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Wednesday, August 13, 2025
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Crnogorska Plovidba sells two vessels to settle debts and pay wages

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Montenegro’s state-owned shipping company Crnogorska Plovidba has selected the winning bid for the sale of its two bulk carriers, Kotor and Dvadeset prvi maj, according to outgoing CEO Vladimir Tadić.

In an email to the vessels’ captains, Tadić said technical details had been agreed and the contract was being finalized by lawyers. The first payment from the buyer—whose identity and purchase price have not been disclosed—is expected soon and will be used to clear overdue crew wages and settle creditor claims. He also noted the new owner is interested in retaining any crew members who wish to stay on board.

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The sale appears to be an en bloc deal for both ships, with unconfirmed reports suggesting a Turkish buyer and an estimated price of about USD 9 million per vessel.

The Kotor is currently detained in the UK port of Tyne following a Port State Control inspection that found 22 deficiencies, and has been formally arrested at the request of Danish company Clipper Bulk, which is pursuing claims over alleged overpaid charter hire. The company also owes around USD 950,000 to U.S. firms for past port and tug services.

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Crnogorska Plovidba purchased the two China-built, 2012 handy-size bulk carriers in 2012 using a USD 55.7 million loan from China Exim Bank guaranteed by the Montenegrin government. The final loan installment was repaid earlier this year with state assistance, but the company still owes the state EUR 33 million.

Despite recent official claims that the ships were in poor technical condition, inspections in the U.S. and South Korea found otherwise. Current market prices for similar vessels range between USD 8.5–10 million.

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