Hello, as of the time we were writing our daily news report, we did not yet have a definitive picture of whether the postponed meeting between Mitsotakis and Erdogan would take place, but generally speaking, there’s a Greek proverb about the …ship that’s late. Still, from what a government source said late last night, it doesn’t look good. So we know for certain that indeed the scheduled meeting yesterday evening at 9 (Greek time) was postponed for a real reason. Trump scheduled his meeting with the Arab countries at roughly the same time Mitsotakis was supposed to meet Erdogan (with half an hour’s difference), so of course the Turk wouldn’t ditch that meeting for the Greek Prime Minister. In the end, however, the American President’s meeting with the Arab leaders was delayed by about an hour and a half, which meant both Erdogan and Trump slotted in other meetings in the meantime. But we also know just as well that if Erdogan couldn’t “find”… half an hour today in his schedule for this meeting, it simply means the Turk never wanted it to happen in the first place. Not good, but of course not …the end of the world if the Turk doesn’t want to meet the Greek. And in that sense, the opposition’s reaction, just half an hour after the postponement was announced and before they even knew that the meeting was definitively off, is beyond words. Or rather, it’s a disgrace for the country that only a few minutes later Greek parties attack the Greek Prime Minister because the Turk canceled on him. Honestly, I don’t believe public opinion would have expected such an “instant” reaction from the opposition (from PASOK to Velopoulos) in order to applaud them — given one small detail: let’s not forget, we’re talking about a Greek and a Turk.

Is there an explanation?

• Now, if the meeting is ultimately scrapped, according to my source, there are explanations: First, that Greece does not recognize the Palestinian state, which annoys both the Arab countries and Erdogan. But between us, if there is any chance the Turks won’t get the F-35s, that chance is …Netanyahu. So the classic rule applies: the enemy of my enemy… And second, well, let’s face it, Erdogan did not get the same treatment under Biden, so now he’s venting his frustrations, since with Trump the conversation goes differently, especially on business matters.

Geroulanos

• Meanwhile, yesterday we had a storm of events in New York, and slipped under the radar was a proper …warning bell that Geroulanos rang for Androulakis. “If the needle (he meant the polls moving upwards) doesn’t shift in the next two months, we’re going to have trouble shifting it by the elections,” Pavlos told our leader Nikos A. Now, to tell you the truth, I don’t know how PASOK’s needle is supposed to move upward — and in just two months at that — but I do see a tendency by Pavlos, Haris, and Anna to be …let’s say politely, wagging their finger at Nikos.

The meeting with Al Sara

• Among K.M.’s meetings in New York, one stands out as rather important and was not announced in his initial schedule. I’m talking about the one-on-one expected with Syria’s transitional president Al Sara (formerly Joulani), who, from once being on the wanted list, now shows up suited and mingling with diplomats. It’s not their first meeting, as they had crossed paths in a four-way in Paris, but for us, the Middle East objectively matters quite a lot.

Maximos’ appointments

• After the formal confirmation of Maximos Charakopoulos’ appointment as secretary-general of ND’s Parliamentary Group, the Larissa politician has started meeting various MPs, trying both to “warm up” the atmosphere and to distribute roles for the daily work. Speaking of ND MPs and with Maximos “leading the charge,” now making media appearances, I see that several have started to “gain courage” and call for Samaras’ return. The question, of course, is whether they are speaking to deaf ears, since this patching-up exercise is anything but easy.

Xenokostas eyes shipyards

• A few weeks ago, Panos Xenokostas received an official invitation from U.S. Secretary of the Interior Doug Burgum to visit the United States. Having seen up close the “resurrection” of the shipyards ONEX achieved in Syros and Elefsina, Burgum reportedly asked Xenokostas to visit corresponding U.S. shipyards to explore possible acquisitions. According to reports, the ONEX boss has already visited two American shipyards and plans to visit two more in the coming period.

Theodorikakos joins in

• The government is rushing to take advantage of the favorable climate for the Hellenic Shipyards. A heavy share of the effort to boost Greece’s shipbuilding industry now falls on Takis Theodorikakos. The Minister of Development has undertaken drastic interventions to strengthen the shipyards’ competitiveness, and soon he is expected to bring to Parliament a new package of significant legislative changes. For the first time, shipbuilding has been included in the new Development Law as part of flagship and strategic investments, granting it privileged status. The next step, according to reports, will be the submission to Parliament of this legislative framework, which will include comprehensive measures for the rebirth of Greece’s shipbuilding industry as a strategic sector, with emphasis on port infrastructure and energy transition through new technologies. Specifically, for the Elefsina and Syros shipyards, investments worth €250 million are already planned.

High flying for Bank of Cyprus

• The Bank of Cyprus has now marked one year on the Athens Stock Exchange and, on this occasion, organized a dinner with its leadership and journalists. The bank’s management came from London, where they had successfully presented their model to institutional investors, focusing on 22% return on equity, CET1 exceeding 20.6%, and dividend distributions this year reaching 70%. Over its one year on the Athens Exchange, roughly 20% of the bank’s shareholding has changed hands, while the share price rose 62% — combined with dividends and interim distributions, that’s 80%. According to Chairman Takis Arapoglou and CEO Panikos Nicolaou, the bank’s strategy includes selective expansion abroad with loans to large corporations and shipping, aiming to raise its foreign portfolio to €1.5 billion. One of the most interesting points management mentioned is that annual housing loans in Cyprus amount to €1.2 billion (compared to €1 billion in Greece).

Progressive’s dangerous flirtation

• Progressive’s general meetings usually have a …family atmosphere. Few attendees, most of whom already know each other. Last week (9/19/25), however, two fresh faces showed up at the listed company’s general assembly. Naturally, the newcomers drew attention, especially when they said they weren’t shareholders but from the Capital Markets Commission, and had come to observe the meeting to check if corporate governance was being followed and generally to see procedures firsthand. The Progressive leadership was at first surprised and then rather unsettled by the unexpected visitors, who made themselves comfortable in the room and watched the proceedings. I’ve never heard of Commission officials showing up at a general assembly before, so I assume there are more surprises to come. I remind you that on August 7, the CMC had sent a letter to Progressive regarding rumors of a business partnership, to which the company replied: “If and when any agreement arises, the Company will make the necessary announcements to the investing public.” Letters, visits, a dangerous flirtation…

Strong demand for GEK TERNA bond

• Strong demand was recorded on the first day of the public offering for the GEK TERNA bond, according to stock market sources. Specifically, demand nearly reached the size of the issue, while it is estimated that in the next two days it will remain high. The public offering concludes tomorrow, Thursday, September 25, and the interest rate range has been set between 3.20% – 3.50%. The group will use the €500 million funds for the implementation of its development plans.

Qualco wants to play in the big leagues

• On Monday, September 29, Qualco’s management (€5.75 +0.52%) has scheduled the announcement of its half-year results. At the same time, however, management has decided to organize an information event to present the breadth of its activities, since most consider it simply a “bad debt handler and debt collector.” Already, the company has agreed and secured a third Market Maker on the Stock Exchange, aiming to become a “high-liquidity” listed company. At the same time, it is also eyeing an improvement in its capitalization (currently €401 million) with the help of acquisitions. In June, it acquired Empedus to develop the company’s technology arm, and in July it bought Cenobe, specialized in cybersecurity.

Climbing for Trade Estates, shallow waters for Fourlis

• With slow and steady steps, Trade Estates is closing the gap from its IPO price of €1.92, reaching €1.80 for the first time since December 2023. Yesterday it closed at €1.79, with an intraday high of €1.82, having strengthened by 4.3% over the last four sessions. Trading volume was higher on Tuesday’s session compared to usual levels, surpassing €500,000 with 285,000 shares changing hands. Eurobank Equities sees the stock at €2.23, citing generous dividend distributions and an average annual growth of 9% in rental income until 2029, driven by retail parks and the logistics sector. The steady upward course of Trade Estates contrasts with the sharp fluctuations of its affiliate Fourlis, which has posted two days of cumulative losses of 2.55%. Yesterday it fell below €4.40, losing further ground from its yearly high of €5.

Cenergy’s rally boosted Viohalco

• Parent company Viohalco controls 71.46% of the shares of its subsidiary Cenergy. Following Cenergy’s fresh upward movement yesterday, its valuation reached €2.629 billion. Consequently, 71.46% of Cenergy is worth €1.8 billion. The entire Viohalco group (which controls ElvalHalcor, Sidenor, Sidma, Noval, Corinth Pipeworks, Stomana, Sovel, Dojran Steel, CPW America, Epirus Metalworks, etc.) is worth today €1.8 billion. Of course, with holdings, valuations often work out this way. Still, Cenergy Holdings consolidated its position above €12, as with a 3.16% jump it extended its record high, closing at €12.38 and hitting €12.44 intraday. Last week, Eurobank Equities set the target price at €14.10, lowering the upside potential from 20% when the report was published to 13.9% today. Gains for the stock in 2025 exceed 31%, with capitalization reaching €2.6 billion, making it the 16th most valuable listed company on the Athens Stock Exchange. Viohalco, the “parent,” also benefited from Cenergy’s rally, staying on an upward path for the 9th consecutive session. It even reached €7.20, a new all-time high.

Alumil keeps fighting

• Tomorrow morning at 10 a.m., Alumil’s management (+3.8% €5.46) will present its half-year results to analysts via teleconference. The market rewarded the improvement in net profitability to €8.7 million. G. Mylonas reduced interest expenses by €1.5 million and at the same time managed to improve financial income by €1.1 million, obviously through aluminum hedging and moves in the forex markets. Debt remains high at €135 million, but Alumil’s presence in more than 60 countries with 34 subsidiaries acts as a “natural shock absorber” — when one market struggles, others make up for the loss. In markets like Turkey, where sales must be in local currency, Alumil invoices in euros and immediately converts receipts, thus eliminating risk. Finally, G. Mylonas stated he is not afraid of the U.S. 50% tariffs on aluminum profiles because he sells complete projects. In the projects undertaken, the metal cost is a small share of the final price, since the added value lies in engineering, design, and technology.

Tailwinds for refineries

• Russian bombings on oil production units have increased the value of the still-operating refineries. International oil prices remain under control (Brent at $66.2 and U.S. WTI at $62.3), but refining margins are rising significantly as options are limited. In Greece, Motor Oil is valued at €2.8 billion and HelleniQ Energy at €2.56 billion. Both are trading at 5–6 times their operating profits, despite market conditions boosting their balance sheet revenues by several tens of millions each month.

Maximos Mansion and the strengthening of the Greek registry

• Shipping is one of the key items on the Maximos Mansion agenda. The Prime Minister wants to strengthen the Greek ship registry — that is, for Greek shipowners to register more of their ships under it and fly the Greek flag. First move, I hear, will be further simplifying ship registration procedures, since currently it requires a mountain of paperwork and a time-consuming process. V. Kikilias mentioned the matter to Greek shipowners in London last week, during a dinner hosted in his honor by the Greek ambassador at the ambassador’s residence. The next step is to bring forward the bill on modernizing maritime education. The bill was supposed to be presented in the fall, but I hear it’s being pushed to early December. Entry scores are very low, resulting in students struggling to follow courses, with a significant percentage dropping out halfway. Recall that under Christos Stylianides, a report by the Eugenides Foundation on upgrading Maritime Education had been published. It was accepted both by the Union of Greek Shipowners and the minister, but was never implemented. It wasn’t even discussed in the Maritime Education Council of the Ministry. Or rather, it was put on the agenda the day before the Council meeting, but withdrawn the next day. Maximos is moving now out of concern for the future of the Greek registry. We are seeing a steep decline in ships flying the Greek flag, which is now supported by only a handful of patriotic shipowning families.

The aging ferry fleet, the €4 billion and the bankers

• Under new environmental laws, the renewal of ferry and Short-Sea Shipping (SSS) fleets is imperative. The system is collapsing, because the amounts required are enormous, financing is difficult, and time is running out for everyone. Implementation of the Fit for 55 package, under which in 2023 the European Commission extended the Emissions Trading System (ETS) to maritime transport, alongside related action agreed at the IMO, makes the replacement and modernization of Greece’s aging SSS fleet urgent. More than 70% of ships are over 30 years old. Also, by 2030, 70–75 ferries will need to be replaced due to age and strict emissions regulations. It is estimated that about €4 billion will be required for renewing the Greek ferry fleet, to comply with new environmental rules and strengthen sector sustainability. For this reason, on September 30, 2025, there will be a meeting between the board of the Hellenic Chamber of Shipping and the Union of Banking and Financial Executives of Greek Shipping to discuss financing methods. In the background, however, there seem to be no investors interested in either ferries or SSS, which is particularly worrying.

Greeks in Indonesian shipyards and the plan for the next day

• Indonesia is on a path of economic growth and is made up of 17,508 islands. Now that growth has arrived, the government is focusing on shipyards, in the first phase to build ferries but also cargo ships for Short-Sea Shipping, to transport goods between islands. The effort is starting methodically, and the Indonesians turned their eyes toward Greece. Greek shipbuilders hold key positions, responsible for building commercial ships rather than ferries. There are also Greek shipowners who have cautiously started placing orders or are assessing conditions to move forward.

The big step in America

• Analysts consider the agreement recently struck by Allwyn International, OPAP’s parent group, to acquire 62.3% of U.S. fantasy sports company PrizePicks, as significant as the earlier plan for listing on Wall Street. The initial price tag of the deal is $1.6 billion, valuing PrizePicks at $2.5 billion, while if certain targets are achieved between 2026–2028, the valuation could reach up to $4.1 billion. The acquisition will significantly strengthen Allwyn International’s presence in the massive and lucrative U.S. gambling market, especially in Daily Fantasy Sports (DFS), which are skill-based and therefore available even in states where betting is not yet licensed. Thus, Atlanta-based PrizePicks now counts millions of active users per month in more than 45 states, with adjusted EBITDA of $339 million for the 12 months to June 2025, over 60% annual revenue growth, and strong cash flows.

Field cots (just in case)

• The column almost broke out in cold sweat thinking we might be preparing for …call-up orders when it learned that the Superfund is running a tender for 1,777 field cots. However, the tender, to be conducted through the National Electronic Public Procurement System, concerns something else: a sign of the serious — and already existing — impacts of climate change. The Superfund, via its Strategic Contracts Unit and acting on behalf of the “Ministry of Climate Crisis and Civil Protection,” undertook to implement the contract, with a total estimated value of €109,000 plus VAT, for equipment that allows the immediate housing of populations affected by natural disasters. Specifically, the contract concerns the procurement of camp beds – field cots, for immediate accommodation of people after disasters, for the needs of the Ministry’s General Secretariat of Civil Protection and its local services. You see, after Daniel and everything happening because of the climate crisis, the way such situations are handled is now very different.

A Greek at the Turkish House in New York

• At the Turkish House in New York, the day before yesterday, CEOs of corporate giants such as Amazon, Ford, Coca-Cola, IBM, GE Aerospace, Boeing Global, JPMorgan, and Bank of America were invited. On the Greek side, also at the table as a guest of the Turkish President was Byron Nicolaides, Founder and CEO of PeopleCert, the Greek multinational with a global footprint. Byron Nicolaides, born in Constantinople, maintains close ties with the City and works through various initiatives to keep the Greek community alive. An interesting fact: Most of the executives of the Fortune 500 companies that participated in the round table have used PeopleCert’s certifications. The company’s product portfolio is available in more than 200 countries and used by 50,000 companies as well as 800 government organizations worldwide.

Today’s stock markets and the “golden” tomorrow of central banks

• Bank of America published a revealing chart: fund managers are thrilled with stock markets and hold just 3.9% in cash. In contrast, central banks are hoarding gold in their vaults. Gold reserves have surpassed 1.2 billion ounces, the highest since the 1970s. The price of gold — in 2025 alone — has risen by +42% to $3,825 per ounce. This year, gold has delivered triple the returns compared to the S&P 500 index on Wall Street, which itself is breaking record after record. The picture is bizarre: stocks are rising, bonds are rising, gold is rising, cryptocurrencies are rising, and housing prices are rising. Is everyone winning? Central bankers, however, are quietly stockpiling gold.