Hello there, a very interesting week has already begun with the Final Four being hosted in Athens and Olympiacos participating. Best wishes for success — it is, after all, very important for the trophy to be won in Athens. The four teams, Spanish, Turkish, and Greek, will stay at the Conrad Athens The Ilisian, while on Thursday Hardalias with Euroleague president Dejan Bodiroga will host a reception at the Stavros Niarchos Foundation Cultural Center for the teams’ presidents and other political and business figures, in the presence of the Prime Minister. The same day, probably earlier, “President Maria” Karystianou (with her doves) will announce her entry into politics from Thessaloniki, where traditionally all more right-leaning parties tend to perform better. In Northern Greece she appears to be sweeping the polls and coming second almost everywhere. The highlights seem to conclude early next week with our beloved Alexis, whom the people can no longer wait to see return for a second time as the “leader born once in 100 years,” as Theano Fotiou once said, who later also made the equally legendary remark about “stuffed vegetables that can feed an entire family out of nothing.” Now that we recall all this, we suffered back then but also had fun with these people — the joy of journalism. Now, on the road to Alexis’ party, Famelos expelled Polakis “for a trivial reason,” who, as he himself noted, holds the record of being expelled by all three SYRIZA leaders. The only solution, as Adonis suggests, is: make your own party and be done with it — why not? Was Zoë any better?

PASOK – Nikos anxiety…

• In PASOK there is also relative anxiety due to the announcement of two new parties, mainly Tsipras’, but also — believe it or not — Karystianou’s. Nikos is worried whether the polls are right and he may end up third, although realistically we will only know in a month or two, and even then with no certainty as summer has arrived. I will repeat that Nikos has a point to be angry about his family property issue, although we have been writing about it since spring 2024 (“the angry Nikos”). The leader of PASOK cannot constantly look like he’s… irritated; that expression fits Polakis or Zoë. He needs something more zen, refined, urban — all PASOK leaders were polite and smiling; even the late Simitis, although “cold,” inspired respect and dignity. As a reporter who moves around and picks up things, I note that the Prime Minister’s office learned about “Nikos’ property” at the same time as readers, maybe half a day earlier at most. Observers noticed that government spokesperson Marinakis was very careful in wording, and Mitsotakis told his circle something like: “this kind of issue doesn’t suit us.” He may also not want to burn bridges completely — who knows.

ND conference

• I left the ND conference for later, as you can see, because frankly I followed it only half-heartedly due to professional obligations. Such events are not my favorite topic. In general, the ND conference went smoothly, without surprises, with some internal complaints, but when a party machine is heading toward elections in 3–8 months, everyone focuses on their own interests. Party people want power, and at this moment only Mitsotakis can realistically secure it again. I observed the speeches of the “big names” and “dissenters”; personally, I found Dendias’ speech within the framework of “I am also here.” Nothing offensive, no extremes, but in trying to be recorded he also said something positive about Karamanlis (of Rafina), referring to “re-founding the state,” which reminds us of the 250,000 public sector hires and the 12% deficit that led us into the memoranda.

Elections and platforms

• Staying with the ND conference: Mitsotakis, who was in the corridors yesterday, seemed in good spirits and kept saying elections will be in 2027, whether people believe it or not. A number of senior officials presented a platform for the future — for example PierraKakis, who left quickly after the vote to attend the G7. His speech was widely discussed because he tried to outline a broader political narrative of the “next Greece,” shifting “from a country of endurance to a country of ambition.” It was one of the few speeches clearly focused on the next decade rather than daily management. Deputy PM Hatzidakis also spoke in a more elevated tone than usual, emphasizing he has been in the party since age 18 and seeks to speak to the entire party base. Keep in mind he will gradually increase interventions.

New ND secretary

• One pending issue from the conference is the party secretary, who will be an MP. So far, the favorite is Arta MP Giorgos Stylios, who has reportedly spoken with Mitsotakis. Another name was Deputy Interior Minister Vasilis Spanakis, but he is deeply rooted in his constituency and unlikely to leave electoral battle.

Talk about Samaras

• A major topic in ND corridors was whether Antonis Samaras will form a party, whether it will hurt ND, and whether it will attract voters from smaller right-wing parties. Opinions were divided, but the speech of his lawyer and close associate Dimitris Giannos did not go unnoticed: he said the expulsion should be revoked and corrected as a “mistake,” and that this cannot happen through intermediaries but only through direct communication. It is understood Samaras was aware of the speech.

Polakis’ counterattack

• Someone close to Pavlos Polakis said he is preparing to “unload” soon and speak extensively. Most of it will not concern Famelos, but rather Tsipras, who is preparing his political comeback. He will wait a little and then the “carving” begins — so we are in for an interesting period.

Credia near Europe Insurance

• There are discussions that CrediaBank and Europe Insurance are close to an agreement, adding another piece to the puzzle of partnerships between banks and insurance companies. Credia has shown interest in insurance for some time to strengthen its bancassurance activities, alongside moves in wealth management. Europe Holdings had previously denied a partnership with a bank, but those reports concerned Optima. In any case, communication channels between Credia and Europe exist, and a deal would make strategic sense — we will see how close they eventually get.

Piraeus Bank increases its stake in Snappi

• Piraeus Bank is significantly increasing its stake in Snappi from 55% to 68%, while the stake of the project’s other major shareholder, Natech, is correspondingly reduced. It is well known that the CEO of Piraeus Bank, Christos Megalou, has strong belief in the neobank and considers that shareholders, in not too long a time from now, will have the opportunity to reap significant profits from the venture. For the time being, the neobank, which has broken the barrier of 100,000 customers and is aiming to serve the next milestone (150,000 customers), is making substantial investments as it is in a growth phase and therefore requires capital, while it is expected to move into profitability in about two years. Piraeus Bank, as reflected in its participation, is supporting it continuously. As for Natech, it remains a strategic shareholder in Snappi, although it does not appear to wish to expand its investment.

Recovery Fund loans

• Without a doubt, the gap regarding the resources of RRF loans, among other things, is due to the fact that many rushed at the last minute to submit applications to the banks, despite the fact that the programme had been running for a long time beforehand. Bankers express their concern, noting that we are people of the last moment, worrying that applicants for the conversion of their loans from Swiss franc to euro may also start submitting mass applications as the deadline approaches. And the problem in such a scenario is that the deadline falls in the height of summer, when a large part of bank staff handling applications will already be on holiday. For debtors in categories 1–3, applications can be submitted until 19.08.2026, while for category 4 (i.e. without criteria), debtors can submit until 19.06.2026. For now, the flow of applications remains stable, and conversion applications have been submitted by 30% of eligible borrowers. Market circles, however, say that the Swiss franc loan in the future—both near and distant—regardless of its current course, will be at high levels, as it constitutes and will continue to constitute a safe-haven currency.

Extension for BYLOT – Evoke

• The processes for the acquisition of Evoke by Bally’s Intralot are at an advanced stage. Discussions with all involved parties regarding the submission of a takeover offer are well progressed; however, given the size and scope of the deal, more time will be required. Thus, the deadline set for today, 18/5, for submitting or not submitting an offer is expected to be extended. Bally’s Intralot had announced on 20/4 that it is considering acquiring Evoke, the parent company of William Hill and 888, which carries net debt of approximately £1.8 billion, or five times its operating profitability. High leverage, increased taxation on online gambling in the UK, and market slowdown have worsened Evoke’s situation, and despite improvements in EBITDA, net debt remains extremely high, limiting its strategic options. Based on initial announcements, the proposal concerns a price of 50 pence per share, in exchange for an all-share combination with a partial cash alternative, which would value Evoke at approximately £225 million ($304 million).

Another cola targeting the Stock Exchange

• It is a soft drink born in remote Orestiada in the Evros region and is now seeking a place on supermarket shelves in Tokyo, Riyadh, and Dubai. Green Cola, the stevia-based cola—which started in 2012 as a Greek innovation during the memorandum era—together with the natural water “Zagori” constitute the two pillars of the Green Beverages Group, a fully Greek business narrative on the verge of entering the Stock Exchange with the aim of international expansion. Turnover of €119 million in 2025, EBITDA of €8.5 million, while the integrated investment programme of €40 million (2021–2025) created new production facilities in Ziria, Corinthia. The target for 2026 is a +10% increase in figures. The group is already discussing with the Stock Exchange management the prospect of listing its shares on Euronext Athens, in order to finance its next expansion phase across three continents. In the Middle East, which already represents 25% of global sales, the agreement with Al Rabie Saudi Foods for Saudi Arabia is in its final stage for local production, while in the United Arab Emirates, Gulf International has taken over exclusive distribution. Local production means “Made in Saudi,” in a market that views all imports with suspicion, especially American ones. In Asia, it signed a licensing agreement with Asahi Soft Drinks, the third-largest player in Japan with a 14% share and €3.3 billion turnover, to simultaneously expand into Japan, Taiwan, and Mongolia. The next step is expansion into Egypt with its 80 million consumers, where the group already has a local bottling network.

Another “no” from Genco

• The repeated rejection of the takeover proposal for Genco Shipping & Trading by Diana Shipping of Semiramis Paliou, supported by Petros Pappas, does not merely reflect a disagreement over valuation, but is part of a broader dynamic of corporate governance and control. From a market perspective, Diana’s insistence on a price of $23.50 per share, without substantial revision since March, indicates a strategy of steady pressure rather than negotiation. The fact that the offer was turned into a public bid to shareholders, bypassing the board of directors, suggests an intention to shift the battle to the level of power dynamics. Genco’s board, citing net asset value (NAV) above $26 per share, aligns with market estimates and strengthens the argument of undervaluation. The absence of a control premium is a critical point, especially in a sector where M&A transactions typically include significant upside for acquiring control.

The backstage and Diana’s persistence

• In the background, however, the conflict shifts to the field of corporate governance. Diana, as a major shareholder with a stake just below the “poison pill” threshold, is attempting to challenge the current management through a proxy fight at the upcoming general meeting. The outcome of this process will determine whether the takeover proposal can gain real momentum. On their side, Genco’s advisers, Jefferies and Morgan Stanley, provide the expected institutional backing, describing the offer as financially inadequate.

Piraeus Bank increases its stake in Snappi

• Piraeus Bank is significantly increasing its stake in Snappi from 55% to 68%, while the stake of the project’s other major shareholder, Natech, is correspondingly reduced. It is well known that the CEO of Piraeus Bank, Christos Megalou, has strong belief in the neobank and considers that shareholders, in not too long a time from now, will have the opportunity to reap significant profits from the venture. For the time being, the neobank, which has broken the barrier of 100,000 customers and is aiming to serve the next milestone (150,000 customers), is making substantial investments as it is in a growth phase and therefore requires capital, while it is expected to move into profitability in about two years. Piraeus Bank, as reflected in its participation, is supporting it continuously. As for Natech, it remains a strategic shareholder in Snappi, although it does not appear to wish to expand its investment.

Recovery Fund loans

• Without a doubt, the gap regarding the resources of RRF loans, among other things, is due to the fact that many rushed at the last minute to submit applications to the banks, despite the fact that the programme had been running for a long time beforehand. Bankers express their concern, noting that we are people of the last moment, worrying that applicants for the conversion of their loans from Swiss franc to euro may also start submitting mass applications as the deadline approaches. And the problem in such a scenario is that the deadline falls in the height of summer, when a large part of bank staff handling applications will already be on holiday. For debtors in categories 1–3, applications can be submitted until 19.08.2026, while for category 4 (i.e. without criteria), debtors can submit until 19.06.2026. For now, the flow of applications remains stable, and conversion applications have been submitted by 30% of eligible borrowers. Market circles, however, say that the Swiss franc loan in the future—both near and distant—regardless of its current course, will be at high levels, as it constitutes and will continue to constitute a safe-haven currency.

Extension for BYLOT – Evoke

• The processes for the acquisition of Evoke by Bally’s Intralot are at an advanced stage. Discussions with all involved parties regarding the submission of a takeover offer are well progressed; however, given the size and scope of the deal, more time will be required. Thus, the deadline set for today, 18/5, for submitting or not submitting an offer is expected to be extended. Bally’s Intralot had announced on 20/4 that it is considering acquiring Evoke, the parent company of William Hill and 888, which carries net debt of approximately £1.8 billion, or five times its operating profitability. High leverage, increased taxation on online gambling in the UK, and market slowdown have worsened Evoke’s situation, and despite improvements in EBITDA, net debt remains extremely high, limiting its strategic options. Based on initial announcements, the proposal concerns a price of 50 pence per share, in exchange for an all-share combination with a partial cash alternative, which would value Evoke at approximately £225 million ($304 million).

Another cola targeting the Stock Exchange

• It is a soft drink born in remote Orestiada in the Evros region and is now seeking a place on supermarket shelves in Tokyo, Riyadh, and Dubai. Green Cola, the stevia-based cola—which started in 2012 as a Greek innovation during the memorandum era—together with the natural water “Zagori” constitute the two pillars of the Green Beverages Group, a fully Greek business narrative on the verge of entering the Stock Exchange with the aim of international expansion. Turnover of €119 million in 2025, EBITDA of €8.5 million, while the integrated investment programme of €40 million (2021–2025) created new production facilities in Ziria, Corinthia. The target for 2026 is a +10% increase in figures. The group is already discussing with the Stock Exchange management the prospect of listing its shares on Euronext Athens, in order to finance its next expansion phase across three continents. In the Middle East, which already represents 25% of global sales, the agreement with Al Rabie Saudi Foods for Saudi Arabia is in its final stage for local production, while in the United Arab Emirates, Gulf International has taken over exclusive distribution. Local production means “Made in Saudi,” in a market that views all imports with suspicion, especially American ones. In Asia, it signed a licensing agreement with Asahi Soft Drinks, the third-largest player in Japan with a 14% share and €3.3 billion turnover, to simultaneously expand into Japan, Taiwan, and Mongolia. The next step is expansion into Egypt with its 80 million consumers, where the group already has a local bottling network.

Another “no” from Genco

• The repeated rejection of the takeover proposal for Genco Shipping & Trading by Diana Shipping of Semiramis Paliou, supported by Petros Pappas, does not merely reflect a disagreement over valuation, but is part of a broader dynamic of corporate governance and control. From a market perspective, Diana’s insistence on a price of $23.50 per share, without substantial revision since March, indicates a strategy of steady pressure rather than negotiation. The fact that the offer was turned into a public bid to shareholders, bypassing the board of directors, suggests an intention to shift the battle to the level of power dynamics. Genco’s board, citing net asset value (NAV) above $26 per share, aligns with market estimates and strengthens the argument of undervaluation. The absence of a control premium is a critical point, especially in a sector where M&A transactions typically include significant upside for acquiring control.

The backstage and Diana’s persistence

• In the background, however, the conflict shifts to the field of corporate governance. Diana, as a major shareholder with a stake just below the “poison pill” threshold, is attempting to challenge the current management through a proxy fight at the upcoming general meeting. The outcome of this process will determine whether the takeover proposal can gain real momentum. On their side, Genco’s advisers, Jefferies and Morgan Stanley, provide the expected institutional backing, describing the offer as financially inadequate.

Oikonomou and the dispersion of orders in Korea and China

• The new order of two LNG carriers by TMS Cardiff Gas of Giorgos Oikonomou from Samsung Heavy Industries is not just another fleet investment. It signals that the Greek shipowner continues to build a position in a market entering a phase of increased supply and more complex balances. With a cost of approximately $253 million per vessel and delivery scheduled for 2029, the move has a clear medium- to long-term horizon. At a time when the LNG carrier orderbook is approaching 300 vessels, the decision to further increase exposure reflects confidence in the structure of the natural gas market and demand for transport capacity beyond the current cycle. Behind the scenes, the strategy has a second reading. The dispersion of orders across South Korean and Chinese shipyards, as well as part of the fleet being tied to long-term charters with players such as QatarEnergy and Cheniere Energy, reduces commercial risk and enhances financing flexibility. At the same time, the context is not neutral. The current slowdown in new LNG carrier orders, due to geopolitical uncertainty and increased caution from shipowners and financiers, is creating a temporary easing in demand for shipyard slots, preventing strong upward pressure on prices for now. However, the picture is changing in the medium term, as expected increases in global LNG production—mainly from the US and Qatar—are projected to significantly boost demand for carriers from 2026 onwards, which traditionally leads to higher shipbuilding prices and reduced availability.