Hello! I’ve already written to you that the biggest and most difficult problem for the government right now is the payments to farmers, who haven’t received any money for months. Naturally, we’re talking about several hundred thousand of them, who are protesting strongly — not to say boiling with anger. According to my source at the Maximos Mansion, the problem is enormous. The EU absolutely refuses to back down unless the payment system is fully regulated to prevent theft and mismanagement. OLAF will be stationed at OPEKEPE’s offices until Friday. Nevertheless, starting today, payments will gradually begin for the remainder of 2024, even though the deadline for submitting compensation claims for 2025 hasn’t yet expired (it ends on the 20th of the month). From today, payments will also be made for organic crops and beekeeping; on the 28th of the month, some outstanding amounts related to storm Daniel damages, sheep pox, etc., will also be paid — things I had honestly never heard of before. In total, around €150 million will “drop” — and then we’ll see. Every day at 4 p.m., Hatzidakis, Tsiaras, Pitsilis, and other officials are dealing with this issue. As the saying goes: run, little legs, run…

Kiwis, Daniel, and frayed nerves

So, with farmers’ and livestock breeders’ nerves stretched to the limit due to the significant payment delays, today’s discussion between Minister Tsiaras and ND MPs is expected to be tough. Even inside the Ministry of Rural Development, things are chaotic at times. For example, a source told me that no payment order had been sent to the Finance Ministry for kiwi crops destroyed by Daniel, meaning those people haven’t received a cent in two years. The funny part is that the Ministry of Rural Development has a deputy minister from Larissa (Kellas), who was appointed to “absorb” tensions from Thessaly. And because there’s a kiwi festival coming up in a region of Larissa, a polite message has been sent to government officials advising them not to show up.

The amendment for the Tomb of the Unknown Soldier

The amendment assigning responsibility for the cleaning and maintenance of the Tomb of the Unknown Soldier to the Ministry of National Defense is ready. The Prime Minister’s General Secretary, Stelios Koutnatzis, has prepared the main provisions and penalties, but further coordination with Dendias is needed. Dendias will be in the U.S. today, specifically at the Naval War College in Rhode Island, and also plans meetings in Boston. The amendment may be submitted by the end of the week but will be voted on next week as part of a Ministry of Infrastructure bill.

Visit to Attikon Hospital

Seizing the opportunity, Mitsotakis wants to get out of the Maximos Mansion as much as possible, schedule permitting. I hear that today he plans to visit Attikon Hospital together with Adonis (Georgiadis) to inspect the renovated ER department — a project funded by the Recovery Fund, which he’s been pushing hard. Whether he’ll also make a brief tour of western Attica will depend on his schedule.

Soft Karamanlis?

After Samaras’ “tensions” last week, today it’s Karamanlis’ turn (in Rafina) — he’ll speak at an event honoring Anna Psarouda-Benaki at the Old Parliament. His speech, lasting about 15 minutes, will mainly focus on the politician he nominated for Speaker of Parliament in 2004, with only brief references to institutional matters. He will stress that Western societies are facing a growing crisis of trust in institutions and the judiciary, and that it’s a challenge for the political system to bridge this gap. I’m told his remarks won’t be interpretable in light of the Routsis case, and overall the tone will be rather soft. Not that it really makes much difference.

Out of Grivalia — Panagiotis Panayiotidis

The atmosphere at Grivalia Hospitality remains tense, with yet another high-profile executive departure. According to information, Panagiotis Panayiotidis — head of Grivalia Developments, the group’s construction arm — left the company on 30/9/25. He had been brought in by former CEO N. Strafthi. The departure was a mutual decision between Chrysikos and Panayiotidis. By the way, the “match” between G. Chrysikos and former CEO N. Strafthi continues. Strafthi is reportedly furious because Chrysikos blames her for Grivalia’s losses, even though she was CEO for only eight months. The dispute may even end up in court. Market chatter says Strafthi is preparing some surprises for Chrysikos — quite likely, since she was his closest associate for over 20 years and knows things firsthand. Grivalia Hospitality is doing better this year (compared to the €55 million losses of 2024), but the losses haven’t yet been fully closed, and performance still falls far short of Prem Watsa’s expectations. In any case, it’s time for Grivalia to turn the page and focus on the future — especially with demanding projects ahead, such as the Petalioi islands.

Forget the Kyriakoulis you knew – Why not?

Forget the Kyriakoulis company you knew. The well-known firm active in maritime tourism — chartering leisure boats and managing marinas — is changing its name to Y/KNOT Invest S.A. If you’re puzzled by the new name, the company explains that Y/KNOT has a dual symbolic and modern international character: inspired by the phrase “Why Not?”, it expresses a spirit of innovation and boldness, while “KNOT” symbolizes the connection with the sea, tradition, and continuity of the Group, as well as the links between people, activities, and values. Admittedly, an original name — and in the same spirit, this column could suggest a few catchier ones: be happy, ouzo power, Zorba’s sirtaki, this is Sparta, etc.

Greeks gambled €1.67 billion illegally last year (money exists!)

Deputy Minister of National Economy and Finance, Giorgos Kotsiras, spoke about a very strict framework for illegal gambling at yesterday’s OPAP Responsible Gaming Conference. The initiative for the new legislative framework had been announced by Minister Kyriakos Pierrakakis, following the appointment two months ago of Antonis Vartholomaios as President of the Hellenic Gaming Commission (EEEP). He spoke of a holistic framework aimed at tackling illegal gambling at its root. Beyond protecting society, players, and licensed operators from the illegal market, a crucial role in shaping the measures was played by an EEEP study (a new, updated one is also being prepared). According to it, nearly 800,000 citizens gambled last year on unlicensed websites, in illegal clubs, or underground casinos — with total wagers estimated at around €1.67 billion. This translates to roughly half a billion euros in lost state revenue. Industry experts estimate that with tougher measures against illegal gambling, the state could recoup about half of that — around €250 million — creating new fiscal space for benefits. Among other things, the new legal framework will impose stricter penalties on offenders, immediate and long-term closure and license revocation for premises where illegal gambling occurs, and, particularly for online gambling, decisive action at the payment-network level, in cooperation with all regulatory authorities.

The Polemis Family’s Fourfold “Hit” on Land

The Polemis family, one of the oldest and most historic “powers” in Greek shipping, traces its roots to Andros. However, their activities are not limited to shipping, as land-based business ventures are proving increasingly attractive to more and more shipowners. Thus, the branch of the family headed by Spyros Polemis—of Polembros Shipping—along with his children Leonidas and Katerina, made a fourfold “move.” Yesterday, Tuesday, four new companies were registered with the General Commercial Registry (GEMI), all with land-based activities—though their names still evoke the sea, since they were inspired by sea winds. The “move” is quite significant, since the family of Spyros Polemis is initially investing a total of €5,730,000. Specifically, all four companies are headquartered in a building on Vouliagmenis Avenue and have as their purpose the purchase, sale, and management of real estate and land. The two companies named “Maistros Anemos Single-Member P.C.” and “Zephyros Anemos Single-Member P.C.” have initial share capital of €2,000,000 and €650,000 respectively, divided into shares of €100 each, all contributed by Leonidas Polemis, son of Spyros Polemis, who also assumes their management. At the same time, the other two newly established companies—“Sirokos Anemos Single-Member P.C.” and “Evros Single-Member P.C.”—have initial share capital of €2,500,000 and €580,000 respectively, contributed by Katerina Polemi, who likewise takes over their management. It should be noted that although Katerina Polemi comes from a shipping family, she has made her career in music. She studied at Berklee College of Music in the U.S., recorded her first album “Spread the Music not the Name” in 2011 to excellent reviews, and has performed concerts worldwide. She has appeared at Carnegie Hall, Boston Symphony Hall, and, in Greece, at the Athens Concert Hall (Megaron Mousikis). She also composed the soundtrack for the film “Little England” by Pantelis Voulgaris.

The Koustas Sons

New ventures are not only being pursued by the next generation of the Polemis family, but also by another powerful shipping dynasty. The two sons of Giannis Koustas (of Danaos), Dimitris and Roberto Koustas, founded in July 2024 a real estate management company called “Akti Kondyli Properties S.A.”, with initial share capital of €3 million, headquartered at the same address as Danaos, 14 Akti Kondyli. Yesterday, they proceeded to establish another company, “Sikos Single-Member S.A.”, intended for holding company services. It is also based at 14 Akti Kondyli in Piraeus, with initial share capital of €1,350,000, contributed by Dimitris Koustas. The first Board of Directors consists of Dimitris Koustas as Chairman and CEO, and members Roberto Koustas and Claudine Aimee Carbonaro.

Lowering the Fleet’s Average Age

Behind the scenes of Greek shipping, Kostas Delaportas continues quietly with the major renewal of DryDel’s fleet. Ships that others might still consider “new,” such as the 63,600-dwt Andiamo (2019), have been sold for about $30.5 million, while the 64,500-dwt Utopia (2020)—still under time charter—changed hands for $34 million. The shipowner’s goal is to reduce the average fleet age to under four years, while also taking delivery of five newbuildings over the next twelve months. The new ultramaxes and capesizes ordered from Japanese shipyards reflect his strategy: ships tailored precisely to Delaportas’s standards, replacing older secondhand vessels and taking advantage of strong demand for younger tonnage. In Akti Miaouli, insiders whisper that every move reflects careful capital planning, aiming for a modern, resilient fleet ready to benefit from high freight rates in the coming years.

Nikos Tsakos’s “Engine and Tonic” Travels

Nikos Tsakos recently embarked on a three-week trip combining business and family matters. He began in London, in familiar surroundings for the family, where he and his associate Sir Efthymios Mitropoulos—former Secretary-General of the IMO—spent considerable time at the International Maritime Organization. Their presence there was linked to supporting London International Shipping Week, a key global event traditionally attended by many Greek shipping families. Tsakos described the atmosphere as “engine and tonic”—dynamic and stimulating—with meaningful exchanges among top industry figures. He then traveled to the United States, where he attended a Greek Orthodox community ceremony blessed by the Ecumenical Patriarch, during which the family prayed for peace and stability in the markets. Returning to London, he participated in the annual event at City University, where he and his son Panagiotis presented topics on shipping to a high-profile audience.

Andreas Martinos and Support for the Border Islands

With an initiative that highlights the social face of the company, Minerva, led by Andreas Martinos Jr, has undertaken to upgrade 11 schools on the island of Kalymnos through the program “Together in the Borderlands.” The result? 1,546 students and 217 teachers now enjoy improved infrastructure, new STEM spaces, creative activity rooms, libraries, and reading corners. At the same time, two kindergartens, two vocational training workshops, and one computer lab were upgraded, while all schools received educational and athletic materials.

IDEAL Holdings: Euronext, Free Float, Minion, and Acquisitions

A very interesting response was given yesterday by Lambros Papaconstantinou of IDEAL Holdings, when asked by reporters how he views the upcoming “marriage” of the Athens Stock Exchange with the Euronext Group. After analyzing the obvious benefits for the depth and credibility of the Greek market if it joins a major stock exchange group, Papaconstantinou also highlighted another important point: On large international exchanges, major institutional investors not only look at company size but pay close attention to free float. Specifically, they prefer listed companies where the main shareholder holds a relatively small stake. If there is one main shareholder, it is generally preferable that their stake does not exceed 30%. If there are multiple major shareholders, then 45% is considered the limit. Furthermore, Papaconstantinou put an end to rumors about a possible acquisition of Minion by Attica, and again denied any interest in Vivartia. He stated that IDEAL is focused on industrial sectors and targeted acquisitions in IT and food, aiming to strengthen existing holdings. Finally, he announced that a major acquisition of this scale is expected by the end of Q1 2026.

Why Prodea Is in a Hurry

Tomorrow — earlier than any previous year — Prodea Investments (+1.67% at €6.10) will announce its nine-month results. Obviously, the management has something positive to announce (perhaps a pre-dividend?), which explains why they have moved up the release date, usually set for mid-November. Yesterday, the company’s market capitalization comfortably exceeded €1.5 billion, which is equal to its net asset value based on the June valuation of its properties and yields. In the first half of the year, Prodea’s turnover reached €112.4 million, while profits approached €75 million.

Two News Items That Affected Aegean

Aegean Airlines’ market capitalization fell slightly below €1.2 billion (-0.75% at €13.30), following two major international developments. The first concerns market reports that EasyJet’s stock appears to be a takeover target by Mediterranean Shipping Company (MSC). If this acquisition materializes, MSC—one of the world’s largest shipping groups—would become a formidable competitor for Aegean, which is currently seeking to expand its reach eastward. Analysts note that merger and acquisition activity in the low-cost airline sector is intensifying, with industry consolidation likely to increase in coming years due to fierce competition and the pursuit of economies of scale. The second piece of news involves the decline in global oil prices, following the International Energy Agency (IEA) monthly report, which cut its forecast for global oil demand growth in 2025 to 710,000 barrels per day—that’s 30,000 barrels fewer than last month’s estimate. This reduction signals weaker global economic activity, but also lowers fuel costs—the largest operating expense for airlines. For Aegean, where jet fuel accounts for 30–35% of total costs, this translates into an immediate improvement in profit margins.

Athens Stock Exchange: Sharp Drop with 30 Block Trades

According to market theory, a large number of block trades during a steeply negative session often indicate a “distribution of weight”—and may foreshadow further declines. Yesterday, total trading volume reached €320.18 million, of which €63.82 million came from block transactions. The key point, however, was the absence of foreign support. Normally, later in the session, Western investment funds enter the market, easing concerns and restoring balance—but not yesterday. The General Index stayed negative throughout the day, plunging to 2,053.77 points (-1.6%) and closing near its lowest level at 2,056.86 points (-1.45%). Apart from OPAP, there were significant declines in banking stocks, which had been the most profitable segment of the market: Piraeus Bank at €7.28 (-2.02%), Alpha Bank at €3.60 (-2.7%), Eurobank at €3.61 (-1.01%). National Bank held steady at €13.68, supported by investor expectations of the next major deal. Some support came from TITAN, Lamda Development, GEK TERNA, EYDAP, and Sarantis, all showing small but positive gains. Meanwhile, Intralot (-2.94% at €1.124), AVAX (-2.7% at €2.34), and ADMIE (-1.45% at €3.06) added to the day’s gloomy picture.

The Silver “Squeeze” of the Year

The silver market is experiencing an explosive liquidity crisis, reminiscent of the biggest short squeezes in history. The annualized overnight borrowing cost for silver has skyrocketed to over 100%, surpassing even the levels seen during the legendary short squeeze of the 1980s (veterans will recall the Hunt brothers) when prices hit $52.50 per ounce. From 2021 to early 2024, silver borrowing rates hovered near zero. Suddenly, in 2024–2025, they have surged—reaching 35% for one-month loans, the highest level in five years. In the physical market, investor demand for a safe-haven asset has surged, the availability of silver bars for trade has plummeted, and demand from India—traditionally a major consumer of precious metals—has exploded. The London market, the global hub for silver trading, has almost completely lost liquidity. There are reports of large air shipments of 15–30 million ounces from New York to London by investors seeking to profit from arbitrage opportunities between the two major markets. For now, silver has become the hottest commodity of the year.