The ownership of Danish shipping group Armada has quietly undergone further changes.
Long-time partner Holger Schou Madsen has stepped down from the management and switched his owning interests to Martin Egvang and Lars-Peter Madsen.
Madsen's departure follows a management buyout of Armada Group in 2004, when founder Jorgen Dannesboe also left to set up Maestro Shipping.
Madsen will continue his ties with Armada as a consultant.
Armada
