The boat "Kotor" is now rented for $21.500 per day

The new management of the state-owned maritime company "Crnogorska plovidba" from Kotor managed to significantly improve the conditions under which their ship "Kotor" was chartered from the company "Sea Pioneer" from London, so that ship sails from October 16 at a rent of 21.500 dollars per day .

This is almost three times more than "Kotor" sailed in the lease of "Sea Pionner" in the past year when its daily freight rate was only 7.600 dollars.

The source of "Vijesti" from the management of Crnogorska plovidba confirmed that the newly agreed arrangement with "Sea Pioneer" for the ship "Kotor" started to be realized from last weekend, because the owner of that company is a Turkish businessman. Cemil Tumkaja signed the contract under the new conditions that were negotiated in the past month.

Apart from the members of the Board of Directors of Crnogorska plovidba, who make Vojislav Ilic, Damir Stojanovic, Jovo Lazarevic, Željko Dedijer i Nemanja Petrovic, in the negotiations with Tumkaja, support for the protection of the interests of our shipowner was provided by representatives of the Ministry of Capital Investments, i.e. the State Secretary Zoran Radunovic.

As we have learned, "Kotor" will sail for the next three months under the lease of "Sea Pioneer" at an almost threefold increased freight rate, because the ship will undergo a regular docking and overhaul in January for a five-year class renewal (so-called special survey). In this regard, an important aspect of the newly agreed conditions for continued cooperation with "Sea Pioneer" is that Tumkaja agreed that the charterer, instead of the "worldwide delivery" clause, which foresees that he should return the ship to the owner after the expiration of the agreed rental period and hand it over anywhere in to the world, "Kotor" should be handed over to Montenegrin Plovidna in January in the Eastern Mediterranean. In this way, the company will significantly reduce the costs that it would otherwise have to bring the ship to this region of the world, because it suits Crnogorská plovidba that "Kotor" docks in one of the shipyards in Turkey, where it is relatively close for crew changes and the departure of technical personnel from the headquarters. company in Kotor to the ship, and a representative of the classification society and registry that will inspect it, so that "Kotor" will renew its class.

The current Board of Directors of Crnogorska plovidba, which, as we know informally, has good cooperation with the company's executive director Slobo Pajović (DPS), which is why they didn't even start the trajectories of his shift, he managed to significantly improve the conditions under which their second ship - "Dvadesetprvi May" - is sailing in the time charter of "Sea Pioneer". Instead of the previous 7.600 dollars per day, "Dvadesetprvi May" sailed during most of September at a daily freight rate of 16.500 dollars, which was increased to 5 dollars per day from October 18.000.

Both ships of Crnogorsk plovidba, "Kotor" and "Dvadesetprvi May" since their construction in China in 2012, have been in the so-called time charter (time lease) of the company "Sea Pioneer" from London. For most of this year, thanks to the contracts concluded with "Sea Pioneer" under very unfavorable conditions for Crnogorska plovidba in the last quarter of 2020 by the former DPS-led management of that company, the vessel has a daily freight rate of only 7.600 dollars per to the ship. That was three times or even four times lower than the freight rates that have been valid for such ships for a long time on the world market of shipping space.

Due to this type of business from previous years, Crnogorska plovidba had a cumulative loss of 17,5 million euros at the end of June this year, while the net value of the company is negative by 6,7 million euros. The remaining debts for the repayment of loans for ships to the Chinese Exim Bank amount to about 14 million euros, and until now, most of them were paid by the Government from the budget.

At the beginning of this year, the new Government, due to the fact that the shipping companies did not pay their debts, agreed with Exim Bank to assume guarantees for the payment of these credit obligations for Crnogorska and Barska plovidba, which still owes about 28 million euros, with the provision that the guarantees will not be paid in full suddenly already in installments twice a year as they were supposed to arrive to these companies.