The account of the state-owned shipping company Crnogorska plovidba has been blocked for two days due to a debt of 372,499 thousand euros, according to the Central Bank of Montenegro (CBCG) registry.
The Ministry of Maritime Affairs, headed by Minister Filip Radulović, officially confirmed to "Vijesti" that the shipping company's account was blocked by Prva Banka after a claim for an overdraft loan in the amount of around 400.000 euros became due.
"In order to avoid further negative consequences, including the possibility of initiating bankruptcy proceedings against the company, the Ministry of Maritime Affairs and the Government have proposed a model for concluding a contract on business and technical cooperation between Crnogorska plovidba and Barska plovidba. This model would ensure the sustainability of the business and contribute to preserving the stability of the state maritime fleet," the Ministry of Finance said.
This blockade came seven days after the Government announced that an analysis by the Ministry of Maritime Affairs showed that Crnogorska plovidba was over-indebted and illiquid, and was unable to service its obligations.
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"The total debt of this company to the Government amounts to 36,2 million euros. Also, in January 2025, the debt on the overdraft loan of Prva Banka AD in the amount of around 400.000 euros is due, and if it is not settled as soon as possible, Prva Banka will initiate forced collection, which would ultimately result in the blocking of the account. Such a development of events inevitably leads to the initiation of bankruptcy proceedings," the government announced last week.
The model of business and technical cooperation between shipping companies that we have proposed does not in any way imply the transfer of ownership of ships or the closure of Crnogorska plovidba, but exclusively temporary and targeted operational cooperation that would help preserve the company, its staff and long-term sustainability, the Ministry of Maritime Affairs said.
By the time the issue was published, "Vijesti" had not received a response from Crnogorska plovidba regarding the account blocking.
"Prva Banka officially told "Vijesti" that they are taking all actions in accordance with the contract concluded with the company Crnogorska plovidba, and in order to fulfill the contractual obligations. In this specific case, after the debt matured, Prva Banka, acting in accordance with the request of the client and the relevant ministry, came forward with an offer to reschedule the credit obligations, with the aim of making it easier for the client to settle the debt. Since an adequate repayment model has not yet been found, Prva Banka will continue to strive through all its activities to find the most favorable possible arrangement in cooperation with the client, fully compliant with the law and contractual obligations, without initiating bankruptcy proceedings," Prva Banka emphasized, adding that in accordance with the Law on Credit Institutions, the requested information about the debt has the character of banking secrecy, and the bank does not have the right to disclose banking secrecy to any third party.
When asked by "Vijesti" whether they believe that bankruptcy should be introduced into Crnogorska plovidba, the Ministry of Maritime Affairs responded that they do not believe that bankruptcy should be introduced, nor has that option ever been considered as a model for getting out of the current crisis.
“We understand the public’s concern regarding the financial condition of this company, but we emphasize that the goal of state policy is to preserve the national maritime fleet and stabilize the operations of state-owned companies, not to close them down. In order to avoid bankruptcy in Crnogorska plovidba, which is 100% state-owned, the Ministry, in cooperation with the Government and Crnogorska plovidba, has proposed a model of temporary business and technical cooperation with Barska plovidba. This model aims to resolve the company’s current insolvency and ensure the stability of its operations. The proposed model implies that Barska plovidba would take over the lease of ships owned by Crnogorska plovidba, which are already engaged until September 2025. The lease would be formed in accordance with market conditions, while Barska plovidba would successively and in advance pay money to Crnogorska plovidba during 2025 - up to a maximum amount of one million euros. This money would be used to repay the debt based on the overdraft loan with Prva banka, pay salaries, and cover basic operating costs such as fuel, oil, and spare parts. parts", they pointed out in the Ministry of Maritime Affairs.
The purpose of this model, as they explained, is to prevent a financial blockade and the introduction of bankruptcy for Crnogorska plovidba, while at the same time opening up space for Barska plovidba to increase its revenues through contracting additional long-term rents, thereby strengthening its ability to regularly settle its obligations to Exim Bank and the state.
Agree with the views of the Sea Captains Association
"Vijesti" asked the Ministry of Maritime Affairs about their position regarding the statement by the Association of Sea Captains of Montenegro, which stated that it opposes the possible introduction of bankruptcy in Crnogorska plovidba and the transfer of its ships to Barska plovidba.
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"The Ministry of Maritime Affairs fully shares the position of the Association of Sea Captains of Montenegro and expresses its gratitude for their constructive approach and continued concern for the future of the national maritime fleet. We emphasize that the Ministry has never considered the option of introducing bankruptcy into Crnogorska plovidba. From the very beginning, we have been focused exclusively on finding a model that would enable overcoming the current insolvency of Crnogorska plovidba and preventing a financial blockade, while preserving its legal and operational integrity," the ministry said.
They further stated that the model they proposed in no way implies the transfer of ownership of ships or the closure of Crnogorska plovidba, but exclusively temporary and targeted operational cooperation that would help preserve the company, its staff, and its long-term sustainability.
"Finally, we would like to emphasize once again that we consider the Association of Sea Captains as an important partner of the Ministry, whose proposals and initiatives we consider with particular attention. We share their concerns and fully agree that the preservation of Crnogorska plovidba is of strategic importance for Montenegro. In this spirit, the Ministry will continue to make maximum efforts to find the optimal solution to overcome the current crisis - at this moment, this is precisely the proposed model of business and technical cooperation between the two national shipping companies," the Ministry of Transport said.
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