Due to the increased adoption of the onboard electric loads, medium voltage direct current system (MVDC), which contains energy storage devices, is attracting a lot of interest in ship power system studies. To ensure proper operation of such a system, suitable management system is required to maintain the voltage of the MVDC bus and confirm load-generation balance. Consequently, this paper proposes a decentralized intelligent power management algorithm to control the hybrid storage devices on modern ship power systems, considering pulsed loads. The management algorithm differentiates between the transient and steady-state needs and take the proper decision of insertion/removal of the appropriate storage device and reference values. The algorithm is validated through MATLAB and the results showed that the proposed management strategy was able to maintain the voltage of the MVDC bus and ensure proper usage of the different energy storage devices.