– Greetings. I told you about Alexis: he’s their leader, what did they need two years of wandering around for? For them (the Syriza crowd), he’s what Andreas was for the true, dyed-in-the-wool Pasok folks — their idol. They say: with him we became somebody, we ate bread, we made money, in short… thanks to him we lived comfortably for five years. What can Kasselakis tell them and what can Famellos and Haritsis together tell them? Alexis has them for breakfast. You saw them all together now — did you miss them, I wonder? Do you want them back in government? These are the people Androulakis and Doukas want to “talk” to? Because when we say “Progressive Camp,” this is who we mean — these are the ones, just so we don’t get confused. And yesterday they were all there at what was essentially the presentation of Alexis’ new party, cheerful and unchanged.

He wants those people?
– You might wonder, does yesterday’s event help Tsipras? Depends how you look at it — it’s like what we say about the… cucumber: one person eats it and suffers, another eats it and feels refreshed. On the one hand, if Tsipras didn’t want all of them sitting there, he would’ve sent personal invitations — not opened the doors — and would have excluded MPs of other parties or the old SYRIZA, New Left, etc. On the other hand, whoever saw them all together yesterday as one package— well, what else would they think except that… the nightingales have reunited? So whoever doesn’t like them and saw them all together will probably think twice about going with Alexis — but I think the chief has accounted for all that from the start. In any case, get-well-soons to all the “Democratic Forces”!

What they say at M.M.
– At M.M. they weren’t exactly wearing black over yesterday’s “Pallas” event, since they consider it certain that on the way to the polls they will face Tsipras, not his various Factions. “They didn’t need two years of wandering to go back to Tsipras,” they say, and remind us that “Mitsotakis has beaten Tsipras many times; so it won’t be the first, as it seems — nor the last.” Truth is, Mitsotakis needs Tsipras across from him, with the whole troupe, to remind people of 2015–19. Only Polakis is missing — but who knows, there’s still plenty of time.

The extension for electricity and Friday’s meeting
– Back to earth, and on the farmers’ issue: let me tell you that the government is trying to pull… rabbits out of the hat, besides the scheduled payments. K.M. hinted yesterday at the KYSEA Economic Council that “something better” is coming for electricity, and I understand the government is looking into extending the cheap agricultural electricity that was planned — through 2026 as well. Otherwise, Friday noon, farmers and livestock breeders from Crete are expected at the Bodossaki Mansion to discuss their issues with Chatzidakis and Tsiaras, with regional governor Arnaoutakis joining them. As for today’s dinner K.M. is having with ND MPs of the Economic Affairs Committee at “Karavitis,” I wrote to you yesterday: complaints from MPs of agricultural regions about the pile-up of problems, lack of liquidity, etc., should be considered a given.

Underestimating the KKE
– “Blue” MPs, though, who have a sense of what’s happening both in the Plains and elsewhere, say the government underestimated the influence of the KKE. The successors of the late Vaggelis Boutas are proving productive, while farmers’ unionists aligned with ND are also “playing ball” with them. Typical examples of “red” farmers are Rizos Maroudas of Larissa and Kostas Tzellas of Karditsa, while close by are the New Democrats Christos Sideropoulos, Giannis Koukoutsis, etc. A special case is that of Serres, where in the “cradle of Karamanlism,” farmers who are basically ND — and even further right — have “climbed the barricades.”

“The rose to the flower”
– Now to something more social: you must have seen Kimberly Guilfoyle’s visit to Parliament yesterday, where Nikitas Kaklamanis welcomed her on the steps with a red rose in hand. An eavesdropper told me the President said the unforgettable line: “the rose is for the flower.” And she also left Chatzidakis’ office with a gift — besides the view, the deputy PM offered her a scarf from the Benaki Museum. I hear that afterward the ambassador told her entourage she’s crazy about scarves.

Euronext changes everything at the Greek Stock Exchange
– A completely different environment in every respect awaits with the integration of the Greek Stock Exchange into the Euronext platform. From market hours to commissions and technological changes — everything is expected to change. All exchanges on the platform, even those of the European South, like Portugal for example, finish their sessions at 18:30 Greek time. This means it will be difficult for Athens to be exempt from such a rule. If this happens — nothing has been officially announced — it will logically require two shifts for brokers. Roughly translated, that means operational costs increased by about 20%. On the other hand, significant investments in technology will be needed for brokerage operations, as the environment is different. Large brokerages, for example, have servers at the Athens Exchange to facilitate transactions with international clients. Such services are expected to become more expensive, and a rise in the general operating fees they pay should also be considered likely. What will likely become cheaper are the commissions investors pay to brokerages.

Acquisitions
– All of the above easily lead to the conclusion that the brokerage-services market will sooner or later move toward consolidation, which is why scenarios for acquisitions of brokerage firms are already circulating. The procedures for completing the agreement are speeding up, and estimates say the cycle will close—despite procedural difficulties—by the end of the first half of 2026. Still, it’s no easy task, since the changes are practically earth-shaking for the ecosystem of the Greek Stock Exchange. Just consider that transaction clearing will very likely be carried out in Italy. According to some reliable information, the Hellenic Exchanges will issue a balance sheet at year-end, meaning within the first 10 days of January—something far from easy.

Two conferences, two countries… just a hologram apart
– Once upon a time, you’d have said this looked like a scene out of a sci-fi movie. Today, it’s reality. At Grant Thornton’s AI conference, Christos Megalou and Evangelos Mytilineos appeared as… holograms. Even though their physical selves were many kilometers away, in London, where they were attending the Morgan Stanley & Athens Exchange conference, their digital “versions” made an appearance in Athens. Their message was prerecorded, but imagine if artificial intelligence and cutting-edge technologies will soon be able to turn physical presence into a multiply deployable resource.

The new companies of the Spanós and Kallitsantsis families
– Yesterday, the Spanós family of Bioiatriki established a holding company. Its name is “Biolife Healthcare Group S.A.” with trade name “Biolife Healthcare,” and its purpose is holding-company services, investment-advisory services, and investments (in shares, securities, real estate, etc.). Its share capital was set at €20,790,000, fully paid in at incorporation. The share capital corresponds to €24,999 in cash and €20,765,001 in contributions in kind.
Now, Giorgos Spanós (President & CEO of Bioiatriki) contributed assets worth €15,717,240 corresponding to 5,239,080 shares (a 75.60% stake). His mother, Andromachi Spanou, contributed assets worth €4,066,524 corresponding to 1,355,508 shares (a 19.56% stake), and his sister, Dimitra Spanou, contributed assets worth €1,006,236 corresponding to 335,412 shares (a 4.84% stake).
The first Board of Directors consists of three members: Giorgos Spanós (Chairman & CEO), Andromachi Spanou (Vice-Chairwoman), and Dimitra Spanou (member).
However, the family of Dimitris Kallitsantsis—once among the key shareholders and managers of the Ellaktor Group—also incorporated a new company yesterday. The new company is named “SPT Real Estate Development” (“SPT Αναπτυξιακή Ακινήτων”) and will operate in the real-estate sector. The initial share capital is €25,000, paid in by the Cypriot company “Blend 7 Ventures Limited,” represented by Kallitsantsis’ son, Paris. He himself assumed the roles of Chairman and CEO of “SPT Real Estate Development,” whose Board also includes Dimitris Kallitsantsis and Michalis Katounas.

Athanasiou’s book
– A packed room at the presentation of the book Why They Succeeded: 6 States from the Shadows to the Top by Odysseas Athanasiou, CEO of LAMDA Development, at the full auditorium of the National Gallery, where—besides the author—professor of History at the University of Athens Maria Efthymiou and Bank of Greece governor Yiannis Stournaras also spoke.
For LAMDA’s chief, the idea for the book was born, among other things, years ago on a trip to Singapore, where he saw how a small country with no natural resources could reach the world’s top. The book focuses on six cases: Portugal of the seafarers, Venice of the merchants, the Netherlands of innovations, Estonia of the digital revolution, South Korea of technology, and Singapore of international trade—small countries with major obstacles that nevertheless managed to become global reference points.
A long list of attendees was present at the book launch: politicians, local-government officials, businesspeople, among them Deputy PM Kostis Hatzidakis, Education Minister Sofia Zacharaki, Minister of State Akis Skertsos, Grigoris Dimitriadis, the mayor of Elliniko Giannis Konstantatos, the mayor of Vari-Voula-Vouliagmeni Grigoris Konstantellos, Stergios Pitsiorlas, Achilleas Konstantakopoulos, Michalis Tsamaz, Dimitris Koutras, Giorgos Patoulis and many others.

Eletson’s Ithaki
– The case of the tanker Ithacki brings once again to the surface the hidden battles between hedge funds and traditional Greek shipping families. U.S. District Judge David Morales rejected the order to detain the vessel. The Canadian hedge fund Murchinson, after entering Greece-based Eletson Holdings through the Chapter 11 process in New York, managed to secure control of the company. But the Karastamatis, Kertsikoff, and Chatzi-Eleftheriadis families did not give up and sought to retain control of the subsidiary Eletson Gas.
The Ithacki, a 12,000-cbm vessel built in 2018, became a symbol of this conflict. Overall, the Ithacki case is not just a dispute over an LPG carrier. It is proof that today’s maritime chessboard combines traditional family structures, modern financial instruments, and judicial “stepping stones,” and whoever understands the strategy behind vessel movements also understands the real power struggle.

A shift in philosophy from Anna Angelicoussis
– Anna Angelicoussis is moving into the container-ship sector through Alpha Bulkers, making a dynamic comeback in newbuilding investments. This marks a noteworthy shift in philosophy, since historically the Greek shipowner invested in bulk carriers through this company. Now she is entering the “hot” segment of feeder container ships with orders for 11 vessels at three Chinese shipyards.
The company is expanding its portfolio in a segment with strong demand and a projected vessel shortage in coming years. In numbers, the estimated investment of roughly $500 million is significant for a company with a fleet of 34 ships, indicating that Alpha Bulkers anticipates steadily high charter rates and premiums in this category.
The size spread from 1,900 to 4,500 TEU shows strategic flexibility: smaller feeders for short routes or niche markets, and larger 4,500-TEU ships for routes requiring greater scale. The choice of three different Chinese shipyards reduces geopolitical and operational risk while benefiting from negotiation power in prices and timelines.
Overall, Angelicoussis’ move is not merely a traditional fleet expansion. It is a strategic placement in a market segment promising higher margins and greater income predictability while diversifying risk away from the traditional bulker markets. If the feeder market remains “hot,” Alpha Bulkers stands to benefit considerably, strengthening its position in the international container space without abandoning its core competency in bulkers.

Wall Street and Shipping
– Over the past decade, the U.S. shipping market has seen a substantial shrinking of the number of listed companies, with share prices and the number of firms down by roughly 40%–50% from the 2015 peak. This decline is not due to temporary market fluctuations but to a structural shift directly tied to two major forces: consolidation and privatization.
In practice, the fewer publicly listed companies now face a critical dilemma: either grow significantly through strategic mergers and acquisitions to achieve economies of scale, or consider delisting and moving to private-capital management.
This trend is also evident in IPO data: after Gener8 Maritime in 2015, only Zim in 2021 executed a proper public listing. The entry of new players via public markets is extremely limited, reinforcing consolidation and reducing market liquidity.
The market now shows a clear bifurcation: large, well-capitalized companies merge or absorb smaller ones, while small and mid-sized companies—when unable to meet growing scale and capital demands—are either acquired or taken private. This trend reflects the long-term shift of the shipping market toward a limited number of major players with stable financial profiles.