Goran Sindik, a maritime expert with three decades of experience, has suggested that the only solution for Montenegro’s state-owned shipping company, Crnogorska plovidba, is bankruptcy. He proposes transferring the company’s ships to a newly established company, “Crnogorska plovidba 2,” and managing them under a reputable global ship management firm. Sindik argues that the company must avoid political employment, appoint a qualified management team, and operate with a global approach to generate revenue rather than losses.
The company is currently in financial trouble, and the Montenegrin government has recently approved a loan from Prva Banka to address liquidity issues and prevent the company from being unable to pay wages or insurance premiums. This move aims to prevent the stoppage of ships, which could lead to further losses and endanger the ownership of the ships, valued at approximately 15 to 20 million euros.
The government has proposed using another state-owned shipping company, Barska plovidba, to lease two ships from Crnogorska plovidba, providing a financial lifeline to avoid bankruptcy. However, Sindik maintains that restructuring through bankruptcy is the only viable solution.
He emphasizes that modern maritime operations require rapid decision-making and an ability to adapt to regulatory changes, which is difficult under state ownership. He also criticizes the company’s poor management decisions, including failing to secure market prices for ship charters, leading to significant losses. Sindik believes that a lean, efficient management team with global expertise could turn the company around, generating profits, and creating reserves for future investments or dividends.
