The leasing of two ships by Barska to Crnogorska plovidba is seen as a vital solution to save the company from bankruptcy, preserve jobs, and protect ships worth nearly €30 million, according to Minister of Maritime Affairs Filip Radulović.
He explained that the lease agreement would provide Crnogorska plovidba with necessary liquidity, as Barska would advance funds for the ships. This move is seen as crucial to prevent bankruptcy and the loss of jobs, ensuring the ships, which were only fully paid off in January, remain in operation.
Radulović stated that while this solution is temporary, the government is tasked with finding an optimization model for both companies by the end of the year. He emphasized that the issue is urgent and should not involve fleet expansion or sales at this stage.
Crnogorska plovidba is facing significant financial difficulties, including nearly €37 million in debt to the state. This situation worsened in January when the company struggled to repay a €400,000 loan, leading to a bank account block. However, negotiations with the bank resulted in a new credit facility and the unblocking of the account.
The director of Crnogorska plovidba, Vladimir Tadić, revealed that the company’s financial troubles stemmed from an arrangement with a tenant that had initially paid well but eventually defaulted on over $400,000, escalating the debt to $700,000. The company is pursuing arbitration to recover these funds.
Barska’s director, Boris Mihajlović, stated that his company had been able to secure liquidity and was now in a position to assist. He expressed confidence that together with Crnogorska plovidba, they could transform their operations and make better use of the ships to ensure financial sustainability.
Mihajlović acknowledged the challenges ahead, which require state support. He also mentioned that Barska still has a loan of approximately €25 million, with payments due until 2032, and expects the government to adopt a more flexible approach to managing these debts.
