Hello, happy national holiday for tomorrow! A lovely four-day weekend with amazing weather for the season in an almost empty Athens. I’ll start today with a comment about Dionysis Savvopoulos’s funeral. In 2009, the newspaper Eleftherotypia published an article by Vassilis Vassilikos, who said that once, in 1955, he asked Manos Hadjidakis why he was right-wing. And Hadjidakis replied: “Because at least the Right accepts that you don’t have to be one of them.” I don’t even know if that story is true — whether Hadjidakis actually said it or not — and of course, it’s hardly an ideological statement in itself. But really, how else can one explain the absence of the Left from the final farewell to an artist whom, at the very least, no Greek over fifty has failed to love and sing, especially during the first revolutionary years after the fall of the dictatorship? How many great artists of that generation are still alive? Maybe just one — Xarhakos — may he live long. Without overcomplicating things, since we all understand each other here, one wonders: does the Left still demand a certificate of political beliefs even to attend the funeral of a great artist? And all because Savvopoulos supposedly “turned right-wing” in his later years — about as right-wing as Mikis Theodorakis became when he was the central figure at the rally for Macedonia in Syntagma Square? As for Androulakis, who chose to go to Bologna to watch Panathinaikos play basketball instead of attending the funeral (and brought bad luck — they lost by 17 points!), I don’t think there’s even room for discussion or commentary. Simply put, whatever this man does is a case study in poor political handling. Now, regarding the views of his office director (Papavasileiou), who in some matters supported initiatives of the current government, I personally don’t find those “criminal” — nor, in a normal political environment, a reason for resignation or dismissal. But, of course, when the party leader himself, Nikos, hasn’t managed to say a single good word about the government in six years, it’s understandable that his director can’t stand politically when he dares to see something positive. In general, though, the Opposition — and even Dendias’s recent handling of the Unknown Soldier issue, which is being “promoted” as a kind of moving alternative within New Democracy — hardly inspire confidence in their seriousness.

Silence over Voridis

I was struck by the fact that, after the attack on Voridis and his family while they were dining at a restaurant in Heraklion on Saturday night, only PASOK came out to condemn it — and quite a few senior members at that. The other parties, both Left and Right, said nothing — not even a token “we condemn violence wherever it comes from.”

The Pentagon and the former PMs

At the big event that Dendias is organizing on Wednesday evening for the unveiling of the new look of the Ministry of Defense (by sculptor Varotsos), the entire New Democracy party is expected to attend. As I’ve already written, Mitsotakis will be there — he now shows up in every “good news” photo op. His presence, however, seems to have changed Samaras’s mind: he’s informed that he won’t be attending, and it remains to be seen what Karamanlis will do — though he might follow Samaras’s example. Let me remind you that at a similar event at the Pentagon last March, when Mitsotakis didn’t go, both Karamanlis and Samaras did — so you get the picture…

Gerapetritis

Speaking of the Pentagon, let me tell you an anecdote. Given how nonexistent the relationship between Gerapetritis and Dendias is, everyone was surprised when the Foreign Minister showed up at the Pentagon late last week. Those who saw him were stunned. Of course, Gerapetritis was there to take part in a high-level videoconference from a specially equipped secure room inside the Pentagon.

Samaras and Karystianou’s plans

As for the new parties taking shape: I’m told that, having completed his mourning period, Samaras has been holding systematic meetings and is very likely to make a political move in the coming weeks. Those who speak with him come away with the impression that his new party is in the works, and one close associate shared his analysis: based on polling and the votes New Democracy lost between the 2023 national elections and the 2024 European elections, Samaras’s party could even have the potential to become the second-largest. And after that — who knows? I’m just passing this along without judgment, since, as Pirandello said, “It is so, if you think so.” As for Karystianou and her associates, she’s exploring her options but reportedly wants a significant share of the vote — not just a symbolic 10%, even though that would be a good result for a new party. Anyway, we’re just talking here — don’t take it as gospel.

A 700-page “work”…

Now let’s turn to SYRIZA–Tsipras news. I hear that our leader Alexis will present his “work” — roughly 600–700 pages — by November 20 at the latest. Honestly, I don’t know many people these days who read a 700-page book, but my source tells me: “First, various comrades have to read it, and then they’ll be invited to join Tsipras’s new project.” Not that he wants most of them, mind you — even a child can see that — since they mess up his plans. Still, I gather he wasn’t exactly saddened by Famellos’s statement announcing the self-dissolution of the party.

The “Yellow-faced” one…

“It’s the first time a party will dissolve ahead of another one being formed, led by someone who hasn’t even clearly said whether or how he’ll create it,” another source (not connected to Tsipras) told me. That same person shared a bit of gossip, unverified — but, hey, this is a column, not the Government Gazette! They said: “Do you know what they call little Nikos Pappas in the Tsipras circle?”
“No,” I replied. “The yellow-faced one,” they said — and I burst out laughing!

The Czechs join the Board of the Chania Bank

There have been management changes at the Cooperative Bank of Chania after its recent general assembly. The most important is that two new board members, Spyridon Apostolakis and Ioannis Michos, now assume executive powers. The chairman, Michalis Marakakis, remains head of the board but without executive powers, as corporate governance rules dictate. Michos, who lives in London (at least until recently), represents Wenger Capital Sicav, the fund that has acquired 9% of the bank’s shares and aims to reach 30%. According to his résumé, he specializes in advising international clients in emerging markets on complex strategic, operational, risk, financial, and technological matters. Let’s hope these changes help strengthen the Chania Bank and address its challenges.

Aktor Energy

One more corporate arm has been added to the Aktor Group, which is already moving dynamically into a new era. Specifically, on Friday, October 24, the company Aktor Energy Supply, Trading, Energy Production and Holdings S.A. was established, with the trade name Aktor Energy S.A., headquartered at the group’s “command center” on the 19th km of the Paiania–Markopoulo Avenue. The new company’s purpose includes the wholesale trade of natural gas (LNG or gaseous), the distribution of gaseous fuels via pipelines, electricity generation, gas extraction, hydrocarbon and derivative production, and large-scale pipeline construction. In other words, it complements Aktor’s already strong presence in the renewable energy sector — an area CEO Alexandros Exarchou places particular emphasis on, with major investments already made and others underway. The initial share capital of Aktor Energy is €25,000, corresponding to 25,000 shares of €1 each, fully paid by Aktor S.A. Holdings, Technical and Energy Projects. The first Board of Directors is headed, of course, by Alexandros Exarchou (Chairman and CEO), with members Anastasios Aranitis, Ioannis Argyropoulos, and Konstantinos Adamopoulos.

Mobility in Concessions

Truth number one: For the construction sector, the field of concessions is critical and significant because it guarantees the “daily bread” — the basic revenues that cover operating expenses until other projects are completed. Truth number two: Lately, there’s been a lot of behind-the-scenes talk in the market about the AVAX Group’s concession holdings. All related rumors are being officially denied in every version, but for now, the main shareholders have no unified strategy on the matter. Truth number three: There’s been considerable discussion in stockbroking circles about the consortia managing the country’s major highways. The French company Vinci Concessions controls 72% of the “Bridge” (Rio–Antirrio). The German Hochtief holds 38.89% of “Aegean Motorway.” Hochtief, which is the largest shareholder of the 230 km axis Kleidi Imathias–Raches Fthiotidas, withdrew from “Olympia Odos” a year ago. Its shares were bought by the other shareholders (Vinci, Aktor Concessions / AKTOR Group, AVAX, GEK TERNA). Now, everyone is waiting for the next round of share acquisitions before the end of the year. Everyone is talking to everyone.

Pulling Their Hair Out Over the Lavrio Port Dispute

Things at the Hellenic Corporation of Assets and Participations (HCAP) didn’t go as planned for the major concession tender of Lavrio Port. Last-minute appeals were filed with the Independent Authority for Public Procurement (EADISY), meaning the financial offers submitted by the interested investors remain locked in a drawer. There is disappointment at HCAP over the tender’s outcome, as it’s quite likely the offers will stay shelved for a long time if the case goes to the Council of State — something many are already predicting. For the record, the appeals were filed by Olympic Marine – Cruise Terminal Investment (Prokopiou Group and MSC) and Jet Plan Shipping (Marios Iliopoulos interests). The plan involves selling a majority stake (at least 50% plus one share) of the Lavrio Port Authority. Given that Lavrio is the third-largest port in Attica and has significant development potential, investor interest was strong. Other bidders included GEK TERNA, INTERKAT (Papayiannou Group), GPH Cruise Port Finance – Promarine, and Israel Shipyards Industries. Sources close to the matter said the appeals concern minor issues, but if the case escalates to the Council of State, the privatization of Lavrio Port will face long delays — effectively maintaining the status quo for those already positioned in the port.

The EU Considers Sanctions and Legal Action Against Greece and Cyprus

Behind closed doors in Brussels, the abstention of Greece and Cyprus during the IMO vote on the Net-Zero Framework caused major turmoil. Sources from member states describe “irritation and disappointment” within the European Commission, which believes the unity of the 27 was undermined for the first time during a critical international vote. The Commission is considering legal action, but both countries have already prepared their defense: the delay in adopting measures after one year was not part of the EU’s written coordinated position — meaning no formal protocol was violated. Sources note that if the legal route fails, “influence measures” may be applied — possibly in areas such as state aid for shipping or other open cases requiring Commission approval. Meanwhile, Athens removed all references to the IMO from the EU’s position for COP30, insisting on its disagreement with the decarbonization strategy. According to insiders, the Greek side shows no willingness to compromise, and this is viewed as a “hardline stance” that will affect all future negotiations in the IMO and other international bodies. In the background, an article by Prime Minister Kyriakos Mitsotakis in the Financial Times is seen by EU officials as a clear message to Brussels: Greece will follow its own pace on decarbonization, taking “careful and flexible” steps — implying that the final stages of carbon neutrality will be costly and must be carefully planned. The prevailing sentiment within the Commission is that this episode will not be forgotten soon, and Greece’s strategy in the IMO and other international organizations will remain under close watch for years to come.

When Funds Look at Gold, Shipowners Look at the Horizon

At recent meetings in London and Athens, the topic of gold isn’t just discussed by market traders — it’s also on the agenda of shipping boardrooms. The spectacular rise in gold prices has created a more optimistic atmosphere around liquidity and capital allocation, with many seeing it as an early signal of a turning point in the real economy. According to banking sources, funds that had frozen investment plans last year due to high interest rates are cautiously returning to the table. The focus is on green investments — dual-fuel ships, fleet upgrades, and energy infrastructure — where the long-term stability of freight markets offers predictability in a volatile environment. A seasoned financial figure notes: “Gold acted as a confidence barometer: when you see central banks increasing their reserves and funds shifting to real assets, you know a new capital cycle — including in shipping — is coming.” Indeed, talks on co-financing new vessels have intensified, with the first deals expected to close within the first half of 2026. In shipping offices, there’s quiet activity — not dramatic announcements, but intense preparation: portfolio reviews, meetings with banks and shipyards, reassessment of long-term charters. “The next decade will belong to shipowners who act proactively, not the most daring ones,” says an industry insider. The market consensus is that gold has given the signal of change: the shift of capital from stock markets to physical assets is creating fertile ground for shipping, which remains perhaps the most resilient “real asset” globally. And, as insiders say, “when funds look at gold, shipowners look at the horizon.”

Adam Polemis and the “Blistering” Tactics in the Tanker Market

Amid official announcements, the Greek shipping community watches Adam (Adamantios) Polemis’s moves with a kind of disarming curiosity. His latest acquisition, the VLCC Nave Constellation (297,000 dwt, 2010) — recently sold by Angeliki Frangou’s Navios Maritime Partners — has already been renamed New Strength and added to the New Shipping fleet. If seen merely as a vessel transfer, one misses the key detail: the blistering speed of the deal reveals a clear strategy — to seize opportunities before they become public news. It’s not the first time Polemis has shown such aggression. In July, he acquired the LR2 Hesperia Tide (115,000 dwt, 2025) from X-Press Feeders Group, and committed $169 million to two Suezmaxes at Samsung Heavy Industries — suggesting New Shipping isn’t just buying ships but building a strategic platform to shape the market. Insiders whisper that choosing Samsung Heavy is no coincidence: the yard offers preferential access to construction slots, the envy of competitors. The puzzle is completed by the sale of two older VLCCs, New Naxos and New Tinos, freeing up about $70 million in capital.

Athens, the Central Banks, and the Next Crisis

Last week, the Athens Stock Exchange lost €8 billion in capitalization (now at €135.9 billion), with the General Index down 5.8%, falling below the psychological barrier of 2,000 points. This comes even as the exchange moves up a market category and has posted +35% gains since the start of the year. Many stocks have outperformed strongly, while others — like Viohalco Group, Lamda, and Alpha Bank — have lagged and show potential to climb higher. As the market seeks to lock in this year’s gains, some stocks are expected to push for more before foreign institutional investors close their books in late November and Greek investors in late December. Meanwhile, there’s a coordinated effort by ALL central banks, which are ignoring inflationary pressures and cutting rates across the board — as if anticipating an undefined approaching storm. According to BofA Global Research, central banks worldwide have enacted 312 rate cuts in the past two years. During the 2008 financial crisis, there were 313. Historically, such massive coordinated cuts occur only during recessions. August 2010: 313 cuts after the Lehman Brothers crisis. November 2020: 255 cuts during the pandemic. September 2025: now back to 312 — without an official global recession. Some analysts believe central banks are merely normalizing rates after the inflation nightmare. Others see a preemptive move ahead of an economic slowdown not yet visible in official statistics. The fear of a sudden financial instability — from China’s real estate woes to the U.S. fiscal situation — is pushing central bankers to create liquidity in advance.

ATHEX: Intralot Rebounds, Quest Gains Momentum with ACS

Intralot returned to an upward trajectory after six consecutive sessions of losses. It closed at €1.09, touching €1.10 at the day’s high — the same as the issue price of the new shares from its recent capital increase. At the same time, its market capitalization has surpassed €2 billion, automatically making it a front-runner for entry into the large-cap index. Quest Holdings has logged four consecutive gains—two of them over 2%—driven by momentum surrounding the possible sale of the remaining 80% stake in ACS to General Logistics Systems (GLS). According to last year’s deal, in which GLS acquired 20% of the courier company for €74 million, the German group has the right to decide at the end of October 2025 or October 2026 whether to pay at least another €296 million for the remaining 80%. Such a move would significantly boost Quest’s liquidity, prompting investors to move early into the stock.

Breathing Space for the Hellenic Exchanges

Hellenic Exchanges (ATHEX Group) is catching a breath, recording two consecutive sessions of gains after seven straight losses and one flat session, while Euronext’s public offer remains open for another three weeks. Piraeus Port Authority (OLP) continued its strong performance on Friday with a 2.5% rise, following a 5% jump on Thursday.

The Once-Unthinkable Partnership: Kotsovolos and Skroutz

At the end of last April, Kotsovolos — now part of the Public Power Corporation (PPC) Group — appointed Christos Karagiannakis as CEO, previously Chief Retail Officer. Last month, the company’s new management launched Plan K, a comprehensive suite of financing services offering customers greater flexibility in online shopping. It also began offering delivery and installation services not only for its own products. Now comes another strategic shift: the decision for Kotsovolos to distribute its products through the Skroutz platform. Until recently, Media Markt Saturn (the previous owner) kept its distance from Skroutz, focusing on its own e-commerce channel. Kotsovolos’ management now believes the “walled garden” strategy — directing customers exclusively to kotsovolos.gr — no longer maximizes returns. In Greece, consumers now typically begin their shopping journey on aggregator platforms before deciding where to buy. Even the largest retailers have come to recognize the power of marketplaces. Greek retail has officially entered the era of marketplaces.

Gizelis Industry and the First Greek Humanoid Robot

Gizelis Robotics went through a difficult period in 2022–2023 but managed to return to operational profitability last year. This year, it has launched an ambitious initiative: the creation of the first Greek humanoid robot. The company has partnered with top academic institutions such as Aristotle University of Thessaloniki, the Laboratory for Manufacturing Systems & Automation (LMS) at the University of Patras, and the University of Thessaly, aiming to combine robotics and artificial intelligence. Humanoid robots are no longer science fiction. From Germany’s Neuro project to China’s ten factories producing a “humanoid army”, development is accelerating globally, reshaping the landscape of manufacturing and security. These robots have applications across multiple sectors — from industrial automation to healthcare and customer service. In factories producing cars, electronics, and heavy equipment, humanoids handle dangerous, repetitive tasks with precision and reliability. Their human-like form allows them to operate in spaces designed for humans without costly facility redesigns. In defense, humanoids offer unique capabilities — from explosive ordnance disposal to rescue operations in hostile environments. Their ability to navigate rough terrain and use human-designed tools makes them invaluable assets in critical missions.

Scope Ratings, the Fed, and Wall Street’s Record Run

Scope Ratings, a Berlin-based European credit rating agency with 23 years of market presence, is officially recognized by ESMA and the European Central Bank. Though smaller in global influence than the “big three” (Moody’s, S&P, Fitch), it carries considerable weight within Europe. Scope’s decision to downgrade the United States’ credit rating to AA- came just before the Federal Open Market Committee (FOMC) meeting of the Federal Reserve. The downgrade reflects U.S. fiscal deficits, the rising cost of debt servicing, and a “weakening in governance standards.” The upcoming Fed meeting is no longer just about interest rates — it’s about maintaining the economic credibility of the world’s largest economy amid growing uncertainty. All this is happening with inflation at 3% (above the 2% target) and the U.S. stock market in a seemingly endless rally: The Dow Jones closed Friday 1% higher, surpassing 47,000 points for the first time. Just a month ago, it celebrated breaking the 46,000-point barrier. The S&P 500 rose 0.8%, and the Nasdaq gained 1.2%. These mark the 34th record close for the S&P, the 33rd for the Nasdaq, and the 13th for the Dow this year.

On Wall Street, When They Say “Economy,” They Mean “Technology”

For the fourth consecutive month in 2025, the Nasdaq’s total market capitalization has surpassed that of the New York Stock Exchange (NYSE) — making the tech-heavy Nasdaq the largest stock market in the world. Statistically, this has happened only once before — in 2021, and it didn’t last long. Today, the Nasdaq is worth $36 trillion, while the NYSE stands at about $31 trillion. The Nasdaq’s value has doubled in just three years, driven by the explosive rise of technology stocks. By comparison, the NYSE’s capitalization has grown 41% over the same period — adding “only” $9 trillion. Twenty-five years ago, in 2000, the Nasdaq’s capitalization was just $5–7 trillion. The numbers point to a simple truth: Technology is no longer a sector of the economy — it is the economy. From artificial intelligence to cloud computing, the tech giants of the Nasdaq are reshaping every aspect of daily life.