance, a Turkish bidder, EOS Group , offered a higher price of $16 million , but the deal collapsed amidst claims of missed deadlines and a sudden shift in negotiations toward the Danish buyers .
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