Hello, a comment on the front page of “Proto Thema” on Sunday regarding the information about the new electoral law that the government is working on. Basically, it is clear that the discussion, the thoughts, the ideas, and the deliberation may (or may not) open in this Parliament, but it will proceed provided there is a kind of modus vivendi for the next one. So, why… the hatred and mutual tearing apart, brothers? Sit down and look at the whole thing, study it, and you—who care so much about Democracy—can judge it. In any case, in Germany, where they have it, there is no observed deficit of democracy and parliamentarianism; on the contrary, anyone who reads about it will find it is considered among the best and fairest in Europe. In any case, cool—nothing has been decided.

Lifting of immunity and the unusual suspects
I told you yesterday that there are about 40 to 60 MPs from New Democracy who are thinking of abstaining from Wednesday’s vote on OPEKEPE, or of going to the ballot boxes and either voting against all immunity liftings or approving some of them. This category also includes MPs who are very close to Mitsotakis—so, unusual suspects. Of course, the latter are exercising additional caution, as they also weigh the fact that the MPs under investigation themselves are requesting the lifting of their immunity. At the same time, a kind of subtle “massaging” has begun by a number of officials, with the argument that it is inconsistent for those under investigation to ask to clear their names while their fellow ND MPs refuse. However, there are also those who say this argument is not strong, as it would create a dangerous precedent for the role of MPs and parliamentary activity.

Marinakis’ subtle jab
Yesterday I listened carefully to spokesperson Marinakis in Thessaloniki responding to the legal argument raised by several MPs who disagree with the logic of blanket approval of immunity liftings, led by Makis Voridis. The government spokesperson said that if you go to the ballot box and approve the lifting of immunity for some while not doing so for others, you are essentially making a legal judgment—acquitting some and incriminating others. To keep things calm at Maximos Mansion, however, they have clarified that there is no issue of party discipline on the matter, since the vote is secret anyway.

Not an MP from a rural constituency
Until recently, selections for the Ministry of Rural Development were based mainly on candidates coming from rural areas and knowing the problems. Given that now you don’t know who may have spoken on the phone and said what, the government chose an island MP, Thanasis Kavvadas from Lefkada, for the position of Makarios Lazaridis. After all, what dealings could an MP from Lefkada have with OPEKEPE… The main characteristic of Kavvadas, which they say even appeals to Minister Schinas, is that he is hardworking and a kamikaze-type, while he is easily elected on the island, so he can do proper work.

Panagopoulos–Androulakis: a sure bet!
Giannis Panagopoulos proved very hard to kill. He showed his strength to Nikos Androulakis and is heading toward becoming… lifelong president of the GSEE, as next Sunday he will seek an extension of his 20-year tenure. Despite accusations against him for embezzlement of EU funds and issues regarding his asset declarations, not only did he not lose strength at the 39th GSEE Congress, but PASKE even gained one more seat, reaching 20 seats and 42.8%. How did this happen? First, PASKE’s number two, Giorgos Motsios—who had called for Panagopoulos’ resignation—was persuaded not to run with a split ballot (did he perhaps do something else too?). In fact, Motsios participated in drafting the sharp announcement of PASOK’s Trade Union Network last February, calling on the labor movement “to regenerate and shake off the ‘rust’ weighing it down.” Second, PASKE’s lead was not affected by Panagopoulos’ break with former GSEE press secretary Dimitris Karageorgopoulos, who ran with a separate ballot. “If it weren’t for that brat, we might have had 22 or 23 seats and an absolute majority,” I hear Panagopoulos says about Karageorgopoulos. Also, Panagopoulos’ people “point fingers” at unionists brought into PASOK as “expansions” by Kostas Skandalidis, since several (Maniatis, Alexandrakis) ran on the ballot of… the SYRIZA-affiliated Fotopoulos. “Crazy!” they comment. Third, many say that in some… magical way, Panagopoulos also split SYRIZA, as two ballots ran, costing them one seat. He himself says they had already been divided since the previous congress and that he played no role. When asked whether he will run again for GSEE president, Panagopoulos replies: “Of course! But I won’t stay long. My case is ongoing,” he says, explaining: “If it is not resolved that the funds we receive from DYPA are a return of resources—not public money—and thus not subject to audit, there is a risk for the funding of all unions. Once it is also clarified that the issue I’m accused of does not involve EU funds, I’m out!” And a reasonable question: Where was Nikos A… in all this—did he understand nothing?

Trouble finding a PASOK secretary
I hear Nikos Androulakis is concerned about the new PASOK secretary. In discussions with his associates in Barcelona, it became clear he has not yet decided. Many names are circulating, but at least two do not want the role. Kostas Tsoukalas wants to remain press spokesperson, believing he is doing well and that others have more party experience. Thanasis Glavinas wants to run with preference votes in Thessaloniki, and the secretary position is incompatible. Lefteris Karchimakis, who came first in votes in PASOK’s Central Committee, also has limited experience, so the choice seems to fall on someone more… organizational, like Iraklis Droulias. In any case, the newly elected Central Committee must convene. If not this weekend (April 25–26), then May 9–10, two weeks later, due to May Day in between.

The Peristeris–Salonikis agreement
GEK TERNA considers its 12.76% stake in EYDAP—recently acquired for €134 million—a key pillar of its development strategy as it diversifies its activities. According to information, after acquiring this stake, GEK TERNA approached the third-largest shareholder, businessman G. Salonikis (4.9%), to buy his share. Salonikis was not willing to liquidate his stake, which he has held for 15 years. Especially now that GEK TERNA has entered EYDAP’s shareholder structure, he was even less inclined to sell. Besides, EYDAP’s financial prospects until 2029 are very optimistic. However, according to the same sources, sharing a common vision for EYDAP’s future, Peristeris and Salonikis agreed to move together to develop the company. Thus, after the State, there is now a private shareholder bloc controlling 17.66% of the capital—something that can only benefit the company’s future. EYDAP plays a key role in the country’s core infrastructure, with a network of about 14,300 km of water supply and 8,700 km of sewage, serving 2.2 million connections and operating four water treatment plants and five wastewater treatment centers.

How the BOAK pie is divided – Entry of AKTOR and METLEN approved
Since the discussion concerns construction, let’s add that a deal months in the making is now becoming reality with a ministerial signature. It concerns the entry of AKTOR and METLEN into the shareholding and operational scheme of the Northern Road Axis of Crete (BOAK), worth about €2 billion, formalizing the redistribution of shares in the country’s largest road project. The decision by Infrastructure and Transport Minister Christos Dimas, signed last week, seals the State’s approval for the Chania–Heraklion section and consents to changes already agreed among the parties. As a result, in the concession structure, GEK TERNA retains 40% in DIKTAION Concessions, while the remaining 60% is split as 24% to AKTOR Concessions, 24% to METLEN, and 12% to AKTOR Participations in Concessions and PPPs. With this new structure, future revenues from tolls and operation are shared among three strong groups. A similar structure applies to DIKTAION Operation, where AKTOR and METLEN enter with the same shares. In construction, the new consortium is confirmed: TERNA 40%, AKTOR 30%, and METKA 30%. The ministerial approval was essential—without it, the agreement could not proceed. Now AKTOR returns strongly to major concessions, METLEN strengthens its presence in road infrastructure, and GEK TERNA remains a key pillar while adopting a co-investment and risk-sharing model.

The Sarakakis group enters waste management and defense equipment
The Sarakakis group is aiming at… new fields of glory, as shown by a recent amendment to its statutes. The extraordinary General Assembly of “Adelfoi Sarakaki S.A.” on April 15 had a single topic: amending Article 3, which defines the company’s purpose. Now, instead of one “purpose,” there are 26 activities. These go beyond the core business (vehicle imports and trade) to include even acquiring claims from loans and credits. Two new fields stand out. The first includes waste management services: collection, transfer, transport, and disposal of non-hazardous waste and recyclables, as well as operation of relevant facilities. The second concerns brokerage, representation, promotion, trade, import, and export of weapons, ammunition, and related equipment, in accordance with applicable law. It is well known that both waste management and defense have… plenty of profit potential. Especially for the latter, note the group’s presence in the Association of Vehicle Body Manufacturers, which seeks active participation of the Greek industry in the Armed Forces’ procurement programs. Vice president of this association is Giannis Sarakakis, board member of the company and president of the American-Hellenic Chamber of Commerce.

Epsilon Net distributes shares to its executives
Epsilon Net, one of the major Greek companies developing business software, specializing in solutions for accounting, payroll, ERP, and tax support, may no longer be listed, but it retains many of the best practices it adopted over the years. Thus, the Board of Directors decided to revise its stock options plan through option rights, with beneficiaries being members of management and employees. The current plan, which has been revised and extended until March 2027, provides for the allocation of up to 191,950 option rights, each corresponding to one new share, at a disposal price of €0.60. Beneficiaries are selected based on position, seniority, and achievement of targets, while the final allocation of rights is determined by the Board of Directors. The exercise of the rights is scheduled within a specific time window, from February 10 to 25, 2027, provided that beneficiaries maintain an active relationship with the company, and subject to payment of the corresponding price for acquiring the shares. One might wonder, since the company was delisted following the acquisition of stakes by General Atlantic and the National Bank (G. Michos retained a 55.42% shareholding), why it maintains a stock options plan. It is common even for non-listed companies to maintain such programs, as they function as equity incentives, with value often arising from internal mechanisms (buybacks, etc.), a future sale of the company (exit), entry of an investor, or even theoretically from a possible relisting on the stock exchange.

Aquabella and Restis
The multi-active businessman Victor Restis is expanding into interesting fields. Yesterday, Monday, the company “Aquabella” was established, headquartered in Vouliagmeni. The company’s main purpose is restaurant services and mobile catering units, as well as services for sweets, ice cream, event catering, cafés, amusement parks, beaches, and even coin-operated gaming machines. The initial share capital is €50,000, divided into 500 company shares of capital contributions, with a nominal value of €100 each. Of this, €25,000 (50%) has been paid by Dimitra Marantou, who also takes over management of the company, and €25,000 (50%) by Freia M.I.K.E., interests of businessman V. Restis.

Tankers: a gold mine – explosive profits up to 80% on Wall Street
The conditions in the tanker freight market are once again bringing to the forefront the long-standing dominance of Greek shipowners. The first quarter of 2026 was marked by returns ranging in many cases between 40% and 80%, confirming the sector’s strength. The surge in freight rates, in the wake of developments in the Strait of Hormuz, acted as an accelerator in an already strong cycle. At the market level, shipping companies recorded an average increase of 30.6%, with tanker companies outperforming: +51% for crude oil operators and +43.4% for product tankers. Even the more “moderate” dry bulk sector rose by +23.1%. In this environment, companies such as Tsakos Energy Navigation stood out with an 80.2% quarterly rise (77.3% by mid-April), confirming their leading position. Similarly, Okeanis Eco Tankers recorded a 58.2% increase in the quarter and 59.1% by April 15, also ranking among top performers. These performances do not appear to be temporary. Despite geopolitical uncertainties, the market seems to be pricing in a continuation of the positive cycle. The key question now is whether these levels—already far exceeding the broader index—can be sustained in a potential de-escalation environment.

What lies behind Nikolaos Martinos’ $80 million deal
The sale by Thenamaris, interests of Nikolaos Martinos, of the 19-year-old Cool Rider (155,000 cbm), a dual-fuel DFDE LNG carrier, for around $80 million, has caused a stir. For a vessel of this age and technology, the market’s common valuation was lower, in the $55–60 million range. In shipping, such large deviations are rarely accidental. The fact that the vessel has already changed management to Indian interests and is reportedly renamed Queen Cassiopeia, while operating without a clear buyer profile, strengthens the sense that the transaction occurred outside the “classic” European LNG circuit. Behind the scenes, many speak of increased activity by Russian interests in LNG assets, in light of EU restrictions and the need for longer routes and more available capacity. What the market retains is not just the price—it is the signal: that even older DFDE assets, theoretically entering a discount phase, are being revalued as strategic capacity in a fragmented LNG trade flow. At the same time, the narrative is reinforced by moves from Maran Gas Maritime, with successive divestments of older steam turbine LNG carriers and rumors of further sales.

A lucky streak in basketball
The Tsakos group is building a sponsorship streak on both sides of the Atlantic during the basketball playoffs. The New York Knicks, sponsored by the NYSE-listed shipping company Tsakos Energy Navigation, are going from win to win. In Greece, Olympiacos finished first in the Euroleague regular season, with the Tsakos family’s Arrena water brand among the sponsors. Nikos Tsakos does not miss games of either team whenever he is in New York or Piraeus.

Piraeus Bank enters the AI era
Banks are rapidly entering the era of artificial intelligence, as developments demand. Piraeus Bank has taken a leading step, announcing yesterday a partnership with two major international technology companies, Accenture and Anthropic. The goal is to create a specialized AI Hub based in Athens. What will this AI Hub do? It will integrate artificial intelligence technology into the bank’s daily operations, speeding up internal processes, improving customer service, and enhancing employee efficiency. It will function as a permanent team and infrastructure dedicated to making the bank smarter and more efficient. This is a significant move, with Piraeus Bank paving the way in AI within the Greek market, supported by world-class partners to ensure proper, safe, and responsible implementation, as required by banking regulatory frameworks.

ELLAKTOR and tourism-hospitality
In the coming months, final licensing is expected for the Alimos Marina, both on land and at sea, with construction set to begin within 2026 and estimated to last 24 to 30 months. This was stated yesterday by Efthymios Bouloutas, head of ELLAKTOR, during a briefing to analysts on the 2025 results—a year he described as a “milestone” given the group’s shift toward real estate and hospitality. When asked about initial forecasts regarding the contribution of hospitality—particularly with the launch of the new “The Fiction” hotel on Kifisias Avenue (a partnership with hotel management company SWOT)—management said that “the sector’s contribution will be better reflected from this year, but it is still too early to predict performance; let the first half pass so we can see initial results.”

Sarantis and profit margins
The Sarantis Group’s first-quarter results exceeded market expectations. The key was not revenue but profit margins. Revenue rose modestly by +3.7%, but operating profitability (EBITDA) surged +20.1% to €23.3 million, with the margin expanding by 217 basis points to 15.8% from 13.7% a year earlier. Management attributes this to genuine operational efficiency, cost discipline, and a higher share of high-margin products in the sales mix. Whether this trend will persist remains to be seen. Net debt (excluding leases) stood at €5.5 million compared to a net cash position of €5.7 million in Q1 2025. However, in 2025 the group had received a €20.6 million installment from Estée Lauder, with the final installment expected in January 2028. Consequently, management continues to project conservative revenue growth to €620 million (+3.4%) for 2026 and EBITDA of €97 million (+9%). Based on these estimates, the stock trades at P/E 14.8x and EV/EBITDA 8.3x. If the high margins persist, there is room for significant upside—although historically the second half of the year tends to be weaker for the group.

Refining margins under heavy pressure
Motor Oil: €34.96, down -4.27%. HelleniQ Energy: €9.365, down -3.65%. Two of the most profitable listed companies on Euronext Athens were in the red yesterday, despite the sharp rise in crude oil prices in both futures and—especially—the physical market. There are two ways to buy oil. The first is the spot market: buy now, deliver now, pay the current price. The second is through futures contracts: agree today on delivery at a future date at a predetermined price. Futures reflect market expectations for the future, while spot prices reflect immediate need and urgency. Right now, the spot oil market is overheating. Buyers—refineries, shipping companies, industries—are paying whatever it takes to secure physical cargo immediately, driven by fears of supply disruption from the Middle East. Futures markets react differently, pricing in de-escalation scenarios such as ceasefires or reopening of straits. The result: long-term oil prices show easing, while spot prices surge. This is precisely the problem for Motor Oil and HelleniQ Energy. Refineries price their inventories based on spot prices—they buy expensive oil today. But their products are sold at prices tied more closely to futures. The result is a squeeze on refining margins: costs rise faster than selling prices. The market has already anticipated and priced in this scenario.

Banks: How the drop was trimmed from -7%
The banking sector was at the center of yesterday’s sell-off on Euronext Athens, playing the role of the main negative protagonist—before a notable “rescue operation” unfolded in the final minutes. The market picture shortly before the close was disheartening, with the banking index under heavy fire, dragging the General Index down to as much as -3.27% just before the end of trading, corresponding to 2,233 points. However, the picture changed dramatically during the closing auctions. The appearance of buyers with targeted orders acted as a buffer, allowing the Athens Exchange to limit losses to -2.14% and climb back to 2,259 points. This last-minute “recovery” was clearly reflected in the performance of the systemic banks. Alpha Bank, from -7%, managed to cut its drop almost in half, closing at -3.6%. National Bank reacted from -7.4%, reducing losses to -4.2%. Eurobank trimmed its decline from -4.9% to -3.2%. Piraeus Bank ultimately closed at -3.6%, having earlier fallen to -5.8%. This late-session activity shows that, despite nervousness and selling pressure, there are portfolios waiting for lower price levels. The absorption of part of the supply at the close suggests that, although strong, the pressure on banks ultimately found the necessary support levels.

Today’s crucial Senate hearing of Kevin Warsh
The major betting platform Polymarket has now shifted its stance. According to bettors, the probability of confirming Kevin Warsh as Chairman of the Federal Reserve has risen to 82%, with a time horizon by the end of June. The bettors’ narrative is simple: Powell leaves, Warsh arrives, interest rates fall. However, today the Senate Committee on Banking, Housing, and Urban Affairs begins Warsh’s hearing, with a series of questions the market prefers to ignore. On Wall Street, Warsh is considered a “hawk turned dove.” He has adopted a strategy of “practical monetarism”—that is, aggressive Quantitative Tightening to significantly shrink the Federal Reserve’s balance sheet, thereby creating room for lower short-term interest rates. This policy is not the classic “print money and flood the market” approach that Wall Street dreams of. The Fed’s balance sheet has reached $7 trillion, and a policy of Quantitative Tightening, in an environment of concerns about fiscal sustainability, could push long-term bond yields higher. This is exactly the opposite of what Trump wants. There is also a complex political backdrop. Senator Thom Tillis, a member of the Banking Committee, has explicitly linked his vote to the collapse of the criminal investigation against Powell—an investigation already dismissed by a federal judge as politically motivated. Powell will not step down on May 15; he will remain as “chair pro tempore” if his successor is not confirmed by the Senate. His term as a Fed Board member runs until January 2028. All this matters little to Polymarket bettors, who are placing their money on an 82% probability of replacement by June. They are pricing in a smooth outcome in an environment that is anything but smooth. Today we will see who is right…

Major moves on the “gold chessboard”
The Central Bank of France (Banque de France) sold 129 tons of old gold bars stored in New York, in the Federal Reserve vault, replacing them with higher-specification bars in Paris through 26 transactions between July 2025 and January 2026, recording a capital gain of €12.8 billion. Governor François Villeroy de Galhau explained that the move was not political, but that higher-specification bars were available in the European market. The reality is that not a single gram of French gold remains on U.S. soil. France’s total gold reserves remain unchanged at 2,437 tons. However, this move has put pressure on Germany, which still stores 37% of its gold reserves (about 1,236 tons) in New York. In Frankfurt and Berlin, discussions about repatriating German gold have taken on a particularly political and intense tone. The head of the German Taxpayers’ Association stated bluntly that Trump is unpredictable and that German gold “is no longer safe in the Fed’s vaults.” It appears France is not alone. Currently, central banks are repatriating gold at a pace of 863 tons per year. China, India, and Poland are aggressively buying gold, while Russia and Turkey are forced to sell the precious metal to finance war deficits and support their national currencies. To be fair, however, no one repatriates 129 tons of gold simply because storage costs were inconvenient…