Crnogorska Plovidba 2021

[MV Kotor Detained in Savannah] | (USCG Cites Engine Malfunctions) | [Severe Liquidity Shock] (Port fees & repair costs pile up) | ======================================= | | [Government Declares Fleet [Political & Local Backlash] "Beyond Legal Rescue"] (Kotor leadership replaces board) | | ======================================= | [Fleet Sold to Turkish Buyers] (Approx. €18 Million Total) 5. The Ultimate Decision: Privatization and Asset Sale

Following the Montenegrin independence referendum in 2006, Crnogorska Plovidba sought a new beginning. The government of Montenegro retained a controlling interest (via the state’s “Share Fund”), viewing the shipping company as a strategic asset. The goal shifted from socialist employment to profitable commercial shipping, focusing primarily on (iron ore, coal, bauxite, and grain).

In its initial phase, the company commissioned two identical Handy-size bulk carriers (35,000 DWT) from the Shanghai Shipyard Co. Ltd. in China: : Built and delivered in 2012. crnogorska plovidba

The war in Ukraine directly hurt Crnogorska Plovidba. Before 2022, the company had lucrative contracts shipping Ukrainian grain and Russian bauxite. Following sanctions, those routes closed. The company pivoted to Turkish and Romanian ports, but the transition cost millions in lost revenue.

Crnogorska plovidba!

| | Use | |------------|---------| | Official website: www.coplov.me | Company news, fleet list, investor relations | | Montenegro Stock Exchange (www.mse.mne) | Financial reports, share price | | Equasis or MarineTraffic | Fleet composition, vessel details | | Trade publications (Splash 247, TradeWinds) | If they are in the news |

[Crnogorska Plovidba] ── Fleet Sale ($13.2M) ──► [K/S Navision Group (Denmark)] │ (M/V Kotor & M/V 21. Maj) ▼ Transition to Shore-Based Operations / Debt Restructuring [MV Kotor Detained in Savannah] | (USCG Cites

A series of economic assessments revealed extreme underlying vulnerabilities:

, which was detained in the port of Savannah, USA, due to malfunctions and debt-related risks in mid-2025. Crnogorska Plovidba A.D. Kotor Financial Struggles and State Aid The government of Montenegro retained a controlling interest