State-controlled shipping company Barska plovidba again failed on 10 July to obtain the required shareholder majority to adopt a new statute and appoint its board.
Shareholders representing approximately 54% of the company supported the decisions, but more than two-thirds was required. The deadline for compliance with the new Companies Law expired on 15 June, and the next shareholder meeting has been postponed until 1 September.
Management has warned that the absence of compliant corporate bodies could block decision-making and create financial consequences. The issue is particularly important because the company carries multimillion-euro debt to the Export-Import Bank of China supported by a state guarantee.
The immediate risk is not a confirmed payment default but a weakening of governance at a company with public-sector credit exposure. Continued delay could affect contracting, financing decisions, vessel operations and the state’s ability to manage its contingent liability.
Montenegro’s current market picture remains constructive on tourism demand, domestic banking liquidity and access to European development capital. The central weakness is the conversion of announced funding, infrastructure and reform measures into completed, commercially functioning projects. Energy reserves, utility financing, transport-company governance and delivery capacity will remain the principal execution tests through the third quarter.
