A 21-year-old Portland fisherman is in custody after allegedly stabbing a 29-year-old associate twice in the back.
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Detective Sergeant Jason von Tunk, of the Portland police crime investigation unit, said the man had been arrested after being released from Warrnambool Base Hospital and was currently in the Warrnambool police station.
"He's in the process of being given legal advice and then we'll interview him," he said.
"We are still trying to establish the circumstances which led to the victim, a 29-year-old Portland fisherman, being stabbed in the back twice on Sunday evening."
Police were alerted to an incident on the trawler wharf off Lee Breakwater Road at 7.20pm Sunday on the Portland foreshore.
Police believe there was an incident on the trawler Vivienne Jane which involved the 21-year-old man stabbing his associate.
It's understood that emotions had been running high for about three days before things turned physical.
The victim was stabbed twice to the back and then retaliated, allegedly bashing the 21-year-old, who suffered injuries to his face, head and upper body.
The 29-year-old stabbing victim went to the Portland Base Hospital in a taxi to seek assessment and treatment.
He was then flown to the Royal Melbourne Hospital with life-threatening injuries.
The 21-year-old also went to the Portland Base Hospital to seek treatment before being transferred to Warrnambool hospital.
Detective Sergeant von Tunk said police investigators had been sifting through a large amount of CCTV footage and images taken by a witness on a mobile telephone Sunday night.
Both men are trawler fishermen, one working on the Vivienne Jane and the other on the trawler Game Reason.
The stabbing is alleged to have happened on the deck of the trawler Vivienne Jane.
Victoria Police search and rescue squad members were in Portland or Tuesday and conducted a search for the weapon used in the stabbing.
They found a fishing knife in the sea off the trawler wharf believed to be the weapon used, which has about a 20cm blade.
"At this stage we still have no idea what was behind the stabbing," Detective Sergeant von Tunk said.
"Anyone with information about the incident is requested to contact the Portland police station on 5522 1500 or Crime Stoppers on 1800 333 000," he said.
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