– Hello there, if there’s one thing that never ceases to amaze me, it’s politics and political parties — how, from one moment to the next, they can completely change face and transform from an arena into a church, from stormy seas into calm waters, and back again. So, yesterday at the Ministry of Defense, we witnessed a united, cheerful, and above all… sweet blue government gathering (with a few bipartisan parsley sprigs tossed in), a party-government as if we were… still in the honeymoon days of 2019. They were united by Varotsos and… a thermal façade, all to the tunes of Vembo. But not just any thermal façade — a national one!

Mitsias but Not Samaras and Rafina…

The event yesterday at the Pentagon turned into a “unity extravaganza,” with songs by Mitsias and Angelos Papadimitriou, poems, and performances by dancers and actors in patriotic tones — all against the backdrop of the Ministry of Defense’s new building. It’s said that this might have been Mitsias’s last live appearance. Otherwise, don’t expect much political gossip amid the hubbub — though K.M. and Dendias seemed particularly at ease, smiling and chatting in small groups with several attendees. Arriving in the front row, Mitsotakis (masked, due to Covid) chatted briefly on his feet with “Benny” — with whom he’s recently opened something resembling a political dialogue — as well as with Meimarakis, the only former ND president to show up (since Karamanlis and Samaras are still sulking, and apparently, yesterday’s event wasn’t quite their cup of tea). It’s clear K.M. had no reason not to put a triumphant close to the “Dendias affair,” and the minister, in turn, was eager to put an end to the uncomfortable Unknown Soldier issue. So, there was full top-level representation at the event unveiling the new face of the Ministry — sponsored by Evangelos Mytilineos — attended by the entire cabinet, MPs, and more. Everything sweet as honey and smooth as milk — just to make the blue government’s foes boil a little.

Doukas – Dendias

They may not have seen eye to eye on the Unknown Soldier’s cleaning job, but Messrs. Dendias and Doukas share the same outlook when it comes to… greenery. That’s why Mr. Dendias publicly thanked the Mayor of Athens for his contribution of… saplings for the Ministry’s surrounding grounds. Still, Dendias announced from the podium a new competition for redesigning the Monument of the Unknown Soldier — now that he’s got the know-how for “reborn” monuments, stairways, and façades…

A Corfiot in the Pentagon

Corfiot-born Dendias, Corfiot actress Angela Gerekou — one can easily see how she ended up as co-host of yesterday’s event at the Pentagon. Gerekou served for years (until quite recently) as president of the Greek National Tourism Organization. For those with good memories, she first ran with ND in January 2015 — when Dendias left Corfu and ran instead in the old Second Athens constituency. Of course, that inspiration didn’t quite take off back then, as Gerekou wasn’t elected — and in her stead, current Deputy Minister of Shipping Stefanos Gikas took the seat.

A Dry Cabinet Meeting

K.M.’s Covid infection and the fact that the Cabinet meeting took place via teleconference meant it was shorter — and politically uneventful. The ministers were a bit stiff; no jokes, no teasing — and screens don’t really favor side conversations anyway. K.M. went to his office as usual yesterday morning, had his coffee, and joined the teleconference from the Cabinet room, while his aides beside him wore masks. His schedule will continue normally for the coming days, with the necessary precautions.

Hatzidakis’s Proposal on Bureaucracy

Besides the bill on OPEKEPE — which had to be approved as a key precondition for getting the European Commission’s “green light” — Vice President Hatzidakis had another hot file for the Cabinet yesterday: tackling bureaucracy and the deep state. In this new chapter, inter-ministerial regulations will be promoted, targeting blatant cases of citizens’ and businesses’ torment at the hands of the state. In his address, Hatzidakis cited as an example of bureaucratic absurdity and state cruelty the cases where the government itself tries to seize citizens’ property by labeling entire towns as forest land (like Saronida a few years ago). The first issues that should go under the government’s microscope, according to Hatzidakis, are property transfers and the replacement of supporting documents with sworn declarations.

First Sinai, Then the Museum

Egyptian days are ahead for K.M., as on Friday he will attend the enthronement of the new Archbishop of Sinai, Mr. Symeon. The Patriarch of Alexandria is also expected to attend the ceremony, while from the Greek side, Giorgos Gerapetritis will definitely be there. From the Egyptian government, it’s estimated that Foreign Minister Badr Abdelatty might also attend — meaning the two countries’ agreement on the monastery is ante portas. And of course, on Saturday, K.M. will attend the glittering opening of the Grand Egyptian Museum, just a short distance from the Pyramids of Giza.

Announcement Day for EYDAP and Water Rate Hikes

Against the backdrop of the now visible water deficit in Attica’s reservoirs, EYDAP’s management and the Minister of Environment and Energy, Mr. Stavros Papastavrou, are expected today to present a package of measures that will include both immediate actions and long-term planning. At the heart of the plan are technical projects to strengthen reservoir capacity and a network of desalination facilities — meant to serve as a “second line of defense” against extreme weather and declining water reserves. At the same time, it seems the issue of water pricing is also being opened. Information suggests that the decision to raise water rates has already been made — though, as officially stated, the increases will be moderate. Government sources assure that EYDAP’s water will remain among the cheapest in Europe, while initial estimates point to an additional 2–3 euros per bill. The announcements will be made during EYDAP’s centennial event — one with strong symbolic weight — which the Prime Minister was expected to attend. However, as of late last night, his presence remained uncertain, as he continues to recover from Covid.

“The Athens Stock Exchange Is the Most Expensive Market in the World”

John Authers is currently a senior editor for Bloomberg covering markets, and before that, he was chief markets commentator at the Financial Times. So yesterday, in Bloomberg, Authers wrote about market valuations based on CAPE (Cyclically Adjusted P/E – the current price compared to the inflation-adjusted average earnings of the past decade). He wrote that it is the best way to measure a market’s valuation, that for the U.S. it’s the first time since the dot-com bubble that the CAPE has gone above 40, that not even on the eve of the 1929 crash did it reach such levels, etc. Among other things, Authers notes in his article that “looking at each country separately, Greece now has a CAPE of 76, while India is close to the U.S. at 43.7. No other country even comes close.” In other words, he writes that the Greek stock market is the most expensive in the world in CAPE terms. Of course, Dark Room must point out that the average profitability of the past decade in the case of the ASE includes the memorandum and early post-memorandum years, when listed companies were still struggling to recover from the crisis and the sharp contraction of the economy. So the CAPE of 76, at least to some degree, is unfair to us.

Revolut and Aegean

Revolut is moving aggressively in the market, constantly spreading its wings wider across Greece. It has already entered a partnership with Aegean, based on the latter’s Miles and Bonus program. Revolut cardholders can now convert their Rev points — earned through Revolut’s rewards program — into redeemable air miles. Although the program is advertised on Aegean’s website, it does not currently apply to Greece and Cyprus. It is, however, being promoted to inform incoming tourists — and soon enough, it will of course apply to us as well, once Revolut obtains the necessary license in our country.

The Hard Walk for Grimaldi’s Italians

It won’t exactly be a walk in the park for the Italians of Grimaldi when it comes to the new masterplan for the port of Igoumenitsa, which appears to be facing opposition from quite a few local stakeholders and is set to be discussed today, October 30, at the Epirus Regional Council. The reasoning of the local bodies, as they say, is that the masterplan represents an anti-development move for the port, as it includes, among other things, fuel storage facilities, a ship repair zone, and a supply base for hydrocarbon drilling in the Ionian — while omitting upgrade works for the small marinas of Plataria, Syvota, and Sagiada. Precisely because of these reactions, the Port Authority of Igoumenitsa S.A. (OLIG), under Grimaldi’s umbrella, argues that the proposed masterplan is spatially identical to the approved 2014 plan, with the same uses, and that in 2019, as part of an update, there was provision for LNG bunkering infrastructure. In the new masterplan, refueling with both conventional and green fuels (methanol) is proposed instead of LNG, while the new uses are incorporated into the soon-to-be-delivered — within 2026 — Phase G1 of the port (use of quays for unaccompanied vehicles, licensing of a logistics area, and loading of aggregates). As for the ship repair zone, it is argued that this use will be exclusively for leisure boats and small vessels operating domestic routes, while the Syvota, Plataria, and Sagiada marinas are not included because, under current legislation, they are considered separate business entities — and hundreds of thousands of euros are invested every year in upgrading their services and infrastructure. Incidentally, the masterplan file was also discussed by the Central Archaeological Council under the topic: “Approval or not of the Programmatic Design Study (Master Plan) and the Strategic Environmental Impact Study (S.E.I.S.) of the Port of Igoumenitsa, Stages A and B, of the Port Authority of Igoumenitsa.”

Port of Igoumenitsa: Tender Without Objections

And continuing with the port of Igoumenitsa, let me remind you that last April, the Hellenic Electricity Distribution Network Operator (HEDNO) announced an international tender for the installation of a Cold Ironing system at the port — meaning ships will be powered from shore rather than keeping their engines running while docked, thus avoiding greenhouse gas emissions. I’m told that out of the three participants in Phase A, one company was selected. The deadline for submitting objections expired on October 27, 2025. No objections were filed. Therefore, the tender moves to the next stage — opening of the technical offer, technical clarifications, opening of the financial offer, and signing of the contract. Barring unforeseen developments, the contract signing is expected within the next two months. The implementation of Cold Ironing is part of the obligations under the European “Fit for 55” package, which aims for all ports in the TEN-T network to have ship electrification infrastructure by 2030 — strengthening efforts to reduce atmospheric pollutants in the Mediterranean and Northern Europe.

Maria Angelicoussis and the Cargo That Never Reached Pancevo

In the quiet but tough world of energy flows, a single tanker can tell quite a story — if you know where to look. The Maran Helios, a suezmax owned by the Angelicoussis Group, wrote its own chapter in the Mediterranean these days: it loaded around 1 million barrels of Kazakh crude (KEBCO) destined for the Pancevo refinery in Serbia — but the cargo never arrived. According to data from the Kpler platform and shipping sources, the vessel docked at Omisalj, Croatia, on October 9, where the cargo was supposed to be sent via pipeline to Serbia. However, without any official explanation, the Maran Helios raised anchor again on October 21 and set course for Ceyhan, Turkey. This development isn’t just a routine commercial diversion. The Pancevo refinery, controlled by Naftna Industrija Srbije (NIS) — a company in which Russia’s Gazprom Neft holds a majority stake — is under U.S. sanctions. And in such cases, every drop of oil becomes a tool of pressure. In the shipping market, the case is interpreted in various ways. Some see an American diplomatic intervention that “froze” the delivery; others believe it was a commercial risk that the shipowner preferred to avoid, since no major shipping company wants to be linked, even indirectly, to sanctions.

“I’ll Be Back, Zikos…”

The line “I’ll be back, Zikos,” said with a heavy tone by Nikos Rizos to the grocer’s assistant Kostas Hatzichristos, comes to mind when watching Arsenio Dominguez’s demeanor in his public appearances following the postponement of the vote on the shipping industry’s green transition measures. First, at the Global Maritime Forum in Antwerp, he appeared a mix of thoughtful and determined. In his first public comment after the negotiation turbulence, he emphasized that “we’ve halted the adoption, not the guidelines,” stating that the process continues, with working groups already dealing with policy details. He then appeared in Barcelona at the global conference of WISTA International — the Women’s International Shipping & Trading Association — saying: “We didn’t want this outcome. It shouldn’t have gone this way. But don’t get complacent. It wasn’t muted, it was postponed. It will be voted on next year.” As he pointed out, even if the measures had been voted on a week ago at the IMO, it would still take considerable time for implementation, leaving room for further discussions. The upset came from the U.S. and oil-producing countries, which broke the European alliances locked in since April (including Greece and Cyprus). Insiders speak of the need for the EU to regain a unified voice, while the industry demands practical incentives and guaranteed capital returns from the decarbonisation fund.

The new UNESCO Goodwill Ambassador from Greece

An interesting piece of news for our country came from UNESCO on Greece’s national holiday, October 28th. The organization’s Director-General, Audrey Azoulay, appointed four distinguished international figures as Goodwill Ambassadors. Among them is Konstantza Sbokou-Konstantakopoulou from Greece. Known from the tourism sector—and beyond—she was appointed Goodwill Ambassador for the Protection and Promotion of Culture. The architect, entrepreneur, and president of Endeavor Greece, Konstantza Sbokou-Konstantakopoulou, through her extensive experience, will contribute to UNESCO’s programs for the protection and promotion of cultural heritage.

D. Tsakonas looking for yen

Dimitris Tsakonas is currently in the world’s largest secondary market, with the obvious goal of expanding the base of Greek bond buyers. The Japanese market is considered one of the largest but also one of the most conservative globally. Greece has regained investment grade, spreads have narrowed, and the narrative of fiscal prudence has been reinforced. The Japanese market has immense liquidity but is also extremely risk-averse. Japanese pension funds and banks prioritize safety over yield. Tsakonas conveys simple messages: fiscal surpluses, steady debt reduction both nominally and as a percentage of GDP, and upgraded credit ratings. Greece offers higher returns than Germany or Japan but now carries zero risk.

The contracts hint at short covering

The heavy accumulation of contracts around Metlen’s stock (+2.38% at €43) in the Derivatives Market suggests significant short covering moves ahead. Many believe that on November 6, Metlen will give a preview of its nine-month results (top line) confirming previous forecasts and management estimates. Meanwhile, Evangelos Mytilineos sent his own signal by purchasing 50,000 shares of the Group at €42.21 for a total of €2.11 million, while he had very recently acquired another 15,000 shares.

High expectations in the market for Intralot’s stock

A fresh boost for Intralot shareholders came with yesterday’s 2.16% rise (the third consecutive increase around 2%), with trading volume reaching 4.1 million shares and closing at €1.13. Expectations following the recent capital increase are high; the market is buzzing about the stock’s prospects, and retail investors are all positioned in Intralot, waiting for the price to climb higher. It’s only logical—with 1.86 billion shares now outstanding—that it will take a reasonable amount of time before a clear direction becomes evident.

ELLAKTOR: Fat dividends and fat nonsense (the marina rumors)

As the date approaches for the ex-dividend and payment of the massive interim dividend of €174 million, ELLAKTOR’s stock keeps rising—yesterday it reached €1.558 (+2.98%), giving it a market cap of €552 million. Through its subsidiary REDS, ELLAKTOR is launching the redevelopment of the Alimos Marina, with a budget of €100 million and an estimated completion time of about 20 months. The market, however, has been circulating (baseless) rumors that ELLAKTOR’s Dutch major shareholder has struck a deal with a well-known shipowner from the deep-sea shipping sector who wants to take part in—and finance—the project. “Utter nonsense,” comments a source familiar with the matter, noting that Holterman neither needs financing nor doubts the potential of the Alimos Marina, which he believes can establish itself as the largest and most modern in the Balkans, offering 1,000 berths.

Historic records for GEK TERNA and PPC

Four plus two blue chips stood out in yesterday’s Athens Stock Exchange session, either hitting new all-time or multi-year highs or coming very close to new milestones. PPC was the one that “shone,” even without a massive percentage rise. It closed above €15 for the first time in 16 years—specifically since November 2009. It ended at €15.08, reaching as high as €15.10 during the day, while just before the auctions, a block of 600,000 shares changed hands at €15.05 apiece, with a total transaction value exceeding €9 million. New peaks were also hit by Viohalco Group stocks, with the parent company reaching €8.3 for the first time. Its affiliate Cenergy renewed its all-time high, closing at €14.2, after touching €14.5 intraday, pushing its market cap past €3 billion. The group’s other listed company, ElvalHalcor, “stepped on” €3.2—a level not seen since early January 2008. GEK TERNA climbed to €23.4, just a breath away from its annual high of €23.42. The next best closing was back on January 7, 2000, at €23.99. Finally, Bank of Cyprus matched its all-time closing record of €8.18, coming very close to its intraday record of €8.2, outperforming the rest of the banking sector.

Athens Exchange: A decent rebound

A clearly bullish session with increased trading value (€296.7 million) that wasn’t limited to bank stocks helped offset—at least partially—the losses of the previous two sessions. With little in the way of news and guided only by third-quarter corporate earnings announcements and hopes of lower borrowing costs, the market pushed back against recent pessimistic chatter. Piraeus Bank, with €59.2 million in trades, approached €7 (+0.66% at €6.98), while National Bank, with €50.2 million in trades, neared €13 (+1.97% at €12.94). Eurobank followed with fewer transactions (+1.19% at €3.40), while Alpha Bank held steady at €3.48. The real stars of the session were Motor Oil (+4.31% at €26.60) and Aegean (+2.91% at €13.46). All this happened without any help from Coca-Cola HBC (-0.51% at €39.32), which continues to sit 12% below its capitalization from three months ago (now at €14.6 billion). Kri Kri soared to new all-time highs (+3.11% at €19.64), while Intracom (+3.16%) seems to be riding the wave of Intralot’s rise, as noted earlier.

Tsakos in New York

The recent honoring of Nikos P. Tsakos in New York, at the “Chrysanthemum Ball,” offered more than met the eye. Every mention carried multiple layers of meaning—something Wall Street analysts would call a “strategic positioning with long-term vision.” NPT highlighted the importance of the Greek diaspora, emphasizing the blend of Greek values—philotimo, integrity, family, faith—with American work ethic. According to him, this “synergy” is what makes the diaspora not only economically strong but also successful in education and social advancement. In his speech, he drew a clear parallel with shipping, stressing that Greek shipping—the largest in the world—represents 25% of global trade and operates, like the diaspora itself, in a borderless international environment.

Holding company with… a whiff of education

Two new and… twin holding companies were recently established by the Karamanlis family, owners of the private Palladio Schools. The first, “Dimitrios Karamanlis Holdings S.A.,” is based in Vari, where the schools are located. Its share capital amounts to €3,480,000 (divided into 348,000 shares of €10 each), fully paid up at incorporation. The capital corresponds to €2,030.67 in cash and €3,477,969.33 in contributions in kind, “the total value of which was assessed pursuant to Article 17 of Law 4548/2018,” as stated. Its Board of Directors includes Dimitrios Karamanlis as Chairman and CEO, Ioanna Karamanli as Vice-Chair, and Xenophon and Panagiotis Karamanlis as members. The second company, “Ioanna Karamanli Holdings S.A.,” also based in Vari, has a share capital of €3,510,000 (351,000 shares of €10 each), corresponding to €841.65 in cash and €3,509,158.35 in kind contributions. Its Board includes Ioanna Karamanli as Chair and CEO, Dimitrios Karamanlis as Vice-Chair, and again Xenophon and Panagiotis Karamanlis as members. Palladio Schools have a long history, founded in 1921 in Kallithea by academic educators of the time. Today, the private school in Vari covers all educational levels—from kindergarten to high school. The current management team represents the third generation of an educational family: Dimitrios Karamanlis, a science teacher, and Ioanna Karamanli, an economist, supported by the fourth generation, Panagiotis Karamanlis (Electrical & Computer Engineer, NTUA) and Xenophon Karamanlis (Economist). In the latest published fiscal year (July 2023–June 2024), the school’s turnover rose to €4.31 million from €3.88 million the previous year, though results turned negative (€300,621 loss versus €111,168 profit), attributed to “the loss incurred from the sale of the company’s property on Skopa Street 8, Nea Smyrni.” It is noted that until June 2024, a primary school also operated in Nea Smyrni (Konstantinoupoleos Street), which has since relocated to Vari. Furthermore, the company’s working capital has turned negative, but as noted, “Management is reviewing funding conditions and is addressing and preventing all cases that could irreversibly affect the continuation of operations.”

Where, how, when, and with what consequences Nvidia will stop

As of yesterday, Nvidia officially became the first company in the world to reach a market capitalization of $5 trillion. A business group that makes chips is now worth more than Japan’s GDP—the world’s third-largest economy. Today, Nvidia controls 80% to 90% of the AI semiconductor market. Wall Street prices Nvidia as if it has secured that monopoly forever. The truth is that companies like AMD, Intel, and even China’s Huawei are pouring billions into overtaking it. The hyperscalers (Google, Microsoft, Amazon) are developing their own chips to avoid dependence on a single supplier. For now, Nvidia’s CEO Jensen Huang enjoys the champion’s crown. History teaches us, however, that on technology’s slippery highway, champions often fall fast—once a new breakthrough appears. The cases of IBM, Cisco, and Intel are living proof.