Greece's Vernicos Tugs & Salvage and Italy's Scafi Societa di Navigazione have joined forces to create a new towage player.
Scafi has bought 50% of its Greek partner to form Vernicos Scafi for operations in Greece with 40 tugs.
The new company will be headed by president Dimitris Vernicos and vice president Paolo Visco.
Vernicos said the investment was "a vote of confidence in Greece at a time when the country needs real investment."
"This move shows that Greek shipping remains a powerful piece of the country's national economy capable of attracting significant foreign investment," it added.
The company will continue to maintain a family business approach, it said.
Scafi was founded in 1975 by Salvatore Cafiero. It also operates in Italy, Croatia and Morocco.
