To regenerate national revenues through international freight shipping.
The story of Crnogorska plovidba is not merely a corporate failure; it is a study in how political and financial machinations can dismantle a national asset. From the heights of Jugooceanija's tradition to the depths of a controversial, state-orchestrated sale, the company's journey serves as a cautionary tale. The loss of the Kotor and Dvadesetprvi Maj is a blow to Montenegro's maritime identity. As one former board member lamented, without shipping in Kotor, Montenegro has no maritime industry. Whether this outcome was an unavoidable necessity or a deliberately crafted plan remains a question at the heart of a controversy that will likely be debated for years to come. crnogorska plovidba
In January 2025, an overdraft debt of roughly €400,000 to Prva Banka became due. The loss of the Kotor and Dvadesetprvi Maj
As of 2026, Crnogorska plovidba exists in name only. The company has had virtually no activity since the sale of the ships, yet it maintains an executive director, a board of directors, and seven employees who continue to draw salaries and benefits. The state has lost its founding stake of 10.6 million euros, and practically the entirety of the 33.8 million euros loaned to the company, with little prospect of recovery from the remaining scrap value. In January 2025, an overdraft debt of roughly
of their recent quarterly reports or more information on their charter history Crnogorska Plovidba A.D. Kotor
For the maritime community of Montenegro, the name “Crnogorska plovidba” has long been more than just the name of a state-owned company. From its humble beginnings in the early 20th century, it evolved into a prominent player in the maritime industry, primarily focusing on cargo transportation and ship management across the Adriatic Sea and beyond. It was a symbol of maritime tradition, particularly for the historic coastal town of Kotor, a UNESCO World Heritage site with deep seafaring roots. However, after a brief and turbulent modern existence, the company’s story took a tragic turn, culminating in a dramatic collapse marked by crippling debt, international scandal, and a controversial asset sell-off that left the company a hollow shell of its former self.
A turning point, however, seemed to arrive in 2021. For the first time since its founding, Crnogorska plovidba finished the year "in the plus," reporting a modest net profit. This positive streak peaked in 2022, a year marked by a significant increase in global freight rates, leading to a much more substantial net profit of €2.37 million, on revenues of €14.08 million. Though profits dipped again in 2023 as freight rates fell, the company was still in the black. This created a narrative of a company that, after years of struggle, had finally found its footing and was on a path to sustainable profitability.