Montenegro to rebuild trade fleet with Chinese help

Montenegro plans to rebuild its trade fleet with Chinese help, Prime Minister Milo Djukanovic told Xinhua in an interview a day after beginning his seventh term.

"These ships will not be only able to pay off costs of their building, but also to contribute and create means for new ships to be built in order to completely renew the Montenegrin trade fleet," Djukanovic said.

While Montenegro has had a strong tradition in shipping dating back several centuries, its trade fleet was practically non-existant until recently.

Due to UN sanctions on former Yugoslavia during the 1990s, of which Montenegro was a part, its fleet slowly decayed trapped in foreign ports until it was reduced to a ghost fleet of ships usable only for scrap metal.

Several months ago Montenegro took over two ships made in Shanghai Shipyard, which are now sailing again under the Montenegrin flag.

"We are most satisfied with realization of this arrangement, and we plan to expand it. Credit lines given by our Chinese partners were very favorable, and all agreed deadlines are met," Djukanovic said.

The prime minister considered the project as attempt to continue a tradition of Montenegro. "Because we have received the first two ships in promised time, we are now progressing with making arrangements for another two ships of a new Montenegrin fleet to be built in Chinese shipyards," he said.