Sources sayVernicos Zouros, which is backed by VernicosArgonaftis of Piraeus and Zouros Maritime of Thessaloniki, has picked up the 4,800-hpVagia II (built 1998).

Market observers say the unit, which usedto trade with Fairplay Towage of Germany when it was known as the Fairplay 22, may have fetched upwards of $3.3m if the transaction was in line with current averages.

When the smoke clears Vernicos Zouros will oversee22 towage and salvage tugs that are targeting employment in Northern Greece andother Mediterranean regions where offshore drilling is underway in addition to conventionalwork with containerships, bulkers and tankers.