Telis Mystakidis invests in shipping

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Of George Georgiou

Shipping portfolio seems to be “built” by billionaire Telis Mystakidis, investing in Union Maritime, a company based in the United Kingdom.

Earlier in the year, the shipping company, which has traditionally operated in tankers, decided to open up to the bulk dry cargo market, as fares were at an exceptional level.

To support this venture and the acquisition of ships, Union Maritime has set up, as Tradewinds writes, four subsidiaries, each with three shareholders.

The details are listed in the UK Business Register and read on Capital.gr reveal that all four subsidiaries have a shareholder in the Swiss investment scheme “Anastasia AG”. The corresponding data from the Swiss register connect this figure with Mr. Mystakidis.

The billionaire’s move is interpreted as a vote of confidence in the shipping market, namely that of dry cargo.

This year, analysts explain, has significantly boosted capital inflows from serious investors in a number of shipping industries, as fares in key sectors have “taken off” and the outlook for the future remains favorable.

Of course, the arrival and long stay of institutional investors in shipping is a difficult case, due to the variability and fragmentation that characterize it, analysts point out.

The CV

Telis Mystakidis, who is originally from Thessaloniki and currently lives in Switzerland, is one of the richest people in the world. According to the annual Forbes list, in 2021 Mr. Mystakidis is ranked at 1,362 worldwide, with a fortune of $ 2.3 billion.

According to the Forbes website, Mr. Mystakidis started in the commodity sector at the American Cargill and moved in 1993 to Marc Rich & Co. The company was later acquired and renamed Glencore.

He became a billionaire in 2011 with the public listing of Glencore and now owns more than 3% of the company. In 2018 he resigned from the position of Glencore copper industry director.

Last year it became known that it acquired a percentage of more than 5% in Piraeus Bank. Last January, its share fell to 3.04% and today, after the recent capital increase, it owns 2.90% of the shares.

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Source From: Capital

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