Peter Kremtz was a member of the East German coxed fours crew that won the Olympic silver medal at Mexico in 1968. He was replaced by Manfred Schubert at the 1969 East German Championships, and they went on to win the title. In 1966, Kremtz and Roland Göhler won the gold medal at the World Championships in the coxless pairs. The two men had also won the 1964 national title and finished second in 1965 and 1967.
Kremtz married the non-Olympian Ingelore Bahls and worked for Deutsche Reichsbahn, and later Deutsche Bahn, as a graduated railroad traffic engineer.