Press release: Agreement on strategic cooperation in establishing regular container shipping line from Bar to the south of Italy signed

The agreement was signed on Wednesday, June 9th 2004 at the headquarters of the Ministry of Maritime Affairs and Transport. Based on the recognition and definition of common interest, manifested in the establishment of a distribution and production center in the Port of Bar Free Zone for the merchandise from overseas intended for the markets of Southeastern Europe and vice versa, as a transit point for the establishment of an alternative to the pan-European corridor X, at the meeting attended by representatives of:
The Government of Montenegro Ministry of Maritime Affairs and Transport (hereafter referred to as the Ministry), Minister Andrija Lompar and Assistant Minister Srdjan Vukcevic;
Barska Plovidba Joint Stock Company (hereafter referred to as Barska Plovidba), Director Radovan Orlandic;
The Port of bar Joint Stock Company (hereafter referred to as the Port of Bar), Executive Director Miodrag Gvozdenovic;
which took place on May 19th 2004 at the headquarters of the Ministry of Maritime Affairs and Transport in Podgorica, the participants agreed to sign the following:


THE AGREEMENT
ON STRATEGIC COOPERATION IN ESTABLISHING REGULAR CONTAINER SHIPPING LINE FROM BAR TO THE SOUTH OF ITALY


Namely, the lack of regular container shipping lines directly connecting the Port of Bar with the transshipment centers across the Mediterranean represents the biggest barrier to the growth in the ports turnover and aggravates its positioning on the market. In addition to removing this barrier, the implementation of this agreement will provide for adequate utilization of the resources of Barska Plovidba and meet the preconditions for the introduction of new shipping lines with higher capacity and more frequent crossings.

The following are the key elements of the Agreement:

The signatories agreed to establish a regular shipping line for the vessel ALBA, the property of Barska Plovidba. In addition, they decided to instruct an expert team to produce the Feasibility Study. The deadline for the production of the Study is 60 days after the signing of this agreement.

The Ministry agreed to be the initiator of the activities on removing fiscal and administrative barriers to the Government of Montenegro, in line with the parameters from the Feasibility Study.