Greetings. Whatever one may say, what stands out from yesterday is the handover and naming of the first Belharra frigate at the Lorient shipyards in France. A happy minister, Dendias; equally happy the “sponsor” shipowner Panos Laskaridis; and a historic moment for Greece, since this frigate—together with at least the three others that the Hellenic Navy will acquire—raises the level of the country’s defensive shield. Equally happy is Mitsotakis, who negotiated persistently with Macron and, of course, could not attend yesterday due to the European Council. I repeat: the image of the Mitsotakis government taking delivery of modern defense systems, signing major energy agreements with the Americans (Vertical Corridor), and seeing a Greek minister (Pierr) take the post of president of the Eurogroup stands in (inevitable) comparison with that of its political opponents. Where its political opponents are now openly the two former prime ministers of his own party, Karamanlis and Samaras, who… day and night complain about the country’s national failures! And I refer to them first because the other parties—let’s face it—are in opposition and can almost say whatever they want.

K.M.’s “annoyance” and the channels with the blockades

I learn that upon K.M.’s return from Brussels, at some point today, there will be a serious discussion at the M.M. about their stance toward the blockades. The prime minister, I learn, has begun to “get annoyed,” since twice the farmers’ representatives have refused the proposal for dialogue and now the government must see what it will do, as full road blockades are beginning, progressively. In any case, the handling of the matter highlights certain problems also within the M.M., such as the problematic channels of communication with the blockades. How else to explain the optimism (bordering on naivety) of government officials that a meeting could take place today, when for two days now the farmers have once again “gone up on the barricades”? Obviously the blockades among themselves lack coordination, but there were also misjudgments within the M.M. In any case, as we approach Christmas, the public, merchants, and hoteliers will begin to apply pressure as well.

Investigative committee, the “Faux Zoitsa”

Now I no longer know whether the Zoitsa issue is entertaining or has by now become repellent… dressed as an inquisitor (because prosecutors, even when asking tough questions, do so politely), mocking the witnesses and their families. I think it has begun to shift from quaint to infuriating, but as I said, Konstantopoulou has her audience; the role of the punisher serves her well, and we move on. What is more interesting is the Zoí imitation or the “Faux Zoitsa,” who is none other than Milena Apostolaki. I was watching her the other day as she… interrogated Skertsos with an equally “Konstantopoulos-like” manner, asking whether the minister knew, when they went in 2023 on a pre-election tour to Crete to the house of “Frappé’s” brother… who “Frappés” was. Who is asking this? Milena—whose leader Nikos has as his best man the accountant of the “Cretan mafia,” who until the other day was being interrogated by European prosecutors. Meanwhile, the only needle that moves with the commotion and hysteria over OPEKEPE is that of the original Zoitsa, and certainly not of PASOK, which is stuck (forever?) at 14%. Let’s see…

The discussion about the fallen

I step away a bit from current affairs and turn to a matter of historical significance. The president of the Association of Children and Relatives of Those Fallen during the Epic of 1940–41, Giorgos Sourlas, sent a thank-you letter on Wednesday to the President of the Republic, Kostas Tasoulas. The reason is that Mr. Tasoulas raised with Albania’s foreign minister, Eliza Spiropali—who recently visited him at the Presidential Mansion—the issue of expanding the Klisoura Cemetery. Why is this important? Here is a short story: The remains of the Greek fallen from the 1940–41 epic in Albania are currently placed in containers due to the lack of capacity in the military cemeteries in the neighboring country. In 2019, the Albanian government granted 10 acres for the expansion of the Klisoura military cemetery so that the remains could be interred there, but to this day work has not begun. Mr. Tasoulas raised the issue and Ms. Spiropali committed to take it up.

Trilateral in Jerusalem

Let me also tell you a diplomatic piece of news that reached me yesterday. On Monday, K.M. is scheduled to go to Palestine and Israel. First to Ramallah, where he will see Abbas and they will have lunch. Then follows the transfer to Jerusalem and the meeting with Netanyahu, while the trilateral with Mitsotakis–Netanyahu–Christodoulides will also convene. Therefore, confirmation of the common front and coordination of steps in a difficult region. Immediately after the joint statements, the leaders have a dinner scheduled.

New (double) deal in the insurance sector

Let me start the market news by saying that there is information about a significant deal in the insurance sector. A deal that has everything: acquisition, merger, and more. It concerns two companies and, since I imagine where minds are going, don’t rush—because the deal is coming from Alpha Bank.

Countdown for P. Nomikos–Bank of Epirus. Nationwide license for all cooperative banks

Final stretch also for Petros Nomikos, who has agreed to invest €30 million through Capstone Capital in the Cooperative Bank of Epirus, acquiring 51%, with the aim of converting it into a Société Anonyme and obtaining a nationwide license. The project has met with a favorable wind from supervision, as the Governor of the Bank of Greece, G. Stournaras, encourages all cooperative banks to obtain a nationwide license, primarily to strengthen competition, but also for the general strengthening and cleanup of the banking system. The Nomikos–Bank of Epirus agreement has been completed and since April 2025 the approval process has been underway. According to information, the Credit and Insurance Issues Committee of the Bank of Greece (EPATh) approved P. Nomikos’s plan, and what remains is approval by the SSM and the written procedure of the ECB Governing Council. Sources with relevant knowledge report that the process is essentially finished. The Bank of Epirus is taking the next step and, according to the assessment of serious sources, all cooperative banks will follow.

National Bank–Alpha Trust: the saga goes back years

The scenario of National Bank and Alpha Trust is being floated (once again) in the market, but I don’t think it amounts to more than rumors. To understand how many years this saga goes back: in 2007, under Arapoglou’s management at NBG, Anthimos Thomopoulos had approached Phaedon Tambakakis with a proposal to acquire Alpha Trust for €90 million. An agreement could not be reached because F. Tambakakis was asking for €110 million and would not lower the bar. Now, that is, in 2025, information has NBG putting €60 million on the table and, as you understand, there has been no progress.

The Eurobank share

The column dealt with the fluctuations in recent sessions of the Eurobank share and concluded that… the treasure turned out to be coal. Upon the share’s return to the board, the Eurobank share for incomprehensible reasons made a +4.5%. The next day it fell 4%. This coincided with an intra-group transfer of a Fairfax block; market reflexes were heightened due to the preceding fluctuations in the share, and thus the next day it continued with a 3% drop. Yesterday the share rose 3%. Moving on…

What will finally happen with ELTA

The day after for ELTA, following the… chaos of previous months over which stores would close, was revealed yesterday at the session of the Parliament’s Special Standing Committee on Institutions and Transparency. The organization’s full transformation plan is based on three pillars: financial rehabilitation, ensuring universal service with strengthened physical presence, and digital transformation. As expected, many questions were raised about the physical network and, based on what became known, a transformation of 158 stores is foreseen, which will be adapted à la carte, that is, according to the needs of each area. For 113 stores, the transformation will proceed only after an ELTA agent is found and after timely notification of local communities, while for 28 points there is already an ELTA Courier store nearby and it will be examined whether those will take over their operation. Also, 17 stores will not be transformed, as they cover critical banking transaction needs. Overall, the plan foresees a “hybrid” network that will include owned stores, partner agencies, pick-up–drop-off points, smart lockers, and home service by 1,600 ELTA postmen and distributors. Finally, based on the Hellenic Corporation of Assets and Participations (Superfund) plan, the transformation also includes the development of shop-in-shop stores, with ELTA presence inside supermarkets, bookstores, press agencies, and other retail points—a model already implemented at 500 points nationwide.

Amazon, Temu and Shein cooperate with ELTA

In addition, by December 2026, that is, one year from today, the Deputy Chief Executive Officer of ELTA, Marios Tempos, committed before the Parliament’s Committee on Institutions and Transparency that Hellenic Post will have “turned the corner” from consecutive loss-making balance sheets to full rehabilitation and marginal profitability. Indicative of the new situation now prevailing at ELTA is the trust of major international retailers such as the American Amazon WS and the Chinese Temu and Shein, which chose Hellenic Post as their partner. ELTA delivers 250 million parcels per year in a market that internationally is fully liberalized (and does not allow state aid), with letter mail having decreased by as much as 90% in recent years and competition in parcels/courier services having shifted from fixed storefronts to home delivery. Today, however, despite the lamentations and shouts of some, ELTA delivers 92% of pensions and 90% of mail to homes. The new head of ELTA insisted monotonously on assuring that “there is no closure of branches,” but rather a “significant increase in points of physical service to citizens,” with the help of postal workers and new technology.

How 15,000 residential properties can be “released” immediately

The substantiated proposal of the head of doValue, Theod. Kalantonis, which has been duly submitted and aims at the immediate release of thousands of residential properties that today remain trapped, outside the market, due to bureaucratic obstacles, is particularly timely. According to the data processed by Th. Kalantonis, Claims Management Companies (servicers) currently hold 11,300 properties (63% residential), while banks hold an additional 12,000 properties (65% residential). The sum exceeds 15,000 residential properties across Greece that could cover a significant part of the supply shortage. Many of these properties cannot be transferred not because of a lack of willingness to transfer them, but due to urban-planning violations. Under the current legislative framework, such violations can be legalized only through auction, not through a consensual sale. Kalantonis’s proposal is specific: 1. Extension of the possibility of legalizing properties of urban-planning category 5 also to cases of consensual sale, not only auctions. 2. Abolition of the requirement for unanimous consent of all apartment-building residents to carry out adaptation works to comply with urban-planning regulations. In this way, transactions via consensual sale will be accelerated and, at the same time, the number of auctions carried out despite the debtor’s wish to sell will be drastically reduced. Thus, the bureaucratic barriers that keep thousands of properties idle are lifted, while the market is suffocating from lack of supply. The proposal of the head of doValue has zero fiscal cost, can be implemented immediately with a legislative provision, and concerns a specific number of properties that will increase the available stock. In addition, the position of debtors is strengthened, as auctions are avoided where there is agreement to sell. The current situation—an asset being auctioned even though the owner wishes to sell it—constitutes yet another paradox of our market.

Greek shipowners are ghosting Moscow

Russia is facing a real problem with the availability of tankers. Greek shipowners, who until recently were Moscow’s reliable carriers of oil, are disappearing from the scene, and whereas last June they carried out 24% of the voyages, they now account for just 10%. The result is a shortage of available tankers that could carry 6.5 million dwt, while “oil on water”—that is, oil being transported and not yet in storage or refineries—has hit a high of recent months. Freight rates on the Russia–India route are soaring to the highest levels of the past 19 months, and crude fleet utilization is at a two-year high. Russia is caught between hammer and anvil: if the EU proceeds with a full ban, it will need shadow fleet deals, ship-to-ship transfers, and possibly new hubs in the Far East. Turkey and India can play the role of “last-minute buyers,” but if they step back, China will bear the burden, and there the rules of shadow logistics become more… interesting. For Wall Street analysts, the picture resembles a classic squeeze play: limited supply, higher freight rates, constrained capacity. Traders see “exploitation of price differentials between sanctioned and non-sanctioned companies,” and volatility in the freight market is ready for a rally. The forced “route” via buy-sell transactions or shadow deals raises premiums for those who dare. The call is clear: short complacency, long opportunistic freight. Put simply: Russian crude does not stop; it just costs more to transport now, and every step is under real scrutiny by U.S./EU sanctions teams. The freight market is running at a crazy pace, Wall Street is smiling, Greek owners are stepping back.

Imperial Petroleum: Targeting new acquisitions with a goal of 30 vessels

Listed on the U.S. stock market, Harry Vafias’s Imperial Petroleum is pursuing a strategy of fleet expansion, utilizing capital recently raised—amounting to $60 million. The company, already listed on Nasdaq, has increased its fleet to 19 vessels through seven recent acquisitions of dry bulk carriers, resulting in third-quarter revenues reaching $41.4 million, recording a 25% increase compared with the corresponding quarter of 2024. With net profits at $11 million and available funds totaling $172 million, the company has already agreed to purchase three additional bulkers, in order to reach 22 vessels. The fleet includes 10 bulkers from handysize to kamsarmax and nine tankers, among them a suezmax crude oil tanker. As H.V. says, Imperial Petroleum focuses on high-quality vessels built in Japan and Korea, while the current absence of debt and strong liquidity allow the exploitation of opportunities in the bulk and tanker markets, which appear stable. Its goal is to expand the fleet to 25–30 vessels, further strengthening its presence in the sector.

DryShips: Smart trimming or missed upside?

After two decades in its fleet, DryShips is leaving behind the 74,432-dwt panamax Catalina (built 2005), which was sold for $7.9 million, a move many describe as “conservative.” The old Chinese Hudong Zhonghua vessel, equipped with scrubbers and ballast water treatment, was never the hottest investment, and its market value appears lower than the estimates of four different valuation platforms. According to investors from the City, the move looks like strategic pruning. Catalina still had about five years of commercial lifetime, but DryShips decided to cash out below the “mid-market value,” which stands at $11.6 million. The act shows that George Economou prefers liquidity over potential upside, keeping the balance sheet lean and ready for the next investments. And here the bigger picture appears. While selling Catalina, the TMS Group is ready to place orders for up to 10 dual-fuel neo-panamax container vessels in China. The message is clear: a shift from aging tonnage to modern, fuel-efficient assets. Not just replacement, but strategic positioning to exploit long-term structural trends in the containership market, with lower operating expenses (OPEX) and dual-fuel capability.

Titan heading for 50, “breathing room” for Intralot

Selective beautification moves—the so-called window dressing—appear to be under way on the Athens Stock Exchange as it heads toward the end of 2025, with investors focusing on specific stocks. They are continuously renewing their vote of confidence in Titan, which has set its sights on €50, just one week after surpassing €45, which had been a resistance point for several months. In the last six sessions, the cement company’s share has risen by almost 10%. In fact, it surpassed Jumbo in terms of market capitalization (€3.86 billion for TITC, €3.67 billion for BELA) and is now the 10th most valuable listed company on the ASE board. In addition, Intralot showed a “spring-like” reaction when the psychological €1 threshold was threatened—once again. Yesterday it recorded a 3.8% jump to €1.038 with turnover exceeding €4 million, absorbing the shocks from the preceding three-day decline, which had cumulatively cost 2.9% of the share’s value. The investment community views positively the share purchases by Sokratis Kokkalis and Soohyung Kim, a fact that also explains yesterday’s rebound.

Today’s session will be a good old-style session

With triple expiration in derivatives and rebalancing of the Stoxx and FTSE Russell indices, and with the Metlen share having multiple inclusion that will bring significant inflows. Information indicates that many contracts on the Derivatives Exchange are being rolled over to the coming months. The General Index yesterday regained the 2,100-point level and maintains contact with the year’s high of 2,135 points. It completed trading at the day’s high of 2,100.46 points (+0.81%), with transaction value at €263.91 million and block trades totaling €64.6 million. Eurobank (+3.04% at €3.49) stood out with transactions worth €80 million, while as of yesterday all staff emails returned to Eurobank.gr. Alpha (+0.94% at €3.45) continued the festive three-day period marking 100 years of presence on the Exchange, while National Bank (+0.3% at €13.22) is gathering expectations but maintains its right to absolute silence. A good move by Sarantis (€13.44, +2.28%) and Athens International Airport (+2.13% at €10.54) following Aegean’s announcements on holiday passenger traffic. OPAP returned to €18.34 (+1.89%), while the General Index was materially supported by Motor Oil (+1.72% at €30.72) and Coca-Cola (+1.54% at €43.46). The frenetic rally of the Viohalco Group came to a halt, while the Intralot share found €1.04 again.

Lavipharm, medical cannabis, and the €160 million valuation

Over the past week, Lavipharm’s share has recorded a rise of more than +14% and approached the €1 price, surpassing a valuation of €160 million. In the market, many rumors circulated in recent days—even… a merger with Vianex was heard somewhere—but from the company’s side the response is “we’re doing well, business as usual.” The medical cannabis narrative, especially in light of what is happening on the other side of the Atlantic, shows that the company has made the right choices. Lavipharm strengthened its cooperation with Tikun Olam for 10 years, in a sector that truly shows exponential growth rates. Revenues from this activity are expected to double, reaching €18 million annually from this activity alone, with EBITDA margins exceeding 30%. The recent agreement with iNova Pharmaceuticals (owner of Betadine) for a license of a new over-the-counter product and the acquisition of generic-drug dossiers are moves that had been announced and are being implemented swiftly. The question is whether all this justifies the €160 million valuation.

End of an era for the carry trade

For the first time after a full 19 years, the yield of the 10-year Japanese government bond stands at the 2% level. In 2019, the same bond had a negative yield of -0.29%. Today it is at +2%. The change is staggering for global markets. Until yesterday, Japan functioned as the financier of the global financial system. With near-zero interest rates, Japanese households, large insurance funds, and institutional investors borrowed cheap yen to buy U.S. bonds, European bonds, and even equities in emerging markets. The “carry trade” was a cornerstone of global liquidity. The Bank of Japan, under inflationary pressure, is overturning this balance. Japanese bonds now offer positive yields, and Japanese capital has no reason to emigrate. The yen strengthens, the carry trade becomes unprofitable, and asset managers worldwide are seeking new solutions. The gradual reallocation of capital could trigger turbulence in bond markets, increased volatility in exchange rates, and destabilization of heavily indebted economies that had Japan’s liquidity as a backstop. The “free money” from Japan is over, and markets must readjust their expectations.

The behind-the-scenes of a knife-edge vote in London

The Bank of England announced yesterday a cut in sterling interest rates by ¼ of a percentage point to 3.75%. The divided 5–4 vote of the BoE’s Monetary Policy Committee reveals the deep uncertainty prevailing on Threadneedle Street. The British economy is 80% services-based, and the shortage of labor continuously pushes wages higher and, consequently, prices. Manufacturing is shrinking, Brexit continues to burden trade, while high energy prices have hit households and businesses. The central bank intervened once again in an attempt to avert a deeper recession. Keir Starmer’s Labour government, following the Trump model, is pressing for lower interest rates to relieve households with mortgages and stimulate investment. If, however, the BoE continues to cut sterling rates, it will rekindle inflation. If it keeps rates at 3.75%, it may push the economy into recession. That is why, after the BoE’s announcement, the pound reacted negatively, falling against the dollar, as markets grasp the dilemma.

Someone is playing with the numbers in Washington

Santa Claus arrived early in New York, as yesterday, at the start of the day, the “disappearance of inflation” was officially announced. Core inflation (which strips out short-term fluctuations in food and energy) was announced to have collapsed to 2.6% in November. This is the lowest Core CPI since 2021 and completely contrary to what analysts expected (at least 3.1%). The drop of four-tenths of a percentage point in the Core Consumer Price Index is one of the largest monthly declines since 2023. In August, inflation jumped to 3.1%, a six-month high. In September, there was a government shutdown, but an “exceptional” data release was published, with inflation at 3.0%. In October, no inflation data were published. And suddenly, yesterday, November was announced, with a spectacular drop that brings inflation close to the Fed’s 2% target. At the same time, American consumers see prices soaring, rents remaining high, and wages continuing to rise. Therefore, either something changed in the measurement methodology or some people were “put under unbearable pressure”—certainly not prices. With this new data point, a cut in dollar interest rates should be a certainty. If the Fed ignores the data, it undermines the “data-driven approach.” Let’s see what the “shadow central banker” has to say—when his name is announced.