The Board of the Maritime Captains Association of Montenegro has expressed concerns over the Ministry of Maritime Affairs’ decision regarding the urgent need to address the liquidity issue of the “Montenegrin Shipping” company in Kotor. The Ministry had previously rejected the Association’s proposal to hire an independent maritime consultancy to create a study assessing the situation and providing recommendations for preserving or even closing the company if necessary.
The Association highlighted inconsistencies in the Ministry’s recent announcements. The Ministry had stated that an economic analysis was being conducted by the University of Montenegro’s Faculty of Economics, but the Faculty later denied this claim. Furthermore, the Ministry’s report mentions a significant debt of €400,000 owed by the company to a local bank, which could trigger forced debt collection, threatening the company’s solvency.
The Maritime Captains Association questioned whether the Board of Directors had considered other solutions, such as securing a mortgage on one of the company’s ships to resolve the liquidity issue, suggesting that this could have made negotiations with “Barska Plovidba” unnecessary.
The Ministry’s plan for a “business-technical cooperation” model between “Montenegrin Shipping” and “Barska Plovidba” proposes that Barska Plovidba take over the ships in a lease agreement, with advanced payments to cover debts. However, the Association noted contradictions in the proposal, as one part of the plan speaks of a lease, while another refers to a charter agreement, pointing out that the Ministry seems confused about the differences between leasing and chartering vessels.
The Association further criticized the Ministry for lacking knowledge of basic maritime business models and the applicable legal frameworks. They demanded that the Ministry publicly disclose the analysis used to prepare the plan and clarify the type of agreement being proposed.
In conclusion, the Maritime Captains Association expressed doubts about the Ministry’s competence in handling the issue and raised concerns that the proposed solution might lead to the eventual closure of maritime operations in the Bay of Kotor and potentially throughout Montenegro.
