Montenegro Airlines listed for sale

Montenegro Airlines to be privatised without airports

Initial procedures for the sale of Montenegro Airlines have begun after the country’s Privatisation Council, headed by Prime Minister Milo Djukanović, urged the government to sell its shares in the indebted carrier. The Ministry for Transport and Maritime Affairs has offered to sell a minority stake in the airline, which is to be offered to potential investors through an international tender. Furthermore, the Ministry has ruled out the sale of state-owned company Airports of Montenegro, which runs the country’s two international airports in Podgorica and Tivat. It is believed the move will significantly diminish the national carrier’s chances of finding a strategic partner.

Previous attempts privatise Montenegro Airlines have all failed. In 2009, Israel’s national carrier, El Al, teamed up with the European Bank for Reconstruction and Development in order to purchase a stake in Montenegro Airlines. El Al was interested in the carrier only if it gained control over Podgorica and Tivat airports as well, which the government deemed “unacceptable” at the time. In 2011, the Montenegrin government offered a 30% stake in its national airline. Arkia Israeli Airlines, El Al and Etihad Airways all purchased tender documentation but never made a takeover offer. Later that year, the government announced that Turkish Airlines was close to making a takeover bid for both the airline and the country’s airports but added it would not sell its national carrier at any cost. Plans to privatise the carrier in 2014 did not materialise either, however, the CEO of Montenegro Airlines, Daliborka Pejović, recently said, “Montenegro Airlines is in continuous contact with the Privatisation Council and is giving serious consideration to all letters of intent”. Earlier this month, the government admitted that potential investors have shown no interest in the airline.

Meanwhile, the French concession and construction company Vinci recently expressed interest in establishing a partnership with Airports of Montenegro. Over the years, several companies have eyed a stake in the operator, including the Turkish conglomerate Limak Holding. The CEO of Airports of Montenegro, Milovan Djuričković, who has run the company since 1999, has spoken out against attempts to privatise the two airports. “There can only be three reasons for privatising a company. One is if the management is bad, which in this case it isn’t, the second is if the company is unable to finance further development, which isn’t the case, and lastly if the government is strapped for cash. An airport is of strategic importance to a country”, Mr. Djuričković said. Last month, the International Air Transport Association (IATA), voiced its reservation over the privatisation of airports. The global airlines body said governments should resist the temptation of earning revenue through such exercises and evolve policies supportive to all players to spur growth in the aviation sector.

Montenegro Airlines becomes the third airline from the former Yugoslavia to be listed for privatisation this year, following Adria Airways and Croatia Airlines. Slovenia is seeking to sell a 96% stake in Adria, while the Croatian government has set up a commission for the privatisation of its national carrier. A tender for the submission of bids is expected to take place early this year.


  1. Anonymous09:33

    I can understand someone buying Croatia Airlines or Adria but YM? What would they gain exactly?

  2. Anonymous09:47

    Otimanje aerodroma za sicu para od Jata je posle pljacke Cilipa drugi najsramniji dogadja na exYU prostorima.

    1. Anonymous12:11

      I agree! But people of Serbia put in charge such politics. Of course, so called democrats had to be dismissed at that time but, now, it is high time Mr Vučić was dissmised as well. People should try to find better politicians until people are satiesfied.


    3% less flights cc 1320
    7% more pax cc 65 700
    11% more pax per flight cc 50

    On this:
    2% less sch flts and 4% more sch pax
    15% less charter flts and 47% more charter pax

    7% more scheduled pax per scheduled flight
    74% more charer pax per charter flight (charters out of PRN is the main reason)

    More or less this was flown with
    2 A319
    5-6 CRJ9 (1 on scheduled maintenance)
    2 CRJ2

    1. Anonymous12:37

      Good for Adria. Looks like that their "less is more" strategy works. Will be nice to see the growth when they lounch new flights in sping.

  4. Anonymous11:28

    They cant sell it, since liabilities is are times higher than assets, and it is far from profit. They can only be happy if they give it to anyone for free.

  5. Anonymous11:35

    Milovan Djuričković is one of the most corrupt people in Montenegro and that says a lot. There isn't a single party or family member he hasn't employed at the airport. It's absolutely disgusting. Of course he doesn't want to loose control of his personal kingdom.

    1. Anonymous11:41

      I remember this site writing something about it but I can't find it anywhere.

    2. Anonymous11:56

      My favorite "Hazera Rastoder, wife of Deputy Speaker of Parliament, has been awarded with a position at the airport’s Archives Department. Hazera previously worked at a newspaper stand." :D

    3. Anonymous12:37

      Hahahahahaha :D

    4. Anonymous13:43


    5. Anonymous23:43

      That is the very airport where there are announcements: "Pasandžers for Londoon to prosid to pasport kontrool"...

  6. Anonymous11:40

    Just some of the headlines relating to Montenegro Airlines over the past few years. No wonder no one wants to buy them

    Police investigate Montenegro Airlines
    Montenegro Airlines hit by poor results
    Montenegro Airlines falsified financial reports
    Montenegro Airlines debt nears 70 million
    Montenegro Airlines sacks Serbian staff
    Montenegro Airlines denies cover up claims
    Montenegro Airlines covers up millions in debt
    Saving Montenegro Airlines


  7. Anonymous13:55

    In my opinion best idea to merge Montenegro, Croatia Airlines and Adria into one and then sell it. That could actually have some value.

  8. Anonymous13:56

    I wonder what the chances of Air Serbia buying Montenegro Airlines are?

    1. Anonymous16:48

      No way... it would be just easier for JU to let YM die.

  9. Anonymous14:41

    Does someone know how big Serbia-North America market is?
    I wonder if there is room for BA to return on LHR-BEG route.

    1. Anonymous16:48

      BEG-ORD is 140.000 passengers per year.

    2. Anonymous18:53

      Wow so BEG-ORD/ORD-BEG could go daily!

    3. Anonymous20:10

      If the price is right, British Airways should wet lease their new 788s to Air Serbia for BEG-ORD and YYZ. That would avoid issues with the new bilateral, right?

    4. Anonymous00:22

      With connecting passengers BEG-ORD could go daily without a problem.

    5. Anonymous00:47

      LAX 3-4 pw
      ORD 7 pw
      YYZ via YUL 4 pw
      JFK pw
      Ali nazalost to je samo moja zelja u kojoj bi ja voleo da ASL leti sa 77L na tim rutama.
      A ja bi pre 77L uzeo zbog mogucnosti letenja za LAX .
      I to bi uzeo od EY 77L prima 238 a EY A332 262 putnika.

    6. Anonymous09:18

      Nema trzista za LAX, oko 3.500 putnika mesecno.

    7. Anonymous11:23

      Thank you all for the info.
      BA could essentially connect to the entire East Coast, Chicago and Toronto with morning flight to BEG (the way it used to have). I've heard visas as the reason for overall low demand, but for transit pax this is a non-issue. They could compete with AirSerbia on flight time alone. AirSerbia prices R/T at ~gbp250 at minimum. Yes, they could dump it in case BA enters the market, but I'm sure that BA's better offering would prevail.


    8. Anonymous17:22

      If you add code share agreement with AA from ORD (Etihad already has code share with AA to 98 destinations) AirSerbia could easily sustain year-long daily to ORD. Now, I'm not sure how plane utilisation works and what's possible/permissable, but round trip to ORD with turnaround times works out to almost 24hr.

  10. Anonymous16:51

    OT: Just one random stats. Friend flew , Air Serbia morning flight to Zurich, 40% load factor. This is quite a slow period.

  11. Anonymous17:48

    Svaki put pise neko LF od ASL ajde jednom napisite od CTN.

    1. Anonymous18:38

      Evo, ja sam letio Zagreb-Dubrovnik prošlu nedjelju, Airbus A319, 144 sjedala, 8 mjesta prazno, letovi Zagreb-Dubrovnik-Zagreb su obično izvrsno popunjeni, a ljetni letovi ponekad i mjesecima unaprijed! Zadovoljan?

    2. Anonymous18:50

      Ok ovaj tvoj komentar je toliko pun frustracije da mi je podario rak....
      ASL ima los LF samo na nekim rutama kao sto su Tel Aviv, cak i Beirut, Skoplje, Budimpesta. Najbolji LF je na letovima za CDG, Moskvu, London i Frankfurt idu dobro, i Berlin, i Tivat, i Podgorica, i Bukurest... Tako da u sustini LF ASLa i nije toliko los

    3. Here we go:

      OU416 ZAG FRA 115pax a319
      OU417 FRA ZAG 67 PAX DH4

      OU380 ZAG SPU FCO 32 PAX DH4
      OU662 ZAG DBV 74 PAX DH4
      OU413 FRA SPU 94 PAX A319
      OU414 ZAG FRA 80 PAX A319
      OU442 ZAG VIE 12 PAX DH4
      OU411 FRA ZAG 91 PAX A319
      OU436 ZAG MUC 21 PAX DH4
      OU464 ZAG ZRH 41 PAX DH4
      OU470 ZAG CDG 83 PAX A320
      OU492 ZAG LHR 59 PAX A319
      OU493 LHR ZAG 86 PAX A319
      OU440 ZAG VIE 13 PAX DH4
      OU450 ZAG AMS 90 PAX A319
      OU4436 ZAG MUC 44 PAX DH4
      OU4437 MUC ZAG 27 PAX DH4
      OU451 AMS ZAG 79 PAX A319

      Good enough?

    4. Anonymous18:59

      Sto se odma uvredite samo sam rekao da se svaki 2-3 dan pise kako ASL ima los LF a to je suprotno.
      A ovo je prvi put da ja vidim da je neko napisao vecu listu LF-a CTN-a.

    5. Anonymous19:22

      Thank you for info Dusan !
      LF to Vienna is very bad, I am very surprised by it. Do you have LF for ZAG-SJJ-ZAG route. Thank you again

    6. No prob.

      Only the ZAG SJJ leg. OU342 DH4.
      Today 47 pax.
      Yesterday 19 pax, the same a/c

    7. Anonymous19:50

      Na kojoj routi imaju najbolji LF.
      Hvala unapred.

    8. As of today, Frankfurt it is. 3 rotations as following:
      OU416 115 PAX a319
      OU417 67 PAX DH4

      OU410 66 PAX DH4
      OU411 91 PAX A319

      OU414 80 PAX A319
      OU415 52 PAX A319


      OU4436 44PAX DH4
      OU4437 27PAX DH4

      OU436 21PAX DH4
      OU437 24PAX DH4

    9. Anonymous20:35

      Dusan can you post ASL pax numbers for today. I am not trying to start a debate just curious to how they are doing

    10. Dusan sorry for asking but yesterday Croatia sent their A320 to Skopje was is because of good LF or just not enough DH4 planes?

    11. Sorry, no info for ASL.

      OU368 ZAG SKP (30JAN) 36 PAX A319 9ACTI
      OU366 ZAG SJJ 25 PAX DH4

      Yesterday a319 was deployed due to cargo and mail totaling as much as 1900 kgs.

  12. Anonymous22:44

    Dismemberment of Yugoslavia will cost priceless in every line of work so in the civil aviation as well. No healthy industry, no civil aviation at all.

  13. Anonymous03:32

    WTF? Some 18m people in ex-yugo use civil aviation.

    1. Anonymous22:45

      Yeah, they borrow money from banks to buy their tickets. And repay their loans in Swiss Francs.

  14. Anonymous22:48

    facepalm at how stupid that sounds

    1. Anonymous10:44

      Oh, it seems you're a nervous wreck fed up to the back teeth with the above; are you in ticketing?

      In addition, not only the passengers but did all the Ex-Yu airlines come off worse.
      JAT was sold at a as low price as if it had fallen from the back of a lorry, Adria Airways and Croatia Airlines have been put on sale for years but both are not under any offer, BH Airlines is in big and mounting debt and probably is going to be shut down, Macedonian Avio-Transport and Srpska's Sky Srpska were closed long ago, the Airline from the headline's been put to the wall too. So, think one more time about what I said but first screw some head on.

  15. Anonymous11:06

    Slovenia eyes Qatari investment for ailing airline

    Might another unlikely partnership with a growing Gulf airline save a second ailing national carrier in south east Europe? Slovenia appears to hope so, as it has reportedly offered Qatar Airways a stake in Adria Airways, which the Ljubljana government is lining up for privatisation. The prospect of a Qatari takeover is tenuous, not least due to the Slovenian airline’s difficulties. But the offer is nonetheless intriguing as it highlights both growing interest from non-European carriers in European aviation and the progress of Slovenia’s privatisation programme.

    Borut Pahor, Slovenia’s president, proposed that Qatar Airways take a stake in Adria during a meeting with Qatari Emir Sheikh Tamim bin Hamad al-Thani in Doha on January 15, a Slovenian official told a number of Gulf newspapers. The proposal follows the rescue of Serbian airline Jat by Etihad of Abu Dhabi in 2013 and its reinvention as Air Serbia.

    Ales Cantarutti, state secretary at Slovenia’s Ministry of Economic Development and Technology, said the suggestion had received a “very good response” from the Qatari leadership and said that Qatar Airways should “seriously think about” it.

    On January 9, Reuters reported that two Slovenian government investment companies, SDH and PDP, and state-owned bank DUTB had agreed to sell their combined 91.6 per cent stake in Adria. The airline is one of 15 companies that a previous government earmarked for privatisation in 2013, of which three have been sold so far – including Adria’s main hub, Ljubljana’s Joze Pucnik Airport, bought by German company Fraport.

    Slovenia last tried to privatise Adria in 2012, in a process that reportedly attracted 10 bids but did not result in a sale and raised questions about transparency.

    The prospect of Qatar Airways taking a stake in Adria was first raised even earlier, by Pahor’s predecessor Danilo Turk in 2009, but Qatar quashed rumours of interest.

    But since then, in 2013, Abu Dhabi’s Etihad took a 49 per cent stake in, and management control over, Serbian flag carrier Jat, since renamed Air Serbia.

    “I don’t see why Qatar Airways would not do the same,” Cantarutti was reported as saying.

  16. Anonymous13:15

    The former Yugoslav republics couldn't pull together, now all of them would sell up even their undewear.


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