The state shipping company Crnogorska plovidba for nine months of this year achieved a net profit in the amount of 973.729 euros, which is a many times better result compared to the same period last year when this company was in the red of 1.282.762 euros.
The data is from the nine-month business report published on the website of the Commission for the Capital Market.
Such a good result resulted from the significant improvement of conditions on the world shipping space market that began last year, that is, a large jump in freight rates, which is now the former management appointed by the Prime Minister's Government Zdravka Krivokapića, headed by the former chairman of the board of directors, captain of the long voyage Jov Lazarevic, knew how to use it.
Lazarevic managed to force the previous charterer of the boats of the Kotor company, the company "Sea Pioneer" from London, to conclude new "time charter" contracts for the rental of boats at significantly increased daily rents. From the end of the third quarter of last year, the ships "Kotor" and "Dvadesetprvi May" began to sail for three times higher freight rates than were previously leased to "Sea Pioneer" by the former DPS-led management, and the company already at the end of 2021. again, after a series of losing years, was in the zone of profitability, so it ended the year with a remaining profit of around 100.000 euros.
In addition, the company, from its own income, paid the last two installments of a loan of a total of 5,2 million dollars to the Chinese Exim Bank taken in 2012 for the construction of the ships "Kotor" and "Dvadesetprvi May" in the shipyard in Shanghai, and provided the money from its own funds to in the first half of this year, the regular five-year overhaul, docking and so-called class renewal for both ships.
Although the effects of the work of the now former board of directors headed by Captain Lazarevic were more than good, the Prime Minister's Government Dritan Abazović (URA) this summer without an explanation, at the proposal of the Ministry of Capital Investments, which he has taken over in the meantime Ervin Ibrahimovic (BS), dismissed that Board of Directors and appointed a new one composed only of representatives of the parties that supported Abazović's government. A law graduate was appointed to the new Board of Directors Tena Božović (SDP), high school mathematics teacher Ahmet Markasevic (Democratic Party cadre from Ulcinj), economist and former director of Kotor Communal Enterprise Milan Popovic, manager in shipping Nemanja Popovic (SNP) and his party and professional colleague Ivan Kečin who has experience working in a yachting agency. Popović was appointed chairman of the board, while he remained in the position of executive director of the company Slobo Pajović (DPS), who has been in that position for years.
In recent months, the current management has continued to reap the fruits of the work of the former board of directors, who, before his departure, managed to conclude a new "time charter" contract for one year for the ship "Kotor" with a new charterer - the company Global American Transport from Chicago (USA). . According to this contract, the Americans pay a daily rent of 20.600 dollars for "Kotor", and this lessee recently took over the "time charter" of the ship "Dvadestprvi Maj" from "Sea Pioneer" under similar financial conditions.
At the end of September, Crnogorska plovidba also had 283.296 euros in unpaid claims from the previous charterer of the ship "Dvadesetprvi May", the company "Sea Pioneer" from London.
Revenues for nine months three times higher than in the same period last year
Due to significantly better contracts with tenants, Crnogorska plovidba had almost three times higher revenues in nine months of this year than in the same period last year. From January 1 to September 30, the company generated a total of 9.350.720 euros in revenue, while in the same period last year the revenue was 3.862.441 euros. At the same time, compared to last year, operating costs also increased significantly (from 3,79 to 5,9 million euros), but this is primarily due to the fact that this year the company performed a mandatory overhaul and extension of the five-year class for "Kotor", on which on that occasion, a new system for the treatment of ballast water with UV rays was installed and required, which cost more than 1,84 million euros.
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