That year the master of the Navy Gerasimos Zochios, founder of the Navy Retirement Fund, suggested that the Fund takes the task of collecting and conserving objects related to the Greek maritime history.

On April 7, 1949, a group of distinguished citizens of Piraeus together with officers of the Navy and Merchant Marine, sharing a love for the sea and ships, gathered in the office of the then Minister Gerasimos Vassiliadis and signed the memorandum of association under the name "Maritime Museum Society and collection of national relics at sea."

The museum is located at Freatida, near Zea Harbour, in Piraeus and in its halls are exhibited more than 2,500 objects sorted chronologically and thematically, evoking the maritime history and tradition from prehistoric times to the present day.

In its exterior space sculptures and important outdoor exhibits are located such as the conning tower of the historic submarine "Papanikolis' and anchors of the ships of the time of the Battle of Navarino.

The museum exhibits approximately 2500 items related to the maritime history of Greece from prehistoric times to the present day and include many ship models and a number of paintings from the late 19th and early 20th centuries.