Hello, over the past week we got a fairly good picture of where the government stands from a polling perspective, since we saw data from at least three serious research companies. Well, sorry but…you can’t exactly call them “finished” with 30%–31% and another 10% not responding negatively to the government’s measures, which means they’re still within reach of returning to the fold. On the contrary, the opposition parties are in terrible shape in the polls—sorry again, but what a sight it was in Thessaloniki, Nikos declaring himself “ready” in flawless Cretan accent!

Give, Nikos, give…

Meanwhile, the measures announced by Androulakis in Thessaloniki carry a permanent fiscal cost that, with conservative estimates, exceeds €4 billion annually. To implement them, without the country returning to a regime of memoranda and enhanced supervision, taxes equivalent to several more ENFIAs would be required! Even Tsipras doesn’t say these kinds of things anymore.

Tsipras – Samaras

Now, let me tell you that at least one of the three companies also measured Tsipras’ party, finding it at 8%, as well as Samaras’ (if he forms one) at 4.2%. But you understand that unannounced parties cannot really be measured, which is why they were not included in the published results.

Policy promotion and interview

If you saw on Saturday a meeting K.M. had with a citizen regarding home delivery of medicines to chronic patients, let me tell you this will serve as a model for promoting government initiatives in the coming period. For example, he might not visit a home, but instead invite to M.M. a group of citizens affected by a large part of the Thessaloniki announcements. In general, K.M. will seek contact with citizens and highlight government initiatives by emphasizing how much they concern large groups. Of course, he will also do a general “round-up” in an interview he will give on Wednesday to Hatzinikolaou (ANT1), while on Thursday he may go to Lemnos (one of the border islands affected by the VAT reduction).

The “window” for a Mitsotakis–Erdogan meeting

The prospect of a Mitsotakis–Erdogan meeting in New York is likely but not yet finalized. This is because their schedules are at odds. Still, logic suggests that some formula will be found for them to meet by the end of the day, but the tête-à-tête is not yet “locked in.” Erdogan speaks among the first as a head of state, while ours speaks among the last as a head of government. Moreover, Erdogan stays in New York only for the absolutely necessary period. The “window” for them to meet is the two-day span of September 23–24.

Technical teams

On Wednesday, the foreign minister of Libya’s Western government will come to Athens, a sign that Athens wants to maintain open channels both with Tripoli and Benghazi. Now, it’s possible that the Turkey–Libya agreement might be ratified on Haftar’s side, but even that isn’t certain. On the other hand, talking with Western Libya is important because it’s the government that “plays ball” with hydrocarbons. That’s why Gerapetritis estimates that eventually, within October, technical talks may begin between Athens and Tripoli regarding the delimitation of the EEZ, which has been left hanging for more than 15 years.

The Chief is living his myth!

Yesterday afternoon, right outside the door of Flying Cat 4, there was a lineup: a limousine, an escort vehicle, in front a Coast Guard patrol car, and a dozen security personnel. I thought to myself, along with hundreds of astonished foreign and Greek travelers: who is this person that warrants such mobilization? “The Chief of the Navy,” they said—and indeed, without a military uniform, so it was clearly a casual outing. And I thought: come on now, really? Not even the Prime Minister has such fanfare. The admiral is truly living his myth!

The “grand return” of A. Patelis – Speech by G. Stournaras

On October 6, Alexis Patelis’ book The Grand Return will be available in all bookstores, published by Papadopoulos. The former head of the Prime Minister’s Economic Office recounts his experiences during his tenure at the Maximos Mansion from 2019 until his resignation in December 2024. The book naturally contains unknown behind-the-scenes stories about the effort to turn around the economy, the banking system, and the difficulties faced during that period. The presentation of the book will take place on October 9 at the “Onassis Foundation” amphitheater in the National Gallery. Speakers will include the Governor of the Bank of Greece, Y. Stournaras, ESM executive M. Athanasopoulou, writer R. Vitali, and A. Patelis himself, with journalist K. Giannakidis moderating.

Another energy deal: Revoil acquires “Maltezos”

Today or tomorrow, the acquisition of Maltezos (water heaters and energy) by Revoil will be officially announced. As CEO Evangelos Roussos had hinted for some time, after three decades of presence in the Greek petroleum market, he handed over the baton to the new generation to face the challenge of energy transition. Maltezos, an active player in the energy sector, is an important addition for Revoil, especially given the parent company’s strategic shift from a traditional petroleum firm into a rising player with strong presence in renewables. This is why REV ENERGY was founded at the end of 2024, with Revoil transferring assets worth over €15 million into the new subsidiary. With the acquisition of Maltezos, the subsidiary’s value may exceed €30 million—approaching 80% of the parent company’s total worth. Official announcements are awaited regarding the financing of the acquisition and its expected footprint in the energy market.

Chevron, Athens, and the November bet

Many wonder what would have happened with hydrocarbon exploration if last November’s U.S. elections had turned out differently. The reality is that Donald Trump’s return to the White House revived the “drill baby drill” doctrine and brought American energy companies back to the forefront. It is telling that Chevron’s request to participate in the Greek tender was submitted in August 2024 but was approved by the Greek government on the very day of Trump’s inauguration. A symbolic event showing that Washington and Houston now move in step. Within this climate, Revithoussa—the small island near Megara where the “heart” of Greece’s LNG beats—was filled last week with top-tier executives and businessmen. Energy magnate Dan Bergam managed to gather nearly the entire industry elite, with only Giannis Vardinogiannis absent (represented by George Triantafyllou, Motor Oil’s Head of Strategy), to sell them American LNG. The timing was no accident: just one day earlier, Chevron’s entry into the tender for Greece’s hydrocarbon blocks in Crete and the Peloponnese had been announced—causing great enthusiasm at the Maximos Mansion. The government knows, however, that no major corporate presence alone can sustain Greece’s upstream narrative. Methodical planning, speed, and decisiveness in licensing are required, to signal that the country both wants—and is able—to move ahead with exploration and exploitation of potential deposits. The next “exams” will come soon. The goal is to finalize the lease contracts and designate the Chevron–HelleniQ Energy consortium as the concessionaire of four blocks—ideally before U.S. Energy Secretary Chris Wright’s visit to Athens in November for the Partnership for Transatlantic Cooperation on Energy (P-TECC). This forum, involving 20 governments and more than 400 officials and industry representatives, will serve as a key test of credibility for Greece. If the bet is won, the country will have on its side not only the two top U.S. giants, ExxonMobil and Chevron, but also two promising “satellites”: Energean, seeking a partner for Block 2 in the Ionian west of Corfu, and HelleniQ Energy, also looking for strategic allies to step more strongly into costly exploration. Whether Greece will capitalize on this momentum—or remain a spectator in a “Hollywood blockbuster”—remains to be seen in the coming months.

Attica Group plans new shipbuilding

As the tourist season for Greek ferry operators begins to fade with the approach of late September, the race for fleet renewal is intensifying—especially among the two major groups, Attica and Minoan Lines. The fresh news I have to share concerns the Attica Group. I learn that plans are underway for another passenger–vehicle ferry, which will bolster the fleet after 2028. It’s a well-guarded secret, but nothing stays hidden in the dark room. More details will come in due course, since management has not yet finalized the design. Meanwhile, last week saw the start of construction of two E-Flexer vessels at the Chinese CMI Jinling Weihai shipyards. A reminder: it was last summer when the Greek-owned group agreed with Stena RoRo on a long-term charter with purchase option for these two ships. Their delivery is scheduled for April and August 2027. They are the largest vessels ever ordered by a Greek ferry company and will be deployed in the Adriatic. They were co-designed with Stena RoRo and built to Attica’s specifications. So, we’re talking about three newbuilds in total. At the same time, in the context of the green transition, the group will immediately withdraw Superfast III from the Patras–Ancona route in order to equip it with scrubbers (catalytic converters, in plain Greek). The process will take 2½ to 3 months. Superfast I, II, and XI have already been fitted, and I hear that Blue Star Delos, Patmos, and Myconos are next in line. Here I’ll stop sharing information—can’t burn all my cards in one go.

Executive moves everywhere – people coming and going

Tomorrow it is expected to be officially announced that Themis Chasiotis, General Director of Communications and Sustainability at Papastratos, is leaving after a long (20-year), impressive, and successful career at the company—likely to try his hand with his own firm. Last Friday it was suddenly announced that Marina Spyridaki, AEGEAN’s Director of Corporate Affairs and Communications, is leaving the airline, handing over her position to Marina Valvi, until yesterday the company’s Marketing Director. According to well-confirmed information from recent days, the two departures are related, since Ms. Spyridaki will soon be involved in the tobacco sector. There are also notable moves in our stock market analysts’ community. Petros Tsourtis, a long-time analyst at Optima, decided to move to the Investor Relations Department of Credia Bank, which has chosen to significantly boost its presence in the capital market. Market sources also report that one of the best analysts in our energy sector, Nikos Athanasoulias of Eurobank Equities, is leaving—his next destination is unknown for now.

IASO’s holdings

Not one, not two, but three new companies were created in recent days within the “perimeter” (to borrow a fresh polling term) of the IASO Health Group. Specifically, last Friday, September 12, three companies were established: Alceste Single-Member S.A., Amadis Single-Member S.A., and Atys Single-Member S.A. Their purpose (all three) is portfolio management (holding companies) and investment services (in shares, bonds, real estate, etc.). Each company has an initial share capital of €25,000, paid in cash by the sole shareholder “IASO Private General, Obstetrics-Gynecology & Pediatric Clinic–Diagnostic, Therapeutic & Research Center S.A.,” represented by Emmanouil Doulgerakis. Doulgerakis himself, an obstetrician and IASO Group’s CEO, has been appointed President of all three companies, while board member seats are held by Maria Papamarkou (Group COO) and Aristotelis Gyparis (Group CFO). Their headquarters are at 37 Kifisias Avenue, the same location as IASO itself. A reminder: IASO was acquired in 2021 by U.S. fund Oaktree Capital, which has also invested in Greece in tourism, real estate, and shipping. The IASO Group includes not only the General and Gynecology Clinics but also IASO Thessaly, the IASO Pediatric Clinic, the assisted reproduction center Institute of Life, and the MedStem Services stem cell bank. The private healthcare sector remains… hot—so every move is worth watching.

Kambouridis – DCI Advisors: And if we exchanged harsh words…

It took three whole years and countless hours of costly legal and lawyer consultations to finally reach an out-of-court settlement between DCI Advisors Ltd—the UK company developing the Kilada Hills project in Porto Heli—and Dolphin Capital Partners, controlled by Miltos Kambouridis. The rift between the two sides began in late 2022 but became public in 2023, when Dolphin Capital Investors Limited, then the parent of DCI, decided to remove Kambouridis from his director role on the London Stock Exchange. The company cited breaches of cooperation terms by DCP, escalating tensions. The roots go further back, to 2018, when DCI Advisors and DCP signed an agreement for the sale of AmanZoe, a major luxury resort property in Porto Heli, within the wider framework of cooperation for the area’s development. According to DCI, Kambouridis’ side violated key terms of this agreement, triggering a series of conflicts and disputes. Kilada Hills is one of the region’s largest investment projects, combining luxury residences and tourism infrastructure. Amid mounting tension, the two sides ultimately acknowledged the need for resolution outside the courts, opting for an out-of-court settlement. This allows the project’s development to proceed unhindered and enables each party to focus on its future business activities without the burden of ongoing litigation.

George S. Livanos, SGL, and the reception

Let me move now to a para-shipping topic with a social and cosmopolitan aura. So, last Friday—just the day before yesterday—the family of George Stavros Livanos of the shipping company Sun Enterprises attended the event in Kardamyla, Chios, celebrating the 100th anniversary of the founding of the Livaneios High School. Its founder was Nikolaos Georgiou Livanos, the shipping patriarch of the Livanos family, a legendary figure of Greek shipping. The High School, especially in its early years at the beginning of the last century, became the cradle that produced capable seafarers, some of whom later became shipowners, the most notable being Captain Panagiotis Tsakos, who was among its distinguished graduates. On the evening of the same day, in the town of Chios at the Chandris Hotel, the Livanos family, as they do every year, hosted a dinner for their employees, both executives and seafarers. Present were both the patriarch of the family, George Livanos, and his son Stavros, who within the company is known to everyone by his initials, SGL. Today, Sun Enterprises manages a fleet consisting of 15 tankers and 7 bulk carriers.

60 companies control 80% of the Greek fleet

And since we’re on the subject of shipping, I want to point out that in the sector, the big ones are becoming giants, while the small and medium players are slowly fading away. “What, how, why?” you may ask. Well, I found this statistic interesting—it concerns Greek-owned shipping, and I thought I’d lay it on the dark room’s table, so you can read it and get a picture of what lies ahead. The annual Petrofin survey records a steady trend: the major groups in Greek shipping are strengthening their dominance, while the small and medium owners are gradually shrinking. In 2024, the Greek-owned fleet grew in capacity by 2.9%, reaching 488.6 million DWT and 6,708 ships. However, the number of companies decreased to 588. The companies with 25+ ships reached 60—a record number—collectively controlling nearly 80% of the Greek-owned fleet. In contrast, smaller shipowners are under pressure from costs, regulatory requirements, and rising prices in general. The picture is clear: Greek shipping remains resilient and expanding, but with increasingly concentrated power in the hands of a few strong players.

Bond issues: Intralot completed, GEK TERNA takes the baton, PPC on standby

Tomorrow, the Hellenic Capital Market Commission will approve the new bond issue by GEK TERNA (up to €500 million), which will run on the market from September 22 to 25. Immediately afterward, according to reliable information, the new eurobond of PPC will follow, expected to launch in early October. Intralot has completed its own bond process, and now we await the terms of its major capital increase. The timing is favorable for new bond issues despite the turmoil in the European government bond market. The signal will clearly come the day after tomorrow from U.S. Federal Reserve Chairman Powell, whose speech will help investors guess how many more interest rate cuts in the dollar they can expect before year-end. Interest rate announcements are also expected this week from the central banks of Canada, Norway, the United Kingdom, and Japan. Here in Europe, things are more complicated. On Friday, Fitch Ratings downgraded France’s credit rating to A+ from AA-. The yield on the 10-year Greek government bond is approaching that of the German Bund—it stood at 2.713%—a spread of just 68.8 basis points. This marks the smallest gap between the Greek 10-year and the Bund since the global financial crisis of 2008. According to a report by Wood & Co, Greece’s debt-to-GDP ratio is steadily and rapidly declining. From 154.1% (2024), their projection points to 101.3% by 2030.

Developments among the “small, clustered” listed companies

In a few days, on September 30, the final deadline expires that the Stock Exchange administration gave to medium- and small-cap listed companies with limited free float and low liquidity. They must change their shareholder structure and secure at least two brokerage firms to assume “special market-making,” meaning to provide continuous liquidity. Information suggests that at least one listed company is unwilling to make changes, which means it will proceed with a public offer that will lead to its exit from the stock market board. On the other hand, the management of Attikes Ekdoseis has already reached agreements with BETA Securities and Depolas Investment Services, while Daios chose Alpha Finance and Optima Bank. These contracts take effect today, and more announcements are expected during the week for other listed companies facing “free float” issues.

The 5 stocks that reached new peaks

The Athens Stock Exchange may still be about 60 points below its yearly highs, but it has returned to record territory, as five listed companies reached prices not seen in years—and in some cases, nearly two decades. Aktor crossed the milestone of €8, marking the best performance among large-cap stocks in Friday’s session. In fact, it closed at its highest level in the last 18 years, specifically since November 6, 2007, when the stock had closed at €8.01. Credia Bank logged its fourth consecutive gain and its third straight session of strong returns, climbing to the €1.60 threshold for the first time since last November’s capital increase. At the same time, the bank’s market capitalization now exceeds €2.5 billion, ranking it 17th among ASE-listed companies by capitalization. Viohalco is also on a record trajectory, matching its yearly high of €6.77. The next big target is €7, a price not reached since late August 2023. Cenergy Holdings came within a breath of its all-time high of €11.3. In fact, during the session it briefly broke that barrier, hitting €11.34 at the day’s peak. ElvalHalcor is heading toward €3 for the first time in 17 years. After a five-day rally, it has risen from €2.55 to €2.86—a price last seen in January 2008.

Trump’s war with healthcare stocks

While U.S. automakers—led by Elon Musk’s Tesla—are eagerly awaiting announcements of interest rate cuts (as reflected in the upward movement of their shares on Wall Street), another sector of the American economy is experiencing major turmoil. Healthcare stocks were hit by reports (with data) that the Trump administration plans to link the deaths of 25 children to Covid-19 vaccines. Moderna’s stock fell -7.4% on Friday, while Pfizer dropped -3.9%. So far this year, healthcare stocks have posted the worst performance in the S&P 500 Index. These recent reports are being interpreted as confirmation of the Trump administration’s intention to step up its anti-vaccine campaign. Significant price declines were also seen in shares of other vaccine makers, such as BioNTech and Novavax.