Greetings,
yesterday’s parliamentary debate highlighted what citizens have known for about two years now — since the last national elections. That unfortunately, in my opinion, there is today in Greece only one — and not at least two or more — parties that “side with” common sense. Because it’s just common sense that the monument to the “Unknown Soldier” should be kept clear of any other events. Self-evident things, really. Unfortunately (I repeat), PASOK also knows full well — as does everyone else, I think — that yesterday’s amendment had nothing to do with the issue of gatherings in Syntagma Square. Now, what’s the need for a party with a tradition in governance, even if only in the past, to humiliate itself and… pull out the measuring stick to claim the amendment is unconstitutional because the ban “covers the rest of the square too,” etc., is frankly beyond understanding. However, it’s not the first time one fails to understand why PASOK, instead of trying to “carve out space” from ND and mainly from the Center, keeps mimicking SYRIZA and Zoe (Konstantopoulou). The polling data showing it coming in third, after Tsipras — or even fourth if Karystianou runs — is, I think, precisely due to this tactic. Because people prefer the original to the replica. The conclusion, before we get into the details of yesterday’s day in Parliament, is that regardless of what happens in the end at the elections (still far away, barring surprises), Mitsotakis and his government stand where the “YES” side stood in the 2015 Euro referendum — and everyone else is on the “NO” side. It’s up to him, from that 30% that keeps circling around in the polls, to draw a bit more from that remaining 10% reservoir that’s currently empty.

Dendias’ Absence

Yesterday, there was a lot of chatter in Parliament about the absence of Nikos Dendias from the government benches during the discussion of the government’s amendment concerning the Unknown Soldier — even though the regulation basically falls under his ministry. In his place went his deputy, Thanasis Davakis, who usually shows up at parades and such. Instead, the Minister of Defense chose, at 7 p.m., to attend the event next door at the “Grande Bretagne” hotel — the presentation of the Hellenic Army General Staff’s anniversary edition titled “General Headquarters Operations Diary 1940–1941.” On this matter — meaning Dendias’ absence — Androulakis “called out” Mitsotakis, and he was, of course, right.

M.M

Naturally, at M.M they didn’t exactly jump for joy over Dendias’ stance — even if they didn’t crank up the volume, sticking instead to the line “at least he signed the amendment.” Possibly, both M.M and K.M himself have accepted that this is how Dendias will be from now on. Still, I repeat, this kind of “half-season” stance on such an issue clearly doesn’t suit Dendias’ profile — but, well, to each his own taste…

The Monument, President Nikos, and the MPs’ Reactions

Yesterday in Parliament we indeed saw Androulakis brandishing his sword against the amendment for the protection of the Unknown Soldier’s monument — spitting fire (as the saying goes, let’s throw in a silly line or two), accusing the government of anti-democratic reflexes and constitutional violations. And I really wondered what PASOK’s MPs were thinking. I say this because just a few hours earlier, during an informal meeting of the Green parliamentary group at 9 a.m., the MPs were informed of the president’s directive to file an objection of unconstitutionality — without any consultation whatsoever. A pre-decided move taken by President Nikos and his close associates and imposed top-down, as the old comrades would have said. I also hear that not everyone liked that pre-decided move — quite the opposite, in fact — since Nadia Giannakopoulou, Evangelia Liakouli, and Apostolos Panas expressed objections, arguing that the leadership’s decision to oppose the amendment puts them at odds with their voters’ wishes.

Euro-meetings

Intensive talks are underway daily to finalize the plan that the government will submit to the European Commission regarding OPEKEPE. The European dimension of the negotiation is handled largely by Vice President Hatzidakis, who will be in Brussels tonight, as the EPP Summit — of which he is vice president — meets Thursday morning. While he’s there, he’s scheduled to meet on Thursday with the European Commission’s Director-General for Agriculture, Elizabeth Werner, as November 4 is the deadline for submitting the Greek plan on cross-checks and payments. I also hear he’ll be seeing our old friend at the Commission, Declan Costello, for a review of the Recovery Fund’s progress.

Kimberly Guilfoyle Will Wish Us a Happy New Month

The countdown has begun for Kimberly’s arrival in Greece, judging by the frantic pace of preparations at the U.S. Embassy. I assume the Ambassador will wish us a “happy new month.” Then she’ll host the two ministers who will participate in the Transatlantic Energy Cooperation Partnership Conference, scheduled for November 6–7. These are Energy Secretary Chris Wright and the Secretary of the Interior — who’s coming, however, in his capacity as chair of the National Energy Dominance Council — Doug Burgum, just as during his previous visit to Greece. Afterwards, Kimberly will present her credentials to the President of the Republic, as protocol dictates.

All Gathered for G. Stournaras — in the Hall Where He Got His Degree

Before moving on to market topics, I must mention yesterday’s EKPA event presenting the honorary volume “Studies in Honor of Professor Giannis Stournaras” to the Governor of the Bank of Greece. In the university’s grand hall, at the main building, present were: the Speaker of Parliament Konstantinos Tasoulas, Deputy Prime Minister K. Hatzidakis, Ministers Pierrakakis, Floridis, Papastavrou, Georgiadis, Petralias, Theodorikakos, Kerameos, Alpha Bank CEO Vassilis Psaltis, business figures Marianna Latsis, Giannis Vardinogiannis (Motor Oil), Alexandros Exarchou (AKTOR Group), Spyros Theodoropoulos, Dimitris Kallitsantsis, Piraeus Bank CEO Christos Megalou, Credia Bank CEO Eleni Vrettou, Evangelos Venizelos, Andreas Loverdos, Makis Voridis, Euclid Tsakalotos, Grigoris Dimitriadis, NBG Chairman Gikas Hardouvelis, Eurobank Chairman Giorgos Zanias, and others. EKPA Rector Professor Gerasimos Siasos, in his address to G. Stournaras, remarked: “Whatever he’s done, however high he’s risen, he remains the same person — and I’m glad that here, in this very hall where he earned his degree with honors, today we pay tribute to him.”

How Deutsche Bank Stirred Up PPC and Winked at OTE

Analysts from Deutsche Bank had a meeting with PPC’s telecommunications executives — but when they later read the published report, they probably weren’t too thrilled. DB issued a report on OTE, but titled it “We Met with PPC, the Price Disruptor in Greece.” The analysts devote a large section to explaining why PPC’s decision to enter telecommunications poses a high investment risk. Specifically, DB analysts led by Giannis Karydis note that the reason PPC decided to spend capital on developing a fiber-to-the-home (FTTH) network ceased to apply recently, as the market has already achieved wide coverage through other providers. Thus, the company is now forced to spend more in hopes of recouping part of its roughly €250 million investment in telecom infrastructure to date. They argue that OTE / Nova / Vodafone are not “easy targets,” and therefore PPC risks suffering heavy operating losses in addition to its already significant capital expenditures. In short, DB doesn’t seem to believe that PPC’s entry into retail fiber will push OTE / Nova / Vodafone to strike wholesale deals with PPC — since that would devalue their own infrastructure. The report concludes with OTE, maintaining a “buy” recommendation for its stock with a target price of €20, stressing that the company remains attractively valued and financially solid. Overall, the report made waves — and seems likely to spark yet another round of confrontation among telecom market players at a time when tempers are already running high. Of course. Below is the full English translation of your Greek text — rendered with maximum accuracy, equivalent idioms, and natural phrasing that conveys the exact tone and nuance of the original, including humor and business jargon, without adding anything extra. The paragraphing exactly mirrors the original structure.

Why the Coca-Cola HBC acquisition didn’t move the Athens Stock Exchange

The major acquisition deal of Coca-Cola Beverages Africa (CCBA) — despite its size ($2.6 billion) — is not expected to significantly affect the bottom line of the Greek-listed Coca-Cola HBC, because the African company is burdened with exceptionally high debt. That’s also why the Coca-Cola HBC stock didn’t seem moved on the market. It came under pressure, recorded losses of up to 3%, and finally closed with a small gain (+0.20%). CCBA indeed operates in 14 African markets; it is the largest Coca-Cola bottler in Africa and handles 40% of its soft drink volume. The real benefit, however, is that with this acquisition, 3E (Coca-Cola HBC) establishes itself as a key player on a continent destined for growth. From now on, Coca-Cola HBC will be listed on three major stock exchanges — in London, Johannesburg (Africa’s largest), and Euronext via Athens. The stock market goal of the acquisition is to upgrade the company’s growth profile, reduce its dependence on “mature” European markets, and place 3E on the radar of more institutional investors.

PPC: Data centers included in Group forecasts

With €7.8 million in trading value, PPC’s share (+0.69% at €14.58) reached a market capitalization of €5.38 billion yesterday. There are many investment expectations ahead of PPC management’s planned Investor’s Day in November. Sources indicate that, for the first time, data centers will be included in the Group’s financial forecasts. The dividend of €0.70 per share appears secured.

Mr. Euronext’s flirtation

A lot of talk followed the reference by Euronext’s CEO to what he called a paradox regarding Greek shipping companies — that more of them are listed in Oslo than in Athens.
“The lack of quality in the local market (meaning the ASE) is one of the reasons they are not listed in Athens. This is going to change with the entry of HELEX into Euronext,” Boujnah stressed at his press conference the day before yesterday. Indeed, at the Oslo Stock Exchange — which, it should be noted, has been acquired and is part of the Euronext Group — several Greek-owned shipping companies have found… safe harbor, but only to raise capital through bond issues. A few months ago, Performance Shipping Inc., owned by Aliki Paliou, raised $100 million through a bond issue in the Scandinavian market, while other major players like Navios South American Logistics, Contships, Seanergy, and Diana Shipping also turned north to raise significant funds on more favorable terms than classic bank loans. The latest development concerns Navios Partners of Angeliki Frangou, which is considering issuing a Norwegian bond as it accelerates its fleet renewal program.
Okeanis Eco Tankers Corp. (Alafouzos Group) is listed on the Oslo Stock Exchange, while most Greek shipping companies have opted for the U.S. and Nasdaq; only two are currently listed on the Athens Exchange. So, Boujnah will either try to attract more Greek shipowners to Euronext Athens (if the ASE acquisition succeeds), or the bonds now being issued via Oslo will move further south — to Athens.
Of course, this comes at a time when the public offer is still “running,” and so are Mr. Euronext’s promises.

The HELEX exchange ratio

And since we’re on Euronext, let’s continue by noting that Stéphane Boujnah’s assurance that Euronext will not increase its offer price for HELEX “by even one cent” put pressure on the stock. The Parisian was being honest. On the other hand, he was telling only half the truth when he described the proposed exchange as very attractive — since it values HELEX at 22 times its 2024 earnings. Last year, HELEX’s total annual profit reached €17 million. This year, its first-half profits already exceeded €14 million, and trading volumes on the Exchange have been rising sharply over the past three months. Therefore, based on expected 2025 profitability, the exchange ratio looks less attractive.

Sale (and leaseback) of the Costeas-Geitonas School facilities

In the coming period, the sale and leaseback of the main facilities of Costeas-Geitonas Schools in Pallini is expected to be completed, while the project for the new school in Elliniko — currently at the approval stage — is also underway. The new school, with a capacity of 1,500–1,700 students, is set to welcome its first pupils in September 2028. It’s worth recalling that in July 2024, the company — now led by the second generation of the Geitonas family — changed hands and joined the Inspired Education Group. Inspired operates in 18 countries, with over 120 schools and more than 95,000 students in primary and secondary education, and the sale & leaseback deal follows naturally from that acquisition. In Pallini, the facilities cover a total area of 67,000 sq.m., with more than 14,000 sq.m. of indoor space, housing around 102 classrooms and labs, among other facilities. In terms of figures, 2024 turnover amounted to €17.9 million, compared to €17 million in 2023 (+5.38%). However, last year’s results showed losses of €17 million versus profits of €3.6 million, with after-tax losses of €17.55 million versus €2.8 million in 2023. According to management, this “was not due to loss-making operations, but to additional provisions for doubtful debts (€2 million), property impairment (€12 million), and a €3 million charge for goodwill from prior years not amortized by 31/12/2023.” They add that “the company conducted an evaluation and identified the following factors: a positive net position of €17.75 million, high liquidity of €4.36 million, no debt, total liabilities of €2.8 million (short-term liabilities minus deferred income) against current assets of €10.4 million, total provisions for risks of €14 million in the closing year, and turnover of €17.9 million (from €16.99 million in 2023).” For the Elliniko investment, management notes that “it is a landmark project that will strengthen both the company’s reputation and its revenue and profits.” The schools have also recorded deferred income of €10.66 million (vs. €8.96 million on 31/12/23), referring to tuition fees for the academic year 1/9/24–31/8/25, which belong to the 2025 fiscal year and are allocated — as always — according to the matching principle.

Greek shipowners between China and Wall Street

The recent upheaval in Chinese port duties, implemented within just a few days, has highlighted the ability of Greek-listed shipping firms to move swiftly and strategically. At Dorian LPG, owned by John and Alex Hadjipateras, analysis of the new regulations became a daily puzzle: a ship en route to a Chinese port forced the finance team to decipher the meaning of the new customs form. CFO Ted Young emphasized that the company is operating with limited information, trying to manage uncertainty around dual-passport owners and U.S. ownership thresholds (the 25% American-shareholder limit) to avoid sudden penalties. Tsakos Energy Navigation is keeping a lower profile but closely monitoring the implementation of the 25% U.S. ownership rule. Management notes that interpretation of the regulations remains under discussion, leaving chartering and scheduling under a high-alert regime. Costamare, owned by Kostis Konstantakopoulos, issued a special share class to ensure that no U.S. shareholder controls more than 25% of the company. Petros Pappas’s Star Bulk responded with immediate operational moves: some ships altered speed and routes to meet deadlines, while the compliance team is reviewing the fleet’s Chinese vs. non-Chinese-built vessels to minimize fee exposure. Okeanis Eco Tankers made immediate changes to its board, with two U.S. members stepping down to bring the percentage of American directors below 25%. At Danaos, American board member William Repko resigned — a move described as preventive but necessary for compliance with the new Chinese framework. On the market side, shares of Greek shipping companies on the NYSE showed volatility, but traders view the uncertainty as an opportunity for arbitrage — a chance to exploit market imbalances. Fleet diversification, board restructuring, and proactive risk management are strengthening Greek interests in a market where regulatory risk turns into an advantage for those who know how to handle it. As insiders put it: “In shipping, just like on Wall Street, crises are raw materials for profit — and the Greeks know how to process them.”

The Greek “early movers” and new shipbuilding orders in China

At a time when, as we mentioned earlier, the global shipbuilding market is redefining its balance, two of the most powerful Greek names in shipping — Thanasis Martinos’s Eastern Mediterranean Maritime and Stamatis Tsantanis’s Nasdaq-listed Seanergy Maritime Holdings Corp. — are making their bets clear: on Chinese shipyards. EastMed is said to have signed with Hengli Heavy Industry for four new dry bulk carriers — all Kamsarmax-type vessels. Beyond its strategic meaning, the move sends a clear signal of confidence in the quality and know-how of Chinese shipbuilding. Seanergy, according to reports, is in talks to order a Capesize vessel. Kamsarmax and Capesize ships form the backbone of the global dry bulk fleet. For shipowners like Martinos and Tsantanis, this choice means investing in fleets with lower operating costs and higher resale value. Greek shipowners — traditionally early movers in global markets — are once again showing they know how to read world trends before they solidify.
And this time, their gaze turns eastward.

Greek shipowners’ landing in Shanghai

Meanwhile, the Chinese market these days is filled with the physical presence of Greek shipowners. Many have come to take delivery of ships they ordered; others to place new orders; many to meet and talk with their bankers and leasing financiers; and quite a few to discuss the new measures imposed by the Chinese government concerning vessel ownership nationality. Two days ago, a conference was held in Shanghai with significant Greek participation. Among the opening speakers was Minister Vassilis Kikilias (via video), while today the baton passed to the Secretary General of the International Chamber of Shipping (ICS), Thomas Kazakos, and the President of the Hellenic Shipping Banking Association, Giorgos Xiradakis. In Shanghai were also present Giorgos Prokopiou, Panos Laskaridis, Panos Zafet of Balthellas Group, Captain Stefanos Angelakos, and senior executives from Greek-owned shipping companies listed on Wall Street. There wasn’t a single flight without a strong Greek contingent on board. It seems brokers — and there are many of them — have already picked up signals of falling prices for new orders.