Like many shipping entities, Crnogorska plovidba has faced high leverage issues (high debt levels), which have required strategic restructuring to ensure long-term stability. This includes initiatives to improve operational efficiency and competitive performance in the international market.
Owned (with the remaining 0.03% held by the Employment Agency of Montenegro), Crnogorska Plovidba was structured to compete in the international open market by transporting global dry bulk commodities. However, a reliance on heavy state guarantees, macroeconomic volatility, and sudden regulatory crises eventually forced the company into an existential liquidity breakdown. 1. Company Origins and Strategic Blueprint crnogorska plovidba
Facing this crisis, the government made its final, fatal decision. It authorized Crnogorska plovidba to sell its two ships, its only assets of any real value. In September 2025, the company signed an agreement to sell both bulk carriers to the Danish family office K/S Navision Group. The total price: just $13.25 million—a figure the company had set just two years earlier as the starting point for the sale of one of the ships. The government’s own 2024 audit had valued the two ships at €30.4 million. Critics were quick to point out that the sale price was at least one-third below market value and that the government had effectively sold a €55 million asset for less than a quarter of its original purchase price. Like many shipping entities, Crnogorska plovidba has faced
Between 2006 and 2014, the company underwent a massive privatization and recapitalization process. They sold off the old, inefficient vessels and acquired a fleet of "Handysize" and "Supramax" bulk carriers. Today, does not operate passenger cruise ships or tankers; its specialty is dry bulk cargo —specifically transporting iron ore, bauxite, and coal. However, a reliance on heavy state guarantees, macroeconomic
Both vessels feature a length of 179.9 meters and a breadth of 28.4 meters. They were designed to transport various bulk cargos, utilizing their size flexibility to dock at ports inaccessible to larger Panamax or Capesize ships. Fleet Structure and Operations
The maritime tradition of Montenegro is inextricably linked to the Bay of Kotor (Boka Kotorska), a historic region that has produced world-renowned sailors, navigators, and shipowners for centuries. In the modern era, preserving this identity on the high seas falls squarely on the shoulders of state-owned shipping enterprises. At the heart of this ongoing mission is , a joint-stock shipping company that is entirely state-owned.