Greetings. Today we are starting the last Dark Room of 2025, with wishes for health and happiness in the salvific new year 2026, until we speak again, God willing, on Monday, January 5. Until then, and with the permission of our good farmers who are slightly relaxing the roadblocks, we will be able to go on holiday or at least move around the Greek countryside, probably with somewhat more wintry weather. Perhaps even with a little snow—don’t imagine anything dramatic. Otherwise, it seems that there must have been a lot of backlash in society against the tactics and behavior of the farmers who block the roads (something… more than what fell on the government), and that’s why they decided to step a bit aside and open the roads somewhat so people can go on their holidays or return to their homes. An era of frenzy… The truth is that in all the years I’ve been working, I don’t remember a single time, under any government, when the prime minister called a professional group—farmers or anyone else—to dialogue and they refused to go and instead sent an ultimatum. You might say, here we saw a soldier—indeed from the Special Forces—speaking at a protest rally about the budget, and the KKE and SYRIZA issuing statements because he was removed from the Special Forces and even received a prison sentence in the Army. Incredible things, right? Really, what would happen in Russia or China or Cuba if a conscript went to demonstrations—don’t the KKE or SYRIZA tell us? Of course, this is not allowed even in normal Western democracies, nor does the Greek Constitution allow it.

Carols and coffees

In any case, the government and parties are slowing down these days and until the beginning of next week things will be relaxed. Tasoulas, Mitsotakis, and the political leaders will listen to the customary carols today, and then each will take the road for the last gifts they need to buy and for the New Year’s Eve dinner. Mitsotakis was supposed to give an interview on SKAI radio, but it was postponed. In any case, he will stay within the city walls, and on New Year’s Day he will honor the… customs, that is, service at the Metropolis and then coffee with Tasoulas at Da Capo in Kolonaki Square, despite the biting cold that morning. And after that, off with the yoke, since after many years the rather outdated custom of New Year’s greetings at the Presidential Mansion was “cut.”

ATHEX: “For reasons of transparency and legal certainty”

The Capital Market Commission asked ATHEX—for reasons of clarity—to inform the investing public what happened with the previous General Meeting, the invitation to shareholders, whether anything was approved or not, etc. After the intervention, ATHEX issued an announcement that it is convening again the extraordinary General Meeting on 20/1/26, because “it was deemed necessary due to procedural issues of convening the GM of the 22nd, during which in any case no relevant decisions were taken.” The announcement concludes that the Meeting must be repeated “for reasons of transparency and legal certainty.”

The first plans of Euronext: Streamlining ATHEX operations

Meanwhile, the future president of ATHEX, who is now awaiting January 20 to assume his duties, Camil Beutin, is an Euronext executive specializing in energy and has worked for more than three decades at Euronext Oslo and Nord Pool (an energy platform owned by Euronext). He is coming to Athens with a specific agenda that he will immediately put into action. He will start with the introduction of new exchange products (e.g. ETFs, which are particularly popular in Amsterdam) and at the same time will try to include Greek mid-cap listed companies (from €200 to €500 million) on other Euronext platforms, in countries where they already have export activity and are known. His goal is to broaden the reach of listed companies with shareholder-investors from countries where Euronext operates. It also appears, however, that the (necessarily) president-in-waiting Camil Beutin intends to “dig into” some files with issues that fall within the logic of rationalization and streamlining of ATHEX’s operations.

Bank of Epirus received signals for January

On December 15, the Executive Act of the Governor (EPATh) of the Bank of Greece was issued regarding the conditions for converting cooperative banks into public limited companies. Essentially, the BoG gave the green light to the four cooperative banks (Karditsa, Chania, Epirus, Thessaly) to obtain a nationwide license provided they have minimum share capital of €18 million. The Bank of Epirus held an extraordinary general meeting of its shareholders on December 29 to convert into a public limited company, in order to open the way for the entry of strategic investor Peter Nomikos, who has expressed his intention to invest €30 million. Information suggests that the management of the Bank of Epirus now has clear indications that the fit & proper approval of P. Nomikos will come from the SSM within January, and therefore it is preparing the ground for a €30 million share capital increase. It is important that the capital increase will take place without dilution, but at the book value of the Bank of Epirus—though we will see this.

All cooperative banks are seeking a strategic investor

Based on the EPATh of the Bank of Greece, the former Cooperative Banks must adjust their own funds no later than March 31, 2026, and of course must have completed the process of converting into public limited companies in order to attract investors. Information indicates that Cooperative Bank of Thessaly is one step closer to the entry of a strategic investor; Karditsa has already expanded into neighboring prefectures but has not yet announced a broadening of its shareholder base; while in Chania, Ioannis Michos, coming from London, has joined as Executive Member of the Board with the goal of capital strengthening. The issue of capital is extremely important, since banking is now a very expensive business. Whether a bank has 1 branch or 100 branches, the very costly IT systems must be installed, supervisory capital must be available, and auditing procedures must be complete and operational. The game has started, and the efforts to capture market shares will be of exceptional interest.

Teachers, police officers, and firefighters in Intralot

A significant number of domestic mutual funds have taken positions in Intralot. As shown by the company’s shareholder register at the recent General Meeting, the largest positions are held by Alpha Bank and Optima mutual funds (Optima Greek Balanced, Optima Greek Equity) with approximately 6.6 million shares each; the National Asset Management mutual funds with approximately 5.6 million shares; while a significant position continues to be held by K. Antonopoulos, former CEO of the company, with approximately 9.2 million shares. Beyond that, there are smaller positions held by pension funds such as the Teachers Retirement System of Texas, funds for police officers and firefighters of New Jersey, mutual funds of Vanguard, Aviva, BlackRock, MorningStar, etc.

Swiss franc: Who will ultimately say “yes” to the restructuring

Banks have already started running their models for Swiss franc loans, as the new year brings developments. In about two months, borrowers will be called upon to decide whether they will join the restructuring, making a decision that will determine the course of their loan from now on. Banks are trying to determine the acceptance mix of the restructuring, since this is what will lead them to accurately calculate their provisions. According to banks’ estimates, those who can join the restructuring are borrowers without income criteria, and they will do so if their loan is not particularly mature. If, however, it is mature, given that their interest rate increases from 0% plus a 1% spread to 2.90%, they have no reason to do so. On the other hand, banks estimate that the greatest interest in the restructuring will come from those entitled to higher haircuts, based on income criteria. For this group, joining the restructuring may prove to be more attractive and a substantial relief, since the haircut reaches 50% and the interest rate 2.30%. However, a significant issue arises here: to what extent these particular borrowers can service the restructuring. It is worth highlighting an important advantage for many borrowers with a long repayment horizon: by converting the loan into euros, they essentially start from a point of departure where from then on they will see the outstanding balance of their loan gradually decrease—something that until now did not happen, due to the continuous appreciation of the Swiss franc.

25 listed companies have closed 280 meetings in Paris

On January 29, 2026, a Thursday, the Piraeus Bank roadshow with companies listed on the Athens Exchange will finally take place at the famous Espace Cléry in Paris. Participation has already been locked in for 21 listed companies, and an impressively large number of one-on-one meetings with investors—more than 280—has been recorded. There is particular activity and interest for the “newcomers” to this institution, smaller-cap companies such as Profile, Alumil, AVAX, and Alter Ego. On the banking side, participation has already been confirmed (also with many meetings) by Alpha Bank, Piraeus Bank, and Bank of Cyprus, followed by Metlen, Motor Oil, TITAN, OPAP, GEK TERNA, PPC, Athens International Airport, Cenergy, ELVALHALCOR, Aegean, HelleniQ Energy, Lamda Development, AVAX, KRI-KRI. Information indicates that the final number of participants will certainly reach 25, provided a sufficient number of one-on-one meetings is secured. Espace Cléry is an imposing, historic building in Paris’s 2nd arrondissement, in the heart of Sentier, and was once the residence of the famous painter Élisabeth Vigée Le Brun. There, the 25 listed companies will paint the future of the Athens Stock Exchange…

The background behind the shipping deals of the Greeks

Greek shipowners continue to work quietly and methodically, letting their moves speak for themselves. During the festive period, the “hits” were many. On the newbuilding front, Aegean Bulk Co. Inc. closed four 82,000 dwt bulkers at Hengli Shipbuilding (Dalian), with deliveries in 2027–2028—a move read as a steady investment in capacity, without haste but with a clear horizon. At the same time, Cape Shipping shows it is not moving away from crude: one firm and one optional VLCC 319,000 dwt at Qingdao Beihai Shipyard, for 2028, with scrubbers and a price around $119 million. Details matter here. In tankers, Capital Ship Management added two orders and two optional LR2/Aframax 114,000 dwt at Hengli, for delivery in 2028, discreetly strengthening its portfolio. V Group, on the other hand, opted for containers: two feeder 1,930 TEU at Guangzhou Wenchong Shipyard, LNG dual-fuel, with deliveries 2028–2029. Those who follow the trends take notes. And in LPG, Benelux Overseas proceeded with two VLACs 93,000 cbm at HD Hyundai in South Korea, also dual-fuel, with delivery in 2028—a move showing persistence in a specific strategic path. In second-hand tonnage, the Greeks were not absent. The capesize ANTONIS ANGELICOUSSIS (177,855 dwt, 2007, Shanghai Waigaoqiao) changed hands at $20.5 million to Greek interests, while Oceanstar Management Inc. acquired the Ultramax IVS WINDSOR (60,279 dwt, 2016, Oshima) with cranes, for $26 million. At the same time, Greek-controlled vessels were also on the sellers’ side: the Handysize APHRODITE M (36,000 dwt, 2011, SPP) at $12.5 million, as well as the pair of Post-Panamax PORTO KAGIO and PORTO GERMENO (5,908 / 5,570 TEU, 2002, Koyo Dockyard), linked to Costamare, at $17 million each. The background shows that these are not spasmodic moves. Over the last twelve months, Greek interests count 132 new orders, 158 second-hand purchases, and 14 sales for recycling. As 2025 reached its end, the picture is clear: fleet renewal, careful choices, and a game played without noise but with clear targeting.

Navios: Premium now, but with timing risk

The three-year charter of Navios Destiny of Navios, interests of Angeliki Frangou, at $34,000 per day from Cosco shows that the company is selling market strength in the present, securing premium revenues for a vessel whose age under other conditions would pressure rates. From analysts’ perspective, this is clearly accretive for upcoming results and improves the short-term cash flow picture. However, timing matters. The question is not whether the deal is good today—because it is. It is whether, in 18 or 24 months, the market will be higher or lower than these levels. Navios appears to be choosing certainty over optionality. For Wall Street, this is neither right nor wrong. It is simply a clear stance on how it currently reads the container shipping cycle.

Petros Panagiotidis’ reverse split

In the language of Wall Street analysts, Robin Energy’s move constitutes an act of compliance. The 1:5 reverse split was not carried out to change the narrative, but to close a technical risk: the loss of the Nasdaq’s $1 minimum price requirement. With the stock at $0.71, the management of Petros Panagiotidis chose the most direct and institutionally acceptable path. The result—a price of $3.58—restores the relationship with the market without creating expectations that cannot be supported. The $1 million buyback that preceded it is read by funds as a signal of stabilization, not as an aggressive positioning. At the same time, the data from the LPG carriers provide what managers are looking for: cash-flow visibility. Contracts with well-known counterparties, locked-in revenues of more than $5.5 million, and coverage of 59% of days for 2026 are not impressive, but they reduce risk. That is exactly what is reflected in the models. Robin, a spin-off of Toro Corp, is not attempting a high-profile repositioning. It demonstrates discipline with market rules and a focus on operational performance, with the MR tanker following the seasonal improvement in charter rates. For institutional investors, the message is clear: no promises of capital gains, predictability, and remaining on the board.

The first victim of 2026 will be the yen

Hedge funds are very much like sharks. Once they smell blood, they rush to devour whatever is still alive. At this time, many hedge funds have taken positions against the Japanese yen at levels that strongly resemble the crisis of July 2024. More than 85,000 contracts of net short positions were recorded on December 14, betting on further weakening of the Japanese currency. It all starts with the interest-rate differential between the dollar and the yen, which today reaches as much as 3 percentage points. The Bank of Japan, despite the recent rate hikes it deemed necessary, is moving cautiously so as not to choke growth. The problem, however, lies in Japan’s real interest rates. They remain negative, since inflation is running faster than the BoJ’s rates. Those who hold yen-denominated accounts see their purchasing power eroding and are seeking more profitable deposit options. This is a classic déjà vu. Around this time last year, the dollar–yen exchange rate had exceeded 160, forcing the Ministry of Finance to proceed with immediate intervention to support the national currency. Some believe the same will happen this year. That is why they are taking short positions, expecting intervention.

The U.S. stock market is flying. But not all of it…

Everyone admires the U.S. stock indices, their resilience and momentum. But indices do not tell the whole truth. The 10 largest companies on Wall Street now account for 22% of global stock market capitalization. This is the highest level of the past 50 years. The top five alone reach 15%. It is a historic record. Goldman Sachs processed a chart of funding spreads that reveals the other side of the story. Professional investors are moving with extreme caution. Funding spreads are dropping sharply despite the upward course of the S&P 500. This divergence is a classic warning: when large institutional investors reduce their leverage even as the market rises, they are usually pricing in major turbulence. Concentration in a few stocks—the famous “Magnificent Seven” and a few more technology giants—creates the illusion of diversification. All investment advisors urge diversification: don’t put all your eggs in one basket, diversify your investment choices. An investor who thinks that by holding a global index ETF they are diversified, in reality has 22% of their exposure in just 10 companies. In roughly the same sector. Obviously, these 10 companies stand out today for their size and prospects. But if there is a sudden change of scenery, if something changes in laws and regulations, what will happen? Already today, investors in Artificial Intelligence companies are no longer satisfied with potential; they want concrete results after three years of gigantic investments. But what if those investments do not deliver as expected? What if something unforeseen happens?