Greek tug operators Spanopoulos Group and Aegean Tugs widened their existing cooperation into a full-blown merger that will create the biggest company of its kind around the port of Piraeus, according to managers involved in the deal.
The two companies agreed to form Mediterranean Tugs (in short: “Med Tugs”) . The new entity will manage 32 towage vessels in the Piraeus and southern Greece.
The move, announced during Posidonia, drives consolidation in the Greek towage and salvage business even further. Aegean Tugs is itself the result of a joint venture between the Lyboussakis, Vernicos and Karapiperis companies. Aegean Tugs had in turn been cooperating with the Spanopoulos Group for several months now, with both entities retaining their full independence so far. Aegean Tugs and Spanopoulos merged their operations in northern Greece about two months ago and now proceed with a full-blown merger for their key market of Piraeus and southern Greece. The two partners will retain independent control over part of their fleets in other regions.
Dimitris Vernicos, a partner with Aegean Tugs, on 20 March signed a cooperation agreement with international salvor Ardent.
