The government of Montenegro has approved the sale of the fleet of the state shipping company Crnogorska Plovidba due to its inability to service a loan previously received from the Export-Import Bank of China for the construction of two Handysize bulk carriers. The company’s debt to the state exceeds 37 million euros.
According to the country’s Ministry of Transport, the authorities no longer have legal grounds to provide financial support to the company, so it was decided to sell the ships to avoid their arrest abroad. One of the bulk carriers, *Kotor*, has been detained in the American port of Savannah for more than 20 days due to technical faults and management problems, causing daily losses that, according to officials, may soon exceed its market value.
According to official data, the proceeds from the sale will be used to partially repay debts to the Chinese bank and return part of the funds to the state budget. Additional financing from the budget is impossible due to restrictions in national legislation.