Hello, the barbarities that took place in Crete the day before yesterday I think shook all of Greece and reminded us of the bad side of Greece – that of course continues to exist – as well as the timeless responsibilities of all governments without exception that for decades have tolerated the equally dark side of Crete. Everyone knows very well that the tolerance toward the… Levantine-ness goes through the roof from our politicians, from OPEKEPE all the way to lawlessness or rather the law of the Kalashnikovs, the local mafias, drugs and smuggling. Not that it’s only Crete, but what can we do, the island excels. Even the port authority chief of Chania was appointed there 27 years – mercy, not even Franco in Spain had that! Who doesn’t know that if the state wants, it can within a few months disarm a few villages of Crete and throw behind bars for like ten years each killer from those that roam free and will do the same again? If you see anything serious happening, come hang bells on me…

The parody with ELTA

The other topic of the days, which I consider is not a tragedy like the Cretan vendettas but certainly a governmental parody, is the one with ELTA. First a few words about the substance of the matter. State postal services globally have almost collapsed now for about 15 years, gradually, since written correspondence ended from mobiles, SMS and email, deposits and payments (paying bills etc.) are done through banks and of course because of the rapid growth of private courier companies etc. ELTA’s “volume” now is not even 10% of the total market, experts say. So what remains? Maybe service in remote parts of the country, where the grandmother wants to get her power bill and go pay it… manually? Not even the pension, because that is credited automatically to her account, so she needs a bank to see it, if she cannot from her mobile. Fine, very good. So we need a postman to go to Ano Magoula, to the grandmother’s house, and a café, a grocery store, a kiosk or an office at the Community or the Municipality to perform ELTA office duties. This simple thing, which will continue to be done regarding the postman – because they are not abolished nor fired – and the finding, on commission, of another small business to host ELTA services, became a major governmental and political issue, mainly from the blue MPs of the provinces. Because apparently some inside and outside Maximos have… the incomprehensible? Because… they are fighting slaps for free? Or because Mitsotakis must realize that this thing needs pruning or even reshuffle in some cases?

Hatzidakis angry…

Since we’re talking about the ELTA aftershocks inside Maximos, let me tell you that VP Hatzidakis is fuming (even if he is not that type…) because he believes that in this case he paid for the ELTA, since among other things he was charged also with the CEO of the company, Grigoris Sklicas. Sklicas now, who obviously did not really understand as a technocrat the “sensitivities” of the blues, simply sent an email to the Vice Presidency of the Government and considered that he was covered by what he announced, and so we got the… nice atmosphere. I am told therefore that Hatzidakis will go today to the meeting for ELTA in Maximos after the 3-day absence of K.M abroad, asking in a way from the PM to put things in order. The rest tomorrow.

MPs on the rails

Meanwhile the blue MPs, in their despair of collecting – maintaining votes, what they say on the phones for three days is unspeakable, while many disagree even with the corrective move of ELTA to immediately close only the stores of Attica Basin and county capitals. That’s why they are waiting… much and much for Sklicas tomorrow in Parliament, since he too considered that because two publications were written, the villages had learned what was going to happen.

The “wave” of Karystianou

It is becoming more and more clear to everyone that Maria Karystianou moves in the logic of creating a new party, unrelated to the existing ones and without being identified with Tsipras, Samaras or anyone else. For now she is trying to remain discreetly out or at least… half in half out of the leadership discussion, although this is not easy. In fact yesterday Nikos Karachalios (there is only one!) started teasing with a logo and the name “Wave”, while a video circulated a few days ago where Nikos Nikolopoulos (NikNik, Karachalios’ friend) appeared talking about a “wave” that will come and will be based on values etc. It is obvious that real fermentation is happening here and I am told that there have been outreaches, e.g. to a very known persona of the Left who supported Tsipras and Kasselakis in the recent past. Karystianou however with a late night post threw Karachalios under the bus (why do you think?), who yesterday spent his whole day retweeting about the “momentum” created by his post. I repeat, we will have a fun winter…

Kimberly and table number 30

For the first appearance of Kimberly Guilfoyle at the event marking 250 years since the founding of the US Marines Corps a lot has been written, I list who were present from the political and business world. At central table 30 sat Defence Minister Nikos Dendias with his wife Daphne, Shipping and Island Policy Minister Vassilis Kikilias, the Greek-American entrepreneur and co-founder of Vivid Seats, head of Skybox Capital, Eric Vassilatos with his wife Dimitra – with whose plane the Ambassador arrived in Athens – the President of the International Propeller Club of the United States and CEO of Franman Kostis Fragoulis, the President and CEO of the Aktor Group Alexandros Exarchou with his wife and CEO of Credia Bank Eleni Vrettou, the founder and CEO of TEN Nikos Tsakos and Celia Kritharioti, as well as the British-Cypriot entrepreneur and head of the Yiannis Group, Yiannakis (“John”) Christodoulou. Also attending were the President of the Hellenic-American Chamber of Commerce Giannis Sarakakis, Guilfoyle’s close associate Christos Marafatsos, Kimberly’s son Ronan Anthony Villency, his father and Kimberly’s ex-husband Eric Villency, the Embassy Chargé d’affaires Josh Huck and Deputy FM Haris Theocharis.

When Zappeion becomes the energy Houston

The capital this week resembles Houston more than the Mediterranean. From Thursday, Athens will host the Transatlantic Energy Cooperation Summit (P-TEC), with a pantheon of American giants parading at Zappeion, next to the Greek energy crème de la crème. Nearby ExxonMobil, Google, Amazon, Venture Global but also Cheniere and ConocoPhillips, two of the biggest LNG producers worldwide. At the same table will be DTEK, the biggest private natural gas company of Ukraine, and INFRA, one of the strongest corporate groups of Romania. Well, this is how the label “global energy epicenter” that accompanies Athens these days is justified. The government sees in this summit a prime opportunity to show that Greece is no longer just “an energy passage”, but a serious and reliable energy partner. The first talks for LNG deals with American companies are around the corner and somewhere there, in the backstage, deals already are being “cooked” that we will learn in coming days. At the Greek tables, the crème de la crème: George Stassis (PPC), Konstantinos Xifaras (DEPA Commerce), Andreas Siamisis (Helleniq Energy), Mathios Rigas (Energean), Manos Manousakis (ADMIE) and Maria Rita Galli (DESFA). Earlier, tomorrow Tuesday, the PM will be in Komotini for the inauguration of the DESFA gas compression station that will upgrade Revithoussa’s export capacity from 6 to 8 billion cubic meters, export capacity not bad for a country that until a few years ago was running to fill its tanks. Athens therefore in the coming days will be the epicenter of the energy chessboard. Only – as always – the most interesting game will not be played in the panels, but in the breaks, the huddles and dinners behind closed doors. Where the good deals usually get written. Do not think however that with the transatlantic summit the news ends! Next week Helleniq Energy is preparing to present the new identity of Elpedison, laying the foundations of the “new era” for the supply company that becomes the strategic energy pillar of the group.

METLEN landing in Dunkirk

We now move to the news from the market which shows increased mobility. First, next Wednesday November 5th we have the semiannual rebalancing of the MSCI indices. Announcements will be made Wednesday night and any changes will apply Monday November 24th. The interest is focused on METLEN stock in relation to the short positions. METLEN the next day November 6 announces results, but the important news for METLEN comes from London and according to that, on November 17 it files with Bank of America as advisor a financial offer for a French aluminum factory in Dunkirk. It is a facility in strategic position since Dunkirk is an important port in the English Channel, it is close to the Belgian border and additionally this particular facility is fueled with nuclear energy. On Thursday November 6 National Bank announces results, while Zappeion becomes Houston as we said above, while on Friday November 7 Alpha Bank announces 9-month results and then SCOPE announces its rating for the Greek economy.

Extension for ACS

On the occasion of GLS not exercising on 31/10/25 the first option it had to buy 80% of the courier company ACS, the column was wondering the other day whether the luck of Th. Fessas to do gold-bearing deals had run out. So the answer is no, the luck of the owner of Quest has not run out, since GLS in the end did not exercise the first option for technical reasons that do not cancel the business intentions and dispositions. Therefore, the strong likelihood remains on the table that GLS will proceed with the acquisition exercising the second option on 31/10/2026.

The deli meats match: Alexis Yfantis vs Dimitris Vintzilaios

The battle in the domestic deli meats market, roughly 450–500 million euro annually, now seems clearly to be tilting in favor of Alexis Yfantis. The head of the historic meat processing industry YFANTIS, with sales 215.4 million euro and net profits 10.2 million euro in 2024, seems to be standing firmly at the top. And with the deal for the acquisition of Nikas, which is expected to be completed by the end of the year, lifting the consolidated turnover of the new scheme close to 290 million euro, he himself seems to enter 2026 with a clear lead, in a market that is rapidly consolidating. On the other bank, Dimitris Vintzilaios, four years from when he took control of Creta Farms after the “civil war” of the Domazakis brothers that almost destroyed it, continues to struggle to bring it back to a profitable path. A few days ago the company published its financial statements for FY 2024. According to them sales fell marginally to 145.9 million euro and net losses increased to about 1 million euro, from 105k euro in 2023.

LAMDA: the coastal front shapings also proceed

LAMDA Development is running on multiple “fronts”, which as announced at the end of last week also formally proceeds with the procedures for issuing a common bond loan up to 500 million, with a minimum amount 400 million euro and 7 year duration. In the latest developments with regards to the big Elliniko project it is of interest that the coastal front shaping now also proceeds, beyond of course the construction of the commercial spaces at Riviera Galleria, the Residential Tower with its 173 houses and the separate low-rise residential complexes – 115 in number – known also as “Cove Residences” (note: on the coastal front are also the 27 plots on the sea where the villas that have already been sold will be built). Now, approval has been requested from the competent services of the Ministry of Culture of the file relating to the definitive landscape architectural study of the common areas, part of the open space and the central pedestrian walkway, the beach and the shoreline on the coastal front, within the area of the Metropolitan Pole. It is noted here that the coastal front will also be the first to be inhabited in the new Elliniko city and the target that has been set especially for the houses of “Cove Residences” is the first tenants to move in towards the end of 2026 – start of 2027.

Piraeus Bank new provisions at 70 million euro in Q3

According to information, from the new provisions of around 70 million euro about half concern the step up loans, i.e. prudence for those customers of the bank who do not want to change their instalments from step up to amortizing, and the other half concern the loans in Swiss francs where here too most have been restructured as step up. Old restructurings of the banks during the crisis where the incomes of their customers fell dramatically, promoted very low instalments at the beginning of the loan and much higher towards the end (step up loans). The SSM demanded forcefully that these restructurings change within 2026 because customers were paying only interest during the first years of the loan, otherwise the banks will have to take additional provisions. Banks have started contacts with their customers offering as lure attractive rates to accept to convert their loans into amortizing. The signed loan contracts with the clientele cannot be changed unilaterally and obviously some borrowers will not accept the change. For these, provisions are gradually being taken. Regarding the loans in Swiss francs, the government regulation is expected. Given that 2026 is an election year, it is not excluded that the awaited regulation will lead to a generous haircut for this category of loans, in which case bank provisions will need to be increased. It is understood that the above concerns the loan portfolios of all banks with step up restructurings and loans in Swiss francs.

Diamantis Diamantidis, the two tankers and the Houthis

The Greek shipowner Diamantis Diamantidis is setting his fleet in motion again. Delta Tankers agreed to acquire two of the most modern suezmax in circulation, the 156,800 dwt Crude Levante and Crude Zephyrus (built 2021), which however have not yet been officially delivered. The ships were bought from Greek-owned Metrostar Management, for about 77.5 million dollars each. The move also makes sense for Metrostar, which had ordered the ships equipped with scrubber six years ago for 56.5 million dollars each – i.e. about 72 million dollars today. For Delta, this acquisition is strategic. The price is moving at market levels and the ships represent the most modern available capacity in the secondary market, a clear message that Diamantidis is ready to renew his fleet. The rumors in the market wanted the Greek shipowner to be searching for suitable ships for quite some time. The current move, however, is not a simple replacement of the 163,800 dwt Sounion (2006), which had been sold for scrap after a Houthi attack last year. For many in the market, it is a sign of confidence in the good path of the crude carriers market. Delta Tankers, specialist in crude carrier ships, with 22 suezmax, five VLCC and one aframax, had not bought any ship in the secondary market for over three years.

How Peter Livanos prepares GasLog for the next day

The sale of the Methane Jane Elizabeth for $25 million, from the US listed GasLog Partners of Peter Livanos, slightly above scrap value, is not just a typical clearing of old tonnage LNG carrier. It is a clear signal that the company is accelerating its strategy to remove aging vessels, reduce idle days (the days a ship is not chartered) and prepare for an LNG market that remains weak but with prospects of recovery. The quarterly loss and the impairments of $22.3 million show the “pain” on the balance sheet, but are strategically calculated moves for the portfolio to be cleaned up. The reductions of available days due to redelivery and sale-and-leaseback agreements highlight the real challenges in the market, while the lower fixtures for 2025 underscore the pressure on freight. However, GasLog appears ready to exploit the next phase of the LNG market, with possible partnerships, fleet redeployments and upgrades in 2026. To Wall Street insiders, this move is considered a clear sign. The company is clearing old assets to bet on the next opportunity, leaving behind old LNG carriers and strengthening its position in an environment where available transport capacity and flexibility in the spot market will determine profitability.

Ordering newbuildings and buying second-hand the Greeks

Greek interests remained strongly present both in the newbuilding market and the S&P market this week. Thanasis Martinos’ EastMed continued its expansion course, ordering two MR2 tankers at Hyundai Mipo Dockyard, confirming the continuous confidence of Greek shipowners in the clean products sector. In dry bulk, the largest order was placed by Efnav Company of the Efstathiou brothers and concerns the construction of six Kamsarmax bulk carriers, 82,000 dwt. These will be built in China by Hengli Shipbuilding, at $35 million per vessel. Also Seanergy Maritime of Stamatis Tsantanis and Capital Ship Management proceeded with new orders for Capesize bulkers at Chinese yards, confirming their commitment to a modern fleet, while the order for two VLCC from Alimia Group at a Chinese yard further strengthened Greek presence in the crude tanker sector. In the secondary market, Minoa Marine sold the Anthos (82,000 dwt, 2017) for around $33 million, while George Delaporta’s Meadway Shipping disposed of the Dionisis (82,000 dwt, 2015) for $30.5 million, both cases to undisclosed buyers. Meanwhile, the Seacon Manila (33,000 dwt, 2016) was valued at $17.1 million for delivery to Greek interests in 2025.

Cenergy hit €3 billion

In the absence of other significant geopolitical news and corporate announcements, with the Athens Stock Exchange being +35.78% higher since the beginning of the year, the average daily traded value, last week (which was a down week), reached €254.5 million – up +13.1% compared to the immediately previous week. In the ten-month period Jan–Oct the average daily traded value was €214.2 million, i.e. +54.5% compared to the same period of 2024. The shares of the Viohalco group climbed to new peaks, having decoupled from the negative sentiment that prevails in the Greek stock market in recent days. Cenergy Holdings marked a new all-time high, reaching €14.4 and counts a positive 6×7 which has boosted it overall by almost 10%. Its market cap now exceeds €3 billion, is in 13th place based on ATHEX capitalisations, has surpassed Titan and Motor Oil in value, and is approaching Athens International Airport. All time high also for Viohalco, which has had a four-day rally with total gains over 4%. It is one breath short of €8.5 and its market value touches €2.2 billion. The other group stock, ElvalHalcor, erased the losses it had recorded in last Thursday’s session and matched the YTD record of €3.2, while hitting €3.245 at intraday highs. These are levels it has not seen for 18 years and specifically since late December 2007 – early January 2008. Recently it entered the billionaires club, with its valuation now amounting to €1.2 billion.

Piraeus MFMC at 3.34% of ATHEX

It is heard in the market that ATHEX shareholders are taking battle positions, with some entrenched so that the Euronext proposal does not pass (hoping to lead the stubborn Stéphan Boujnah to an improved offer) and others supporting it. What of this corresponds to reality and who will prevail, time will show. Soon we’ll find out anyway. However, on Friday, Piraeus MFMC announced on ATHEX that in the last two months it has proceeded with the purchase of 355,000 shares of ATHEX, for €2.33 million, increasing from 2.75% to 3.34% its percentage and voting rights. If you wonder now what stance the column will take, without having information, it would bet that as one of the largest domestic institutional investors, it will support the deal.

New investment strategy with ATHEX shares

On this occasion, let’s say that in the brokerage offices of Athens, a new “investment philosophy” is gaining ground. The public tender of Euronext, which started on October 6 and ends on November 17, 2025, offers an exchange of 0.050 Euronext shares for each ATHEX share. However, the recent fall of the Euronext share to €124 shapes the proposal at €6.21, lower than the initially improved offer of €7.14 in July. This slide in price created a new popular investment strategy: brokers advise their clients (not only retail clients) to cash in immediately their ATHEX shares at current market prices, avoiding the risk of further fall of Euronext until completion. If Euronext continues its downward course from the highs of €153.50 in the last 52 weeks, for the retail investor, the certainty of today’s €6.24/share outweighs the uncertainty of the exchange. On the other hand, the funds cooperating with Euronext are buying carefully, quietly and systematically the shares that the impatient are liquidating. Every share sold in the market is one less that will have to be exchanged later. Until November 17 this game of fear and opportunity will continue on the electronic boards of the Athens Stock Exchange. Retail plays for safety. Euronext plays for control.

Artificial intelligence is “hitting” Wall Street bankers too

CNBC revealed that JP Morgan Chase, the world’s largest bank by market cap, is planning a dramatic restructuring of its staff, aiming to reduce the ratio of junior bankers to senior bankers from 6:1 today to 4:1. The real disruption is hidden in one detail. Half of the junior bankers will work “remotely”, since they will live in cities with much lower cost of living such as Buenos Aires for example, instead of being crammed in the extremely expensive apartments of unfriendly New York. Thus a new reality is being created. The well-dressed young bankers with expensive tastes who have moved to London and New York for a better life as cinema shows it, now face a potential reduction of up to 2/3 of their jobs. Derek Waldron, Chief Analytics Officer of JP Morgan, showed how the bank’s artificial intelligence systems create a five-page investment presentation on Nvidia in about 30 seconds. It is a task that in the past needed a whole team of junior bankers and many hours of work. If JP Morgan’s plan is implemented, young investment bankers will work in shifts, in different time zones, passing the baton from one location to another, providing 24/7 support to the senior bankers. Lower costs, higher profit margins. On the other hand, if young investment bankers do not work long hours for research, studies and models, how will they develop to one day become the wise bankers of tomorrow? Waldron answers that employees will shift from “makers” to “checkers”, managers of artificial intelligence systems.