The Montenegrin vessel Kotor has been handed over to Danish company K/S Navision Group, which transferred $8 million to an escrow account, with the remainder to be paid once the ship 21. maj is released from its current lease, expected by October 10. Out of the initial payment, €4 million was used to cover salaries and settle debts, while an additional $2 million is expected soon, according to Montenegro Shipping director Vladimir Tadić.
The sale has drawn criticism from opposition figures and maritime associations, who argue the process was rushed and non-transparent. They questioned how the ships, valued at €30 million at the end of last year and later revalued at €19 million, were sold for just $13.2 million (€11.2 million).
Mirko Stanić of the Social Democratic Party and the European Alliance said the government ignored advice from maritime unions and experts, and claimed a Turkish company had offered €16 million but was rejected due to bureaucratic delays. He called for an investigation into the deal.
Vatroslav Belan of the Liberal Party described the sale as a “liquidation,” criticizing Minister of Maritime Affairs Filip Radulović for publicly emphasizing the ships’ flaws before the sale. He argued that leasing the vessels could have generated steady annual revenue of up to $1.8 million while preserving the company through restructuring.
Critics conclude the government undervalued the ships and failed to explore more sustainable options for Montenegro’s shipping industry.
