Cyprus Business Now

Cyprus-based ship management company Intership Navigation, founded 35 years ago by German ship owner Alfred Hartmann, recently announced its separation from the Hartmann Group through a management buyout by its long-term CEO Dieter Rohdenburg.

According to the announcement, as of January 1, 2024, Dieter Rohdenburg acquired the majority shareholding of Intership which includes its subsidiaries Intership Navigation Co Ltd, Donnelly Tanker Management and Hartmann Crew Philippines.

Moreover, the Hartmann Group, now run in second generation by CEO Niels Hartmann, decided to divest of its Cyprus-based management company in early 2023.

“I am happy to have agreed on the transfer of ownership to Dieter Rohdenburg who has been with the company for 34 years, 13 of which as the CEO,” Niels Hartmann said of his decision.

“This will ensure that the business will continue to be run successfully and at the same time the independence from our ship-owning group will allow Intership to grow through the acquisition of new clients,” he added.

Hartmann will maintain its presence as a pure ship owner in Cyprus, focusing on bulk carriers and their commercial management.

In addition, the Hartmann Group will strengthen its activities around Gas carrier owning, management and crewing in Germany.

“I am excited about the opportunity to develop Intership as a pure ship manager and to take the company to new heights,” said Dieter Rohdenburg.

“Ship management has been in our DNA since the very beginning some 35 years ago,” he added, noting that “the independence will allow us to expand our service offering and create value for a larger client base”.

Intership Navigation was founded in 1988 and now manages approximately 60 vessels in full management and more than 100 in crew management.

The company said that it will continue to manage the Hartmann-owned vessels from its offices in Limassol.

The Cyprus Borrowers Association (Syprodat) this week said that they recently met with the governor of the Central Bank of Cyprus (CBC) Constantinos Herodotou, with the discussion focusing on the further expansion and reinforcement of the Supervision of Credit Acquiring Companies and Credit Administrators.

Moreover, the association said that the central bank has outlined mechanisms for these enhancements, aiming to refine regulatory frameworks in the financial sector.

Syprodat president Costas Melas, along with the association’s director Jenny Papacharalambous, expressed their acknowledgement of the “exceptional work being done at the Central Bank of Cyprus”.

The association was also briefed on the central bank’s engagements with European authorities in the field of financial ethics, aiming to draw on best practices and enhance its own financial ethics service.

These collaborative efforts, the association continued, are expected to have positive implications for both the continued reduction of Non-Performing Loans (NPLs) and the broader economy.

Syprodat also raised current issues related to the treatment of borrowers by banks and credit management companies during the meeting.

What is more, emphasising the importance of proactive communication, Syprodat reiterated its stance that borrowers facing or likely to face difficulties in loan repayments should promptly contact their respective banks or credit management companies.

Moreover, the association underscored the significance of restructuring and regulating loans in accordance with the Central Bank of Cyprus’ directive and code.

Syprodat highlighted that, as per the CBC’s code and directive, banks are obligated to provide various viable restructuring and regulation solutions to borrowers based on their existing and anticipated financial data.

Furthermore, banks must offer well-documented explanations, detailing the repercussions of each proposal

This collaborative effort, the association explained, aims to ensure a balanced approach that satisfies the interests of both borrowers and financial institutions, preventing unnecessary foreclosures through restructuring mechanisms.

The Cyprus Stock Exchange (CSE) ended Thursday, February 1 with minor losses.

The general Cyprus Stock Market Index was at 136.74 points at 12:55 during the day, reflecting a decrease of 0.02 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 82.97 points, representing a drop of 0.04 per cent.

The total value of transactions came up to €173,124 until the aforementioned time during trading.

In terms of the sub-indexes, the main index rose by 0.05 per cent while the alternative index fell by 0.36 per cent. The hotel and investment firm indexes remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.29 per cent), Tsokkos Hotels (-1.96 per cent), Petrolina (-0.92 per cent), Hellenic Bank (+0.88 per cent), and Vassiliko Cement Works Public Company (-1.23 per cent).