–Greetings. Today I’ll start with the farmers’ demonstrations, and especially with their very bad habit of blocking the roads, because of course they can do whatever they want, choose any other form of protest, but not TORTURE the rest of the citizens of this country. You’ll say, “No other method exists that bothers the government except blocking the roads and highways,” but I repeat: the ones who “eat” the hassle are society, not a few ministers. So this whole story, “I block a road and harm my fellow citizen,” which I recall every year around this time until mid-January—when our beloved farmers leave the cafés and go back to work—must at some point stop. I’m told that today, as Mitsotakis will be in his office—he’s returning from London—he’ll deal with the problem. After all, spokesperson Marinakis already said so during the briefing. They may even meet in person with Chrysochoidis about the measures the Police will take.

Mitsotakis with investors

–Apart from the public discussion at the Stock Exchange and Morgan Stanley event, K.M also sat down for an in-depth closed roundtable with serious investors before leaving for Oxford. Speaking about the overall performance of the Greek economy, he said we’re taking support measures without risking fiscal stability, and he referred to the tax cuts as well. He repeated to them (although they already knew) that he will complete the four-year term and that he wants to be judged at the end for fulfilling his commitments, even making a comparison between ND’s polling lead and the situation in other European elections. And he stressed that political stability and its importance will be a key parameter in the electoral strategy.

Breakfast with Pierr

–At the rest of the investment conference in London, the spotlight has been on the banks and of course on energy and construction. Bankers in particular referred to the very positive performance of their shares, as analysts continue to focus mainly on dividends, which will naturally arise from credit expansion as well as from the other activities of the credit institutions. In this regard, Vassilis Psaltis’ remark stood out that Alpha Bank’s capital adequacy gives ample room for supplementary acquisitions, while the goal is roughly a 10% increase in earnings per share in the coming years.
As for Piraeus Bank, the discussion about Ethniki Asfalistiki naturally took up a significant part of the talk; for Eurobank, its international exposure and diversified results—with Bulgaria’s contribution—were central; while for National Bank, its high capital levels remain a major topic.
Today’s program includes a morning breakfast between Finance Minister K. Pierrakakis and investors, followed right after by a discussion with Stéphane Boujnah, CEO of Euronext, and a banking-system panel featuring Ch. Papakonstantinou (Bank of Greece) and E. Vrettou (CrediaBank).
This, however, will be the last conference organized by the ASE together with Morgan Stanley, since as of next year HELEX will be part of Euronext, which is implementing its own overall strategy for promoting its markets—while the Greek Stock Exchange will most likely belong to the Developed Markets category, according to FTSE/Russell. And if, by this time next year, Greece has managed to repay part of its Public Debt early, any investment conference in 2026 will take place under different conditions and with different participants.

The Greek file for SAFE

–The files submitted by European states for funding through the EU SAFE instrument have now formally closed, and of course Greece filed its plan, which is based on priorities. I hear that while roughly €1.15 billion in loans is allocated to us, the Greek file contains potential financing of over €2 billion, in the hope that some countries will not use their available funds and those will be redirected to other applicants.
The Greek file contains innovation-oriented defense projects, such as drone systems and the anti-drone “dome,” and not vehicles etc. And it places special emphasis on the active participation of the defense industry in the program, as well as on government-to-government (G2G) collaborations—for example, regarding the Greek drone “Centaur.”

Adonis’ “like” to Petros Pappas

–Among the interesting “backstage politics” of the day is Adonis’ thank-you post to PASOK MP Petros Pappas, who had been elected with SYRIZA, and who at some event… showered the minister with praise for his hard work and efforts in Health. I didn’t find it bad at all, but it was certainly off PASOK’s party line given everything little-leader Nikos A. says. I’m waiting to see how those civilized people over at the Movement will react.
Already, Haris Kastanidis took a jab at him, saying that compared to what Papavassileiou (director of Androulakis’ office for a few hours) had said, maybe we were unfair to him (Papavassileiou, that is). Kastanidis of course felt the need to react because Petros Pappas is slated as a candidate in Thessaloniki’s 2nd District, and although Haris is from the 1st District, he said “he’ll be in my way, so go ahead and hit him once just in case.” Later, obviously upon guidance, Pappas walked his comments back a bit by posting only one excerpt from his speech where he criticized the National Health System—but the… damage was done.

Papastavrou’s meetings in Washington

–Tomorrow, Energy Minister Stavros Papastavrou heads to Washington, where he will meet with his counterparts and our familiar contacts from PTEC, Doug Burgum and Chris Wright. In fact, he will be meeting the U.S. Interior Secretary and head of America’s Energy Sovereignty Council for the fourth time in the past six months, and Chris Wright for the third time in the same period. There is no clearer indication of the momentum the Greece–U.S. energy relationship is developing, and there is also an established personal rapport.
At the same time, I hear that Papastavrou will have a lunch with Greek-American lawmakers Gus Bilirakis, Dina Titus, and Jimmy Patronis to promote national developments in the energy sector. Another important meeting will be with Senator Chuck Fleischmann, chairman of the energy subcommittee of the Appropriations Committee—that is, the committee that unlocks the funding for the development of the East Med Energy Center, which our country is pursuing. Finally, on Wednesday he will end his day with meetings with the American-Jewish organizations AIPAC and AJC.

Tsipras – book and MPs

–One day to go before the presentation of Tsipras’ book, and I asked whether the organizers expect among the guests at the Pallas theater—which holds 1,500 people—any MPs from SYRIZA, from New Left, or from Kasselakis’ camp. The answer I got was that technically, no one knows, since entrance is free and there’s no seating arrangement, but they consider it certain that MPs from SYRIZA and New Left will show up, but mainly the roughly 25 independent—adrift—MPs roaming around Parliament. As you can understand, the fiesta goes on…

Piraeus Bank “speaks well” with Euroxx

–I don’t know, maybe it’s that with Euronext now the conditions for brokerage firms are changing. Maybe it’s the banks’ hunt to boost non-interest income. Maybe it’s also that the headache over the National Insurance procedures is finally over. Whatever the case, the point is that this time—because we’ve had plenty of talk in the past—Piraeus Bank is “taking a good hard look” at Euroxx, the biggest non-bank brokerage. Some say it’s a done deal; I’m still holding my reservations…

Airbus keeping airlines on “sit-down / stand-up” mode

–First came the issue with the software and solar radiation that cropped up late last week. Now there’s a new problem: an industrial-quality issue affecting the fuselage panel of a few dozen new A320-family aircraft slated for delivery in the coming period, based on orders the world’s largest aircraft manufacturer has received so far. We’re talking about Airbus, which currently has airlines on “sit” and “stand,” with this new (possible) issue potentially delaying upcoming aircraft deliveries—although already-in-service aircraft are not affected.
From what was known until yesterday, even Airbus itself has not yet concluded how many planes it will ultimately be able to deliver by year-end. The company’s target for all of 2025 is around 820 aircraft, having delivered 657 in the first eleven months, while in November alone it delivered a (small) 72 planes—making the record of another 160 by year-end look rather unlikely.
As for our own, the largest domestic airline, AEGEAN, which has placed the major order of up to 60 aircraft for fleet renewal, has already received 38 since the start of the order, while for the period from September 2025 to September 2026, delivery of another ten is expected, two of which have already been delivered.

The Lamda – Cosmote Telekom deal

–The agreement sealed between Cosmote Telekom and the OTE Group with Lamda Development for the development and operation of a fiber-optic network in Ellinikon is of exceptional importance. Practically, throughout The Ellinikon site, telecom services will bear OTE’s stamp: any company or private individual wanting fiber will get it from OTE, and for those wanting a different provider, OTE will sell wholesale access.
And that’s not all—the two companies will also develop joint retail services, offering fixed and mobile telephony plans as well as subscription TV exclusively for residents and businesses of The Ellinikon. Additionally, there will be ICT solutions for enterprises and a complete ecosystem of digital services. The project will begin immediately to support the goal of creating a smart city designed and built entirely from scratch.

TOP Ships shifts toward Dubai real estate

–The stock-market announcement by TOP Ships, owned by Evangelos Pistiolis, that it signed a letter of intent for a potential acquisition of residential units in Dubai sparked discussion among Wall Street analysts. The move is viewed as a parallel activity relative to the company’s core shipping business, but the size of the portfolio—over $200 million—does not go unnoticed.
Details of the agreement show that TOP Ships secured exclusive rights and an option to purchase the properties at a 10% discount to fair value, as determined by two independent valuations. The $23.5 million advance payment, due by end-2025, is seen by the market as a sign that the company is seriously considering expanding its presence beyond tankers.
More cautious observers, however, note that the special independent committee still has a long way to go. The 90-day due-diligence period will determine whether the option will ultimately be exercised, with no assurance that the transaction will be completed. On Wall Street, the move is interpreted as an attempt to seize opportunities in one of the world’s most resilient real-estate markets—without altering the company’s primary character as a shipping player.

The Polemis family and the Saudi Arabia–Syria deal

–Polembros Shipping, owned by Spyros and Leonidas Polemis, with the suezmax Reliable Warrior (150,000 dwt, built 2017), decided to bypass the usual risks and sail through the Red Sea to speed up delivery of one million barrels of Saudi crude to the port of Baniyas in Syria. AIS data show departure from Ras Tanura on November 9 and arrival in Syria on Monday.
The move is particularly interesting because listed tanker companies still avoid the Red Sea—even though Houthi attacks have subsided—while major container companies such as CMA CGM and Maersk are considering returning after the Gaza ceasefire.
The delivery is the second and final part of the Saudi Arabia–Syria agreement aiming to boost the latter’s energy sector. More specifically, the sequence of deliveries from public and private interests—like George Economou’s Cardiff Marine (Petalidi, 650,000 barrels)—as well as the involvement of sanctioned Russian vessels, reveals a complex web of geopolitical and economic pressures: Saudi deals, Syria’s urgent energy needs, and the tacit tolerance or indirect facilitation by major shipping markets create a mosaic of risks and gains for participants.

MSC, Greek shipowners, and the hunt for old container ships

–Anyone following container-ship sale-and-purchase activity will have already realized that MSC, the world’s top liner company, owned by the family of Gianluigi Aponte, is moving aggressively. The latest rumor regarding the purchase of the 22-year-old Irenes Resolve from Tsakos Shipping & Trading for $23 million is only the newest episode in a long line of deals.
A shipbroker pointed out to me that this story has everything: a 2001-built vessel, and a prime moment for Greek shipowners wanting to sell “aged” tonnage at eye-popping prices. It’s no coincidence that MSC has bought 20 ships from 10 different Greeks in two years—15 of them just this year.
These transactions show that Greek shipowners have found in Aponte a buyer capable of lifting the value of old vessels to levels unimaginable a few years ago. It’s also interesting that the Tsakos group—best known for its tankers—now sees its niche fleet of sub-panamax container ships becoming a vehicle for strategic monetization, without needing to get tangled in complex newbuilding investments or risk new tonnage.
For those watching the market “backstage,” the real story is not the $23 million price for a 22-year-old ship, but the strategy behind selling Greek vessels to MSC: a finely tuned process combining timing and a broker’s eye always scouting for the next opportunity.
If the rumor proves true, Irenes Resolve will become the 20th Greek container ship to pass into MSC’s hands in two years.
Tsakos, when asked to comment on the rumor, responded that as a private, non-listed company, it does not issue announcements regarding its actions.

Four Seasons and Adidas

–Even though December has begun, the Four Seasons at Astir (and many other hotels) continues to maintain unusually high occupancy for this season, and will fill up even more in the coming days. Adidas chose Athens for its annual company meeting, where the 2025 recap will be presented and next year’s goals discussed.
For this purpose, 180 rooms were booked at the Four Seasons, to host senior executives arriving from all over the world. The overall coordination will be handled by Norwegian Bjørn Gulden, who took over as CEO in January 2023, and aside from work there will also be moments of relaxation for the multinational’s executives.
Maria Sakkari and top Dutch goalkeeper Edwin van der Sar—who played for Manchester United and Juventus, among others—will also attend the Adidas event.

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Green light for Mitsis’ golf course

–The Mitsis Group formally received the “green light” for the modernization of the Afandou golf course in Rhodes, completing the issuance of a new Environmental Terms Approval (ΑΕΠΟ) by the relevant directorates of the Environment Ministry, based on the Environmental Impact Study.
The approval was requested and obtained by AFANDOU REAL ESTATE S.A. for the modernization of the 18-hole, 500-acre course, its clubhouse, and supporting facilities—without any new construction or other interventions to the existing layout.
The new ΑΕΠΟ also specifies water use for irrigation and operation, waste management, etc., establishing a clear operating framework, given that the golf course is part of a broader investment plan envisioned for the area under the Mitsis Group’s business plan.

Institutional interest in Motor Oil

–Motor Oil is now flying at “historic altitude,” having surpassed a market cap of €3.2 billion in yesterday’s session. On the 19th—the third Friday of December—the last 2025 Derivatives Contracts expire, while next Tuesday (23/12) the stock will trade ex-dividend for the €0.30/share pre-dividend.
The timing creates arbitrage opportunities and hedging strategies that usually precede major corporate announcements, as shown by yesterday’s transactions worth over €7 million.
As the year wraps up, Motor Oil—according to reliable information—is preparing to announce a particularly “strong” fourth quarter, attributed to the restructuring of energy flows in the Mediterranean, especially after sanctions on Russian products, while its refinery-upgrade investments have begun yielding higher margins.

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PeopleCert back on the markets

–The first “Greek unicorn,” the first Greek multinational startup in professional and language-skills certifications to surpass €1 billion in valuation—PeopleCert, owned by Byron Nicolaides—has proceeded with a new €300 million senior-secured bond issuance maturing in 2031.
The bond is expected to be priced in the 6%–6.25% range and will trade on Euronext Dublin.
In early November, PeopleCert announced a major agreement to acquire the entirety of City & Guilds London Institute (CGLI), the UK’s professional certification body.
Morgan Stanley is coordinating the bond process, joined by Deutsche Bank, BofA, Citi, Goldman Sachs, Santander, and Eurobank.

After France, Germany’s turn comes

–In France, governments fall because the necessary pension reform (mainly raising the retirement age from 62 to 64 and changing the “special regimes” that allowed certain categories to retire earlier) was rejected by the opposition and the unions. France spends 34% of its GDP on the “welfare state.”
While France is still searching for a prime minister and government, Germany isn’t faring much better. 31.2% of German GDP goes to benefits. In 1960, the Sozialstaatsquote (welfare-state share) was 18.3%. By 2010 it had reached 30%, after the pandemic 33.4%, and in 2024 it stands at 31.2%.
The upward trend continues not only due to population aging, but also due to a series of “benefits” that, while protecting the unemployed, also act as a disincentive to work. The Bürgergeld benefit offers an income comparable to a normal—low—salary.
Germany still shows zero growth rates, rising taxation to cover social deficits, and all this amidst the demographic crisis Europe is facing. Any discussion about reforming the German welfare state meets the obvious resistance of powerful unions and an electorate used to things being a certain way.
Moreover, the much-vaunted German fiscal discipline demands zero deficits, which limits the state’s ability to invest productively in infrastructure and innovation.
The countdown for triggering the German time-bomb has already begun…