Planned merger of Bar and Montenegro Shipping into one economically sustainable company, along with investment in road and rail infrastructure, will create the conditions for the valorization of the potential of the Port of Bar, announced Minister of Transport and Maritime Affairs Filip Radulović.
He stated that it is evident that the state will need to provide the missing funds to Planned merger of Bar and Montenegro Shipping for the January installment of the loan to Exim Bank.
Radulović also mentioned that the announced increase in prices for Port of Adria’s port services from January 1st is not a good business move.
According to Radulović, frequent tariff increases for port services could jeopardize existing commercial deals and redirect shipowners to other ports in the Adriatic-Ionian region.
He announced that the government is analyzing the sales contract concluded with the Turkish company in 2013, regarding the sale of the former Container Terminals of the Port of Bar.
“The situation at Montenegro Shipping is not at an enviable level, and I believe we are all aware of that. The January installment for the repayment of the loan to Exim Bank is due, and as things stand, Montenegro Shipping will almost certainly once again not have the financial means needed to properly service this obligation,” stated Radulović.
According to him, the state will, as often before, evidently have to step in to provide the missing funds.
“It is known to our public that both shipping companies are in an unenviable position, as they must repay the incompatible state aid and, at the same time, repay the remaining amount of the credit indebtedness to Exim Bank,” said Radulović.
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