-Greetings. Let me start with a “detail” from Mitsotakis’ recent appearances — one at the Thessaloniki parade and the other at Dendias’ event at the Defense Ministry the day before yesterday, attended by almost the entire party. So, the Prime Minister, although suffering since last Saturday (at Savvopoulos’ funeral) from what turned out to be COVID, went everywhere. He left Chania, returned to his office where he worked until late Monday night, then Tuesday morning went to the Thessaloniki parade, and of course on Wednesday, despite having COVID, he chaired the cabinet meeting online from Maximos Mansion and attended Dendias’ evening event in person. Why am I mentioning this? First, because K.M. wanted to close the “Dendias issue” decisively in front of the entire ND, and despite his fatigue, he showed up. Second, if you look at his schedule, his day-to-day, he’s a Prime Minister — a man — sending signals everywhere that he intends to keep going, to see it through, and obviously to seek another term. K.M. has clearly decided to step on the gas, get back in the frame, and leave no political oxygen for his rivals. Early next week, most likely Tuesday, he’ll make a long-promised trip to Komotini, while he also wants to return to Parliament for Prime Minister’s Question Time. The first opponent he’ll likely face will be Androulakis, who has submitted a new question about inflation.

The ELTA Closures

The issue of Hellenic Post (ELTA) branches shutting down — both in Attica and across the provinces — is turning into a real test for the government. In Attica alone, 40 branches are closing, while nationwide, more than 200 will shut their doors. I’m told that ELTA’s management refuses to enter any discussions or negotiations, arguing that the company’s viability is at stake after years of trouble. Still, the political problem for the government is obvious. Grumbling has begun not only among “blue” MPs but also from opposition members, some of whom are preparing parliamentary questions. Even the clergy are getting involved — certain Metropolitans have publicly called on the Prime Minister to intervene.

Egypt

Greece’s relations with Egypt were significantly tested due to the Sinai Monastery affair. The fact that K.M. is going today to the enthronement of the new Archbishop, that there will be high-level Egyptian representation, and that Sisi has invited the Prime Minister to the inauguration of the new Museum by the pyramids, all show that resolving the Monastery issue is “unblocking” what were already strong bilateral ties.

Tsipras

Now, I’ve heard quite a bit about Tsipras’ “scientific committee” — mostly criticism that there was nothing fresh, nothing new to make the center-left world say “something’s happening.” We’d said from the start this would be his biggest problem — not exactly rocket science — just the plain truth: there are no new faces. Even New Democracy struggles to find anything new in terms of people; how on earth will poor old Left manage? Especially now that unemployment has dropped and anyone who really wants to work has better things to do than hang around party offices. Some of them — like Houliarakis, Liakos, and a few others — may not be “something new,” but they’re decent, competent people. And that’s about it. What really strikes me, though, in that whole SYRIZA/former-SYRIZA sphere, is the fratricidal mayhem going on between them, my friend. You see how posts of “love and loyalty” alternate with posts of “hate and damnation.” And all this — on the same social media account, mind you. And then they wonder why all of them together don’t even add up to one proper party in the polls.

PASOK

Meanwhile in PASOK, a different kind of mess. Every Monday, Wednesday, and Friday, Geroulanos goes out and takes little jabs at our leader Nikos; Tuesday, Thursday, and Saturday, Anna does the same. Always lightly — never head-on, nothing full-blown.

Once, Pavlos spoke up (about the “needle that won’t move”), but then he took it all back within hours. The result, as everyone can see, is that the leader will drag both Pavlos and Anna down with him. Because, quite rightly, people are saying: “Either do something, or stop talking — and stop talking in half-measures every day.”

Evangelos Mytilineos’ Pivot and the New Acquisition

METLEN shareholders seem satisfied seeing Evangelos strengthening the stock through continuous buying. In the past, there was dissatisfaction over his preference for Hellenic Petroleum (ELPE), as many believed their semi-state nature made integration with METLEN problematic. With that acquisition not going forward, Evangelos’ renewed focus on METLEN is being welcomed by shareholders and sends a clear message of confidence. Sources in London say Mytilineos is gearing up to bid sometime next month for a French aluminum plant. If the deal goes through, it will create impressive synergies — among other things, the plant runs on nuclear energy, no less. For this venture, METLEN is advised by Bank of America. The acquisition would dramatically reshape the group’s scale in the metallurgy sector.

Has Th. Fessas’ Luck Run Out?

Let’s move on to other market news, starting with the… downside. It became official that the Germans of GLS won’t exercise their option, which expired today (31/10), to buy the remaining 80% of ACS. Under the current agreement, they now have the right — if they wish — to do so at the end of October 2026, or to pull out and sell back their 20% stake in ACS to Quest. I’ll skip over the market gossip that the deal hit snags and that’s why the Germans held back, but I can’t ignore the fact that for an international player like GLS — which entered into this partnership with Quest precisely to expand geographically — the decision, after a full year of insider observation, not to move forward is not encouraging. Of course, a lot can change in a year, and perhaps GLS will exercise its second option — but for now, the omens don’t look good. Until now, the market credited Th. Fessas with a knack for striking golden deals that yielded hefty capital gains. Whether his luck has run out — we’ll know, at the latest, a year from now.

The Ferry Operators Start the “Whining” Early

Here’s another negative — this one from the ferry operators, who’ve already started their “crying” to officials and are threatening ticket hikes starting next May. They’re worried about where oil prices are heading, complain about carbon emission costs, grumble about high operating expenses, etc. A kind of informal back-and-forth is underway, with “requests” for VAT cuts, subsidies, and so on. You might say — these are the same ferry owners asking us to pay for greening their fleet — of course they’d ask for fare increases too!

Eurobank

From yesterday’s nine-month results of Eurobank, two points stand out. First, the 3.7% increase in provisions, which management attributes to the growth of the loan portfolio — not to the pending Swiss-franc loan regulation. Second, that Eurobank plans to renegotiate the fee levels with DoValue for managing its NPLs. Let’s just hope that negotiation doesn’t turn out like the one for Eurolife…

Ah… Sahinis, with Your Jokes

A bit more clumsy than the occasion called for was the humor of EYDAP’s CEO, Haris Sahinis, at yesterday’s press conference on drought measures. When a journalist asked about the chronic problem of leaks — which cost hundreds of cubic meters of water daily — Sahinis tried to lighten the mood by saying he was “surprised there weren’t more serious topics for the media to focus on.” That quip, however, prompted an immediate yet polite intervention by Environment and Energy Minister Stavros Papastavrou, who replied: “Journalists are right to focus on leaks, because it’s a major issue, given the amount of water lost and the severe drought conditions the country is facing.” With that single phrase, the Minister brought the discussion back to its seriousness — reminding everyone that water management is no laughing matter. Sahinis then clarified that EYDAP’s network is extremely old and that fully replacing it would exceed the €2.5 billion already budgeted in the investment plan for tackling drought. Therefore, he said, the company aims to reduce leakage from 15% to 11% through tech-based early detection and localized repair. But that wasn’t the only incident of the day between the CEO and the Minister. A bit later, when asked how EYDAP would environmentally manage the brine (salt residue) from desalination, Sahinis quipped that “at EYDAP we’ve got plenty of sludge already (meaning Psytalleia too) — basically, we’re rolling in the mud.” The remark drew some smiles in the room — along with the Minister’s discreet but pointed comment: “That’s not a very elegant way to put it.” Small moments, but meaningful ones. Humor has its place — as long as it doesn’t overflow, especially when the subject is water!

The ambitious €2.5 billion plan and its execution timeline
Let’s move now to EYDAP’s investment plan, which will allocate €2.5 billion for the modernization of infrastructure and services. Among other things, the investments include new drillings, reinforcement of the supply network in Western Attica and increased water delivery to the Southern Suburbs, reduction of leakages and installation of smart meters, desalination units, and of course the “Evrytos” project, which concerns the partial diversion of the Krikeliotis and Karpenisiotis rivers toward the Evinos. Commenting on yesterday’s “package” of measures to tackle drought, market insiders noted that the truly difficult part begins now. The planning is good, and the intentions even better, they stress. However, everything will be judged in the field — in the implementation and the speedy execution of the €2.5 billion worth of projects announced. And that’s because — at least when it comes to technical works — the country has a history of delays and backtracking. One of the most telling examples is the Asopos Dam in Corinthia, which was supposed to be completed in 2020 but only a few days ago saw construction restart, with a new target for completion by 2027.

The energy realignment that’s gilding Greek shipowners
In the corridors of Wall Street and the energy desks of Houston, it’s been whispered for months that Europe’s “weaning off” Russian gas is not just a geopolitical shift but the beginning of a new financial wave — and, as always, at the crest of that wave are the Greek shipowners. With Europe set to bid a final farewell to Russian natural gas by 2028, the U.S. is emerging as the new “major supplier” of LNG. The interesting part? Every additional billion cubic meters of American gas heading to Europe means more LNG carriers crisscrossing the Atlantic — and Greeks already control 25% of global LNG tanker capacity. According to information reaching New York’s brokerage floors, major investment houses see the Greek fleet as the most immediate beneficiary of the energy realignment. The cost of LNG transport is climbing, freight rates are soaring, and shipyard orders in South Korea are on fire — many of them bearing Greek signatures. Meanwhile, Greece itself is transforming into an energy hub for Southeastern Europe. With infrastructure like Revythoussa, Alexandroupoli, and the new FSRU floating terminals, it now functions as the “gateway” for American LNG to the Balkans and Central Europe. Behind the scenes, Greek shipowners are in direct talks with U.S. traders for long-term partnerships. “Whoever controls the flow of LNG will also control Europe’s new energy balance,” says a senior executive at a major investment bank. From the decks of Greek ships to Manhattan’s trading floors, one thing’s certain: the “end” of Russian gas may mark the beginning of a golden Greek decade on the seas of LNG.

Hunting down the shareholders of shipping companies
Concern is mounting in the offices of shipping companies listed on Wall Street — including 31 of Greek ownership. This time, not over freight rates or capacity demand, but over something more complex: the identity of their shareholders. China’s new regulations on port dues, which cap American capital participation in ship-owning companies at 25%, have triggered quiet but intense backstage maneuvers. Of course, following the Trump–Xi trade deal, Beijing will freeze the enforcement of those tariffs for a year. “Trump blows hot and cold,” a major name in Greek shipping remarked to me. Meanwhile, executives at major listed shipping firms admit that their shareholder picture is murkier than ever. Shares are held through brokers, funds, and ETFs, where the ultimate beneficiaries often remain undisclosed. As the CEO of one listed company puts it: “When the Chinese ask who owns 25%, the only honest answer is: ‘we don’t know.’” Star Bulk, DHT Holdings, and Global Ship Lease have already officially stated that they are unable to determine the nationality of their shareholders. Nevertheless, according to market sources, internal audits and careful restructurings are underway to prevent any possible misinterpretation from Beijing — despite the postponement of sanctions enforcement. The issue hasn’t made headlines — at least not yet. But in Manhattan’s conference rooms, phones are quietly ringing and spreadsheets are constantly being updated. Companies are scrambling to answer one seemingly simple question: who actually holds their shares? Executives familiar with the matter note that the Chinese authorities seem more interested in political optics than in numbers: “What they want to hear is that you’re not an American group.”

The deal in ELINOIL
Investment interest suddenly surfaced yesterday for ELINOIL’s stock, just three days after its new board of directors took office. A large block worth €3.69 million changed hands at 12:35 p.m., sparking discussion. According to reliable information, one of ELINOIL’s shareholders, Mr. Kynigos, sold 897,000 shares (3.76% of the company’s share capital) at €3 per share to the family (his children) of Spyros Karnesis. After all, in ELINOIL’s new board, Spyros Karnesis’ two daughters, Angelique and Eleftheria, will hold enhanced supervisory responsibilities…

The MSCI game and Bank of Cyprus
Investors in the Bank of Cyprus stock are keeping their eyes on the evening of November 5. The MSCI index rebalancing will be announced that night, while the actual adjustment will take place on November 24. Many believe that Bank of Cyprus will become the 10th stock to join the MSCI Greece Standard index. Its capitalization has surpassed €3.5 billion, while the stock has gained more than 89% over the past year and closed yesterday at €8.10. Eurobank Equities believes the stock could exceed €10, as Bank of Cyprus has completed one of the most extensive restructurings in Europe.