Croatian owner Tankerska Plovidba and shipbuilder Iskra are plotting expansion after taking over G&V Line.
The two companies have paid an undisclosed amount for the Dubrovnik-based ferry operator.
G&V, which operates a fleet of seven vessels, has a concession to operate between Dubrovnik and Lastavo island for another four years.
"I am happy to have sold the company to such a good team," former owner Lenko Garbin told the Poslovni Dnevnik newspaper.
"They carried out due diligence and had no objections."
Garbin will remain with the company as an advisor.
Tanker owner Tankerska will now target expansion in the Adriatic Sea, where new routes could be set up, the report said.
It also plans to buy new vessels.
The deal was completed at the end of February, it has emerged, before the coronavirus pandemic took a full grip on the country.
Zagreb-listed Tankerska has 10 tankers, including a suezmax and four aframaxes.
The Zadar-based company is also the controlling shareholder of listed MR tanker spin-off Tankerska Next Generation (TNG), which has six vessels.
Virus is a 'powerful test'
Tankerska said in a statement: "Beyond doubt, we can confirm that the global spread of the virus will be a powerful test from a social point of view, as well as the fact that it will hamper future economic perspectives.
"The company has no intention of making any forward-looking statements or assumptions about how long the pandemic could affect various market aspects and does not have mechanisms in place to analyse this unique situation in depth," Tankerska said.
"A global economic slowdown seems like an inevitable outcome, as is evident from recent trends that have emerged in the capital markets."
The company emphasises, however, that 99% of its revenue is from international operations.
Its focus is now on securing revenue based on long-term time charters.
"Most of the fleet have valid contracts concluded with worldwide prominent corporations," Tankerska said.
"If we look at 2020, the company, as of 12 March, through multiple time charters has secured a total of 1,116 revenue days (+7% compared to the same day of the previous year), representing a minimum of $17.3m (+16%)."
Tankerska said it was indisputable that the product tanker market is currently affected by the pandemic, but it is not losing sight of supply and demand "fundamental drivers" which are generating a positive effect on freight rates.
