According to *The Serbian Economist*, owners from Ukraine own 21 yachts registered under the Montenegrin flag, placing Ukraine fifth among all countries in terms of the number of vessels in the Montenegrin register and fourth among foreign owners.
As of 12 August 2026, there were a total of 576 vessels in the Montenegrin yacht register, according to the updated list from the country’s Maritime Safety Authority. Only 79 yachts are registered to individuals or legal entities from Montenegro itself, whilst owners from other countries own 497 yachts, or 86.3 per cent of the total fleet.
Serbia remains the clear leader. A total of 193 yachts, or 33.5 per cent of the entire register, are registered to individuals and legal entities from Serbia. Russia ranks second with 112 yachts and a 19.4 per cent share. Together, owners from these two countries own 305 vessels — almost 53 per cent of all yachts flying the Montenegrin flag.
The ranking of the largest owner countries is as follows:
Rank Country of yacht owner Share of the register
1 Serbia 193 33.5%
2 Russia 112 19.4%
3 Montenegro 79 13.7%
4 USA 27 4.7%
5 Ukraine 213.6%
6 Bosnia and Herzegovina 18 3.1%
7 Israel 11 1.9%
8 Germany 10 1.7%
9–10 Switzerland 9 1.6%
9–10 Estonia 9 1.6%
11 United Kingdom 8 1.4%
The number of Ukrainian-owned yachts in the Montenegrin register has increased significantly in the last three months alone.
As at 12 May 2026, the register contained 536 yachts, of which 17 were owned by Ukrainian owners. At that time, Ukraine ranked behind Bosnia and Herzegovina, whose owners held 18 yachts.
By 12 August, the number of yachts owned by Ukrainians had risen from 17 to 21, as a result of which Ukraine overtook Bosnia and climbed to fifth place in the overall ranking.
In total, since the end of 2025, the Montenegrin register has grown by 51 yachts, and by 40 since May alone. However, the current composition of the register indicates that this growth is driven primarily by foreign owners.
In May, the owners of registered yachts represented 49 countries. Among them, in addition to the largest groups from Serbia, Russia, the USA, Ukraine and other European countries, were owners from Canada, Turkey and Norway, as well as from jurisdictions such as the British Virgin Islands, the Seychelles, Vanuatu, the Marshall Islands and Belize.
However, owners from EU countries account for a relatively small proportion of the register. In May, they accounted for only around 7.8 per cent of yachts. The most prominent EU countries were Germany and Estonia.