Aberdeen Coastguard received a mayday call from the two crew members of the Erin Wood at about 17:10 on Saturday to say it was taking on water two miles off Peterhead.
The 24-metre vessel was in a collision with the Cyprus-registered Daroja. No one was injured.
The Marine Accident Investigation Branch (MAIB) has been informed.
A coastguard statement said: "Aberdeen Coastguard requested the launch of Peterhead all-weather lifeboat and other vessels offered assistance.
"The Erin Wood was taken under tow by a fishing vessel into Peterhead and the cargo vessel has also gone to Peterhead.
"The Maritime and Coastguard Agency will be attending both vessels and an investigation is under way."
A fuelling vessel has been towed into harbour after a collision with a cargo boat off the north east coast.