Italian joint venture acquires majority stake in Greece’s Zouros

Euro-Greek Towage Maritime Company (GMC), a joint venture formed by Italian companies Rimorchiatori Mediterranei, Neri Group, and Cafimar, has signed a letter of intent (LOI) with Greek towing provider Zouros Group that will lead to the former acquiring 80 per cent of the latter’s assets and operational interests.

The transaction will ultimately see GMC’s current fleet of four ASD tugs join the Zouros fleet, which presently has 11 tugs, five anchor handling vessels, and three crew boats operating in the ports of Piraeus and Thessaloniki.

For this purpose, a new joint venture company will be incorporated in which Zouros Group will hold the remaining 20 per cent stake and the operational responsibility of the company jointly with GMC.