Maritime Traffic Operates Monopoly Line Without Concession

By , 11 Apr 2019, 11:49 AM Business
Maritime Traffic Operates Monopoly Line Without Concession Maritime Traffic Ferry in Kamenari, Copyright:

April 11, 2019 - The private concessionaire over the monopoly line Kamenari - Lepetane in Boka Bay, the Herceg Novi company Maritime Traffic achieved a profit of 1.95 million last year, which is 6.3 percent less than a year earlier. 

Company revenue grew by 5.9 percent to 5.86 million, but the decline in profits "encouraged" the steady growth of the expenditure side, up 16.1 percent to 3.78 million euros.
At the end of 2018, the company had 4.97 million Euros of undistributed profits, which is 7.7 percent more than a year earlier.
Formerly a state-owned company Maritime Traffic was privatized 15 years ago in 2004, without a bid, by selling state-owned shares on the stock exchange.
The purchase contract was signed with the private company ProHouse from Podgorica owned by businessman Dušan Bana, and the media questioned the fact that a large part of the buyer's obligation towards the state in this transaction was paid by old foreign exchange savings bonds.
Maritime traffic is controlled by Podgorica businessmen, brothers Dejan and Dusan Ban. Dejan Ban owns 33.4 percent of Maritime Traffic and is the Prohouse owner, his brother Dušan has 44.4 percent, while 22.2 percent of the capital is registered on the company "ProHouseMontenegro," whose founder is Željko Mihailović.
The contract based on which Maritime Traffic was entitled to maintain ferry transport between the two sites in Boka Kotorska expired on 31 December last year, meaning that the entire first quarter of 2019 did not regulate this traffic.
Although late last year the government announced that the tender would be "quick," this has not happened until today.
At its last session in 2018, the Government agreed to the conclusion of Public Company Sea Property to determine the amount of annual compensation for the use of the harbor in Kamenari and Lepetani for ferry transport and the evaluation of factors affecting the initial price. It was well received and announced a public call for the lease of the sea property in Lepetani and Kamenari, with the obligation to build a new port in Kamenari.
The minimum annual rental price/fee for the use of the sea property consists of a fixed part of EUR 230 thousand and a variable amounting to two percent of the total revenue from the sale of ferry tickets.
The Lessee is obliged to submit a monthly report on the sale of the Vodafactory Fee every month upon payment of the variable part of the rent.
The lease/use of the parts of the sea property in the municipality of Tivat refers to the built operational land with the ferry docks and access roads in Lepetani in a length of 120 m, which is 4.011 m². From the Herceg Novi side, the call refers to the built operational area along the ferry docks and access roads in Kamenari, 245 m long, with a surface area of 3,959 m².

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