Hello, it may not be very effective communication-wise—we’ve said it before—the issue of wiretapping, but in the field this was yesterday’s main topic: the decision of the Areios Pagos not to reopen the case from the archive for further investigation. I’m not of the view that judicial decisions should not be commented on, but I don’t believe we should be throwing stones at one we don’t like and celebrating another. The judge who handed down the 120-year sentence over the wiretapping is not a god, nor is the leadership of the Areios Pagos “compromised,” as the opposition suggests (directly or indirectly) because it did not order further investigation. Now Nikos Androulakis, after saying yesterday… everything he could about the decision of the Areios Pagos, called for the establishment of a Parliamentary Committee of Inquiry. We’ll see in the coming days whether he can secure the 120 votes needed for its formation…

Awaiting polls and the pre-congress
Otherwise, there is no major news from the government; we are awaiting opinion polls that are being completed today, so we’ll have a clearer picture after the Pierrakakis measures and the “Makroniada.” My source told me that indeed, since last week, the damage for New Democracy has recovered by about one point, so compared to the previous month it is still down by 1%–1.3%. Today Akis Skertsos will speak in a pre-congress process, among other speakers, referring to many of the things that have been done in recent years by the government through the “executive state,” for which he is essentially responsible in terms of monitoring and project implementation.

Dendias–Gerapetritis
Since there are no hard news stories these days (basically… we have no work), some are observing a de-escalation of the tension that existed between the two ministers, Nikos Dendias and Giorgos Gerapetritis. For example, the two sat side by side on Saturday at the lunch hosted by the foreign minister at the King George Hotel for the ministers accompanying Emmanuel Macron, while the French president was dining with Kyriakos Mitsotakis. And the following Saturday, May 9, the two of them, along with Stavros Papastavrou, will speak on a panel about national issues at the final pre-congress event of New Democracy in Thessaloniki.

Ceasefire operation
There should be no doubt that the rescheduling of the Parliamentary Group of New Democracy to the 7th of the month is being done in order, as much as possible, to lower the tone within the party. A role in this is expected to be played by the vice president Kostis Hatzidakis, as well as party figures Michalis Bekiris, Thanasis Nezis, and the Parliamentary Group secretary Maximos Charakopoulos. Obviously, there will be objections and complaints, but the aim is to avoid giving an image of disorder. And when you have an electoral congress ahead on the 15th of the month, the argument is strong.

Karamanlis’ thoughts…
Speaking of the ND congress, let me tell you that the former prime minister Kostas Karamanlis is considering whether he will attend. Despite the general “coolness” with Kyriakos Mitsotakis, he has not ruled it out. Last time he attended the opening with Antonis Samaras and did not speak. This time Samaras is not there, but he himself has a family relationship with New Democracy, so the calculation is different. Yesterday, Dora Bakoyannis publicly invited him to attend, and he will also receive the relevant invitation letter from the head of the Organizing Committee Theodoros Roussopoulos in the coming days. There will likely also be a phone call between the two men, but Karamanlis will have to decide.

Mitsotakis in pharmaceuticals
Before the ND pre-congress, Kyriakos Mitsotakis will visit pharmaceutical facilities in Tripoli. More specifically, I’m told he will go together with Adonis Georgiadis to the site of strategic investments of Greek pharmaceutical companies DEMO, WIN MEDICA (ELPEN Group), and FARAN. There, Theodoros Tryfon of ELPEN and Dimitris Demos will be present. As part of the visit, the progress of project implementation, their investment footprint, and their contribution to creating highly specialized jobs—as well as to the overall growth dynamics of the Greek economy—will be presented.

PPC’s aggressive stance toward OTE, Vodafone, and Nova
The total investment plan of Public Power Corporation for the period 2026–2030, linked to the €4 billion increase, amounts to €24.2 billion. Of particular interest is the allocation of investments planned by PPC’s management, with 45% of capital directed to telecommunications, 38% to digitization-efficiency, and 17% to electromobility and other activities. The fact that nearly half of the capital increase is intended for telecom investments reveals PPC’s intentions toward OTE, Vodafone, and Nova. Incidentally, the offering price will be set around May 16–17, following the General Assembly on May 14.

PPC paves the way for ADMIE
May will be a critical month for the Greek capital market, as it will absorb, within less than two months, two successive major capital increases of energy companies. The structure of PPC’s offering, which prioritizes existing shareholders on the record date, will concentrate significant liquidity in the energy sector. Immediately afterward, in June, the book for ADMIE opens. ADMIE’s capital increase, with the issuance of 1 billion new shares of nominal value €1, grants pre-emptive rights to existing shareholders. Funds committed to PPC participation, if not fully allocated, will immediately have a second energy option available. ADMIE is regulated and stable, with a weighted average cost of capital (WACC) of 7.45%, offering a different risk profile from PPC but equally attractive for another type of investor.

Athens’ win for ADMIE and the capital increase
In recent days, there has been strong talk that the government received the green light for the State’s participation in ADMIE’s capital increase to be included in the upcoming revision of the Recovery and Resilience Plan. The information is well-founded and is attributed to the government’s energy policy, which the European Commission has endorsed. Key handling was done by the competent ministers Stavros Papastavrou and Nikos Papathanasis. In particular, Papastavrou has maintained an open line in recent months with the Greek head of the fund Orestis Kavalakis regarding consultations with the EU. Now things are on track, while the final revised Recovery Fund plan is expected to be submitted to the Commission in May and concerns the allocation of €350 million—essentially the entirety of the state’s participation in the capital increase.

Concerns about merger impacts
There is no enthusiasm in the brokerage arm of Optima regarding the upcoming deal with Euroxx. There are overlaps, and it is logical for executives to be concerned about what the future holds. Management has provided assurances on several occasions but has not managed to quell concerns.

Bylot–Evoke
With the support of Morgan Stanley in New York, the main shareholder of Bylot is seeking the financing structure that will secure the £225 million needed for the acquisition of the British Evoke. Bylot has liquidity, but cannot exhaust it for the acquisition. Evoke carries debt of £1.8 billion, which is far from small, especially when Bylot’s adjusted net debt stands at €1.49 billion and its leverage ratio at 3.46x (pro forma). Evoke’s share—for which Bylot offers 50 pence—is traded in London at £40.7.

Capital “injection” by Koutsianas in Symbeeosis Ef Zin
Symbeeosis Ef Zin is, as known, the latest business venture of Nikos Koutsianas and Niki Koutsiana, which began implementation after the sale of Apivita that they had created. On Monday, April 20, an Extraordinary General Meeting of shareholders decided on a capital increase of €2,429,500, through the issuance of 24,295 new common registered shares with a nominal value of €100 each and a disposal value of €100 each. Thus, the share capital of Symbeeosis Ef Zin, which started at €60,000, has now reached €5,368,300, divided into 53,683 common registered shares of nominal value €100 each, fully paid in cash. The company essentially represents a practical implementation of its founders’ vision for organic cultivation of aromatic and medicinal plants, beekeeping activity, and the processing and standardization of bee products such as honey, royal jelly, propolis, and pollen. Beyond that, its purpose includes the production, processing, and trade of alcoholic beverages, foods (such as olive oil, fava beans, and tomatoes), dietary supplements, as well as the organization and operation of wellness, care, and beauty centers, massage services, saunas, spas, steam baths, and even involvement in alternative forms of rural tourism.

Qualco seeks credit institution license from the Bank of Greece
In the coming days, Qualco will submit an application to the Bank of Greece to obtain a credit institution license. The goal of management is to integrate financing services directly into third-party platforms via APIs. “We do not want to become a bank,” clarified Christos Kalogerakis, who appeared in Delphi with the title CEO of the Credit Institution division of Qualco Group. Qualco aims to act as the “link” that helps both funding providers and merchants find more effective solutions. A credit institution license is not a banking license; it is broader and more flexible. It allows lending, credit management, and embedding financing into third-party platforms without requiring public deposit-taking. Behind the scenes of this effort lies its financier. Qualco’s main shareholder remains the Cypriot Wokalon Finances, controlled by Orestis Tsakalotos. The second major shareholder is Luxembourg-based Amely, controlled by the investment company PIMCO. PIMCO is one of the largest bond managers in the world, with deep expertise in non-performing loan markets. In last May’s (2025) public offering, cornerstone investors included Antenna Group, Latsco (M. Latsis), and shipowner Giorgos Moundreas. Qualco already manages more loan data than any other platform in Greece and has established a joint venture with Piraeus Bank to digitize loan files using artificial intelligence.

“Gold” in Suezmax: Which Greek shipowners are buying massively
Strong activity is being recorded in the Suezmax market, with Greek shipowners increasing their presence in a category that remains highly profitable due to high crude freight rates and limited supply of suitable vessels. Mid-aged tankers are changing hands more frequently, as several Greek groups take advantage of the situation to expand their fleets. Companies such as NGM Energy (Moundreas family) and IMS SA (Marios Galazoglou) are at the forefront, having made multiple purchases recently. At the same time, traditionally strong groups such as Thenamaris (Nikolas Martinos) and Laskaridis Shipping (Panos Laskaridis) are moving more selectively, without staying out of the market, while newer or less prominent players like Westport Tankers (Giorgos Stamoulas) are also expanding their activity in the sector. Meanwhile, investment is also ongoing in newbuild, more technologically advanced tankers. For example, Maran Tankers Management (Maria Angelicoussis) is strengthening its fleet with the newbuild Suezmax MARAN MORPHEUS, the first dual-fuel vessel of its kind in its fleet. Overall, Greek-owned shipping appears to be moving in two parallel directions: aggressive purchases of second-hand Suezmax vessels for immediate exploitation of market conditions, and investments in high-tech newbuild ships shaping the next cycle of the market.

The Greek deal changing the game in giant bulk carriers
At a time when balances in shipping are shifting, the Greek element remains firmly at the forefront. The Chinese yard Dajin Heavy Industry announced its entry into the newcastlemax bulk carrier segment, but the real interest lies elsewhere—in the strong presence of a Greek shipowner behind one of the two major contracts. Danaos Corporation of Giannis Coustas has secured four vessels of 210,000 dwt, worth $294 million. At the same time, the fact that the other contract is attributed to interests of Norwegian tycoon John Fredriksen clearly shows the level of players involved at this stage. Behind the scenes, however, the Greek presence stands out for one reason: it confirms that Greek shipowners continue to invest aggressively even in new segments. With deliveries scheduled for 2028–2029 and possible options for additional units, the race has just begun.

China, the US, and Russians “re-reading” Greek ports and shipyards
In the context of the Delphi Economic Forum, two discussions on Piraeus Port Authority and ONEX shipyards showed something long discussed in the market: Greek ports are no longer just commercial infrastructure but now function as points of contact for different strategic interests. Piraeus remains the Chinese pillar, with a steady presence and long-term footprint in the supply chain to Europe. In Elefsina, the American presence in shipyards and the port reflects a different logic, more industrial and energy-oriented. And in Thessaloniki, the Russian dimension—through business connections and interests that have appeared in the area—completes a triangle that is no longer easily viewed as purely economic. The point is not that these presences “clash.” On the contrary, they coexist within the same system, creating a peculiar balance where each port acquires a different geopolitical weight. In practice, Greece functions as a point where major powers do not compete directly but “coexist” across different spheres of influence. And this, however much it is presented as purely an investment reality, now has a clear political footprint. Behind the scenes of the forum, the emerging picture is that Piraeus, Elefsina, and Thessaloniki function as three key nodes in a new geopolitical map, where shipping and infrastructure take on an increasingly strategic dimension.

Austriacard’s record high with a “scent” of acquisition
The share of Austriacard stood out in yesterday’s session, rising 4.36% and closing at €8.14—a new all-time high. The company managed to return strongly above the psychological €8 level, recovering ground lost after falling below €7 due to the geopolitical climate and earlier disappointment from Q1 2025 results. It is recalled that until six months ago (October–November 2025), it traded below €5, at historic lows. The main catalyst for the current surge is renewed takeover speculation. Reports suggest an offer at a price higher than the company’s current market valuation. This scenario, heard months ago, is now resurfacing more strongly, supported by improved profitability and restored communication between management and investors. Austriacard appears to be leaving behind its period of introversion, with the market now pricing in a significant business development.

The move transforming Lavipharm (beyond cannabis)
“A historic moment, one we’ll look back on and say Lavipharm before and after—a move that could change the company’s future forever.” With these words, Deputy CEO Panagiotis Giannouleas and CFO Vasilis Baloumis of Lavipharm spoke (as far as they were allowed, since some details are still pending) at yesterday’s presentation at the Hellenic Fund regarding the acquisition of the rights to the prescription transdermal patch Durogesic. The $12 million deal with Johnson & Johnson covers 24 countries and is expected to transform the company. According to what they said, it will lead to a 60% increase in annual revenues after the acquisition, while targeting an EBITDA margin above 37% for the entire business. Lavipharm, which had developed the generic version of Durogesic, has now succeeded in acquiring the original product (fentanyl patch) created by J&J. Production will take place at the Paiania facility, improving the efficiency of existing infrastructure investments by reducing unit costs and opening the way for new agreements. Additionally, regarding sales of pharmaceutical cannabis products: in 2024 (its launch year) sales were €500,000; last year €8.7 million; and this year sales are expected to more than double compared to 2025.

Intracom Holdings
The share of Intracom Holdings entered a state of strong investment momentum, making an impressive anticipatory move just before the official announcement of its financial results. The market “spoke” decisively, with the share posting an 8.83% rally and closing at €3.45, a level representing a more than two-month high. The rise was accompanied by increased trading volume, with turnover reaching €2.7 million. In the 2025 results published after the session, Intracom Holdings reported net profits of €16.7 million, while operating profits (EBITDA) reached €27.5 million. Its market capitalization rose to €288.4 million.

The new definition of EBITDA
A market quip about EBITDA results, which nowadays have taken on a different meaning. Earnings Before Interest, Taxes, Depreciation and Amortization have evolved into Earnings Before Iran, Tariffs, and Donald Trump Announcements.

Goldman Sachs: Third revision of oil price forecasts
Nine weeks after the start of the U.S.–Israel war against Iran, the oil market has stopped measuring short-term cost. It is measuring time. Brent Crude is trading at prices +67% compared to last year. Goldman Sachs announced yesterday its third revision of forecasts and now estimates that the 2025 surplus of 1.8 million barrels per day in the oil market has turned into a deficit of 9.6 million barrels per day for the second quarter of 2026. This is the largest balance reversal ever recorded in such a short period. Obviously, spot prices for Brent are trading at a premium of over $25 compared to futures contracts, as conditions in the physical market are tight and buyers are struggling to replace cargoes that are not passing through the Strait of Hormuz. Goldman Sachs’ third revision sees Brent averaging $90 in Q4 2026, nearly $30 higher than before the crisis began. The adverse scenario forecasts $120 in Q3 and $115 in Q4.

Now everyone is scrambling to buy American oil
Kpler is a French commodities data analytics company operating since 2014 in Paris. It specializes in tracking real-time flows of natural resources—mainly oil, LNG, coal, agricultural products, and metals. In simple terms, it’s the Bloomberg of physical commodity flows. Yesterday, Kpler published a simple chart showing more than 60 empty supertankers heading toward the Gulf of Mexico to load U.S. crude oil. This number is about triple pre-war levels and is an all-time record. Total U.S. exports of crude and petroleum products reached a record 12.9 million barrels per day last week, according to the Energy Information Administration. Kpler estimates an average of 5 million barrels per day for April in U.S. crude exports. 84% of crude cargoes passing through the Strait of Hormuz were destined for Asian markets (China, Japan, South Korea, India). Now these countries are seeking alternative suppliers and finding them in the American South. U.S. liquefied natural gas exports reached a record 11.7 million metric tons in March, with Europe absorbing 64% and Asia more than doubling volumes compared to February. U.S. LNG facilities are currently operating near maximum capacity, exporting nearly 18 billion cubic feet per day based on March data.

The shock of a “divorce”
Early yesterday morning, New York time, at the opening of Wall Street, Microsoft and OpenAI officially announced that they are “evolving their partnership.” In simple terms, they got divorced. Microsoft gave up its exclusive license to OpenAI’s models, paving the way for ChatGPT to strike deals with competing cloud providers such as Amazon. Microsoft’s gain is that it stops paying expensive revenue-sharing fees to OpenAI for products it resells on its cloud. Immediately after the announcement, Microsoft’s stock fell -2%, while Amazon rose +1%. OpenAI will continue to pay commissions to Microsoft at the same 20% rate until 2030, but a cap has now been introduced regardless of OpenAI’s technological progress. Of course, OpenAI has already made its moves. In February, it signed a major strategic agreement with Amazon, with investments of up to $50 billion and an expansion of AWS agreements worth $100 billion over the next 8 years. It is estimated that 45% of Microsoft’s AI-related business is tied to OpenAI, which explains why the market reacted immediately and sharply. Some analysts rushed to say the risk is “already priced in.” The market will show how much.