Germany's Offen Group is exiting the bulker sector.

The company has sold its majority stake in shipmanager Bremer Bereederungsgesellschaft (BBG) so that it can focus on operating larger containerships, said managing owner Claus-Peter Offen.

Bremen-based BBG has been hived off as part of a management buyout led by managing director and shareholder Joachim Zeppenfeld.

It is being sold as part of a series of company disposals that do not fit the strategy of the Hamburg-based shipping company.