Germany’s Hartmann Group has sold the technical management business of its Cyprus operation Intership Navigation.
The company has been acquired in a management buy-out by long-serving chief executive Dieter Rohdenburg.
Intership Navigation was founded in 1988 by Alfred Hartmann.
It was at first a shipowning company, before expanding into third-party management.
There are now 60 vessels fully managed and more than 100 under crew management, including bulkers, general cargo ships, gas vessels and product tankers.
According to an announcement from the Limassol-based company cited by Cyprus Business News, the change was made from 1 January. No financial details have been disclosed.
Rohdenburg acquired a majority shareholding, including the Donnelly Tanker Management subsidiary, which handles tankers and LPG carriers owned by Hartmann, Hafnia, Pelagic Partners and others.
Hartmann Crew Philippines is included, but Intership’s owned fleet is not.
Intership is listed as owning 21 bulkers and multipurpose vessels, largely handysizes. Another MPP is being acquired from Feederlines in the Netherlands.
Hartmann has a 48-ship fleet worth $1.2bn, including tankers and LPG carriers, according to VesselsValue.
The group, now run by second-generation CEO Niels Hartmann, decided to offload the business early in 2023.
Hartmann said: “I am happy to have agreed the transfer of ownership to Dieter Rohdenburg, who has been with the company for 34 years, 13 … as the CEO.
“This will ensure that the business will continue to be run successfully and at the same time the independence from our shipowning group will allow Intership to grow through the acquisition of new clients.”
Hartmann said the company will keep its presence on the island as a shipowner, focusing on bulkers, as well as commercial management.
It also aims to boost its gas carrier presence in Germany.
Rohdenburg said: “I am excited about the opportunity to develop Intership as a pure ship manager and to take the company to new heights.
“Ship management has been in our DNA since the very beginning some 35 years ago. The independence will allow us to expand our service offering and create value for a larger client base.”
