Hello, you may have noticed yesterday—if, even in the height of summer, you are still following politics rather than the World Cup and the beach—that K.M. repeated, “elections in the spring of 2027.” At the same time, however, you may also have noticed how active he has been. The man is constantly on the move, traveling everywhere, but that very intensity of activity is creating the impression that a September election remains a possibility. So I asked my source whether anything had changed, whether there was anything new regarding what Mitsotakis is saying—or at least thinking—about the timing of the elections. “The president continues to weigh every factor. The pollsters are taking measurements, and they will do so once more before the holidays. They will poll again on August 25 to see where the numbers stand. His primary intention is clearly to hold elections in the spring of 2027. The arguments in favor of serving out the full term are: A. K.M. once again demonstrates his institutional consistency and reliability by doing what he says. At the same time, he removes the argument, for part of the electorate, that if the polls showed no chance of a single-party majority anyway, why should the country be thrown into uncertainty eight months earlier? B. The measures to be announced at the Thessaloniki International Fair (TIF), worth around €1.5 billion, will begin to be felt by the public starting in January 2027. Last year’s corresponding TIF measures boosted the government by about two percentage points from January 2026 onward. If we hold elections now, we lose that benefit.” Those are the arguments in favor of spring 2027. According to the same source, however, these are the arguments against: A. From September until the elections, the government will barely get any work done. Everyone will be focused on winning votes, and the party machine will be preoccupied with the election campaign. What else can we expect? B. We will have been governing for eight years. Sooner or later, some kind of mishap is bound to happen, and the European prosecutors are… circling. Perhaps waiting is unnecessary and risky.” All of these strike me as reasonable arguments, both for and against.

Campaign tour instead of summit

Since we’re talking about elections and Mitsotakis’s thinking, let me mention something that seems unrelated but may in fact be highly relevant. President Tasoulas represented Greece yesterday, via videoconference, at the Summit of Southeast European countries with Ukraine. In theory, that was Mitsotakis’s job, as he was the one originally invited. But K.M. chose instead to continue his tour of Evia and asked the President of the Republic to represent Greece at the summit. That suggests Mitsotakis is taking these regional tours very seriously.

Samaras’s offices and Livanis

I heard an interesting piece of information yesterday: Samaras is reportedly in contact with Ilias Livanis in order to secure office space for his new political party. Some even believe that an agreement is close and could involve the publishing house’s bookstore on Solonos Street. Samaras, after all, was a close friend of the late Antonis Livanis, while Ilias Livanis had signed the statement of the “91” published last summer, which was widely viewed as a precursor to the former prime minister’s launch of a new party. Livanis himself, however, tells associates that he is politically closer to the “patriotic PASOK” camp and has nothing to do with Samaras’s preparations. Still, business is business.

Drinks on the rooftop

Staying with the election theme, New Democracy’s Secretariat for Productive Sectors hosted a summer drinks reception on a rooftop yesterday, attended by chamber of commerce presidents, representatives of productive organizations, and local and regional party officials—around 200 people in total. Party secretary Kyranakis, Director General Smyrlis, and others attended, while Nikos Hardalias and Kostas Bakoyannis addressed the gathering. In short, it was networking with every segment of society, especially those with a keen interest in the substance of the upcoming TIF announcements.

The “saint” of the regions

Continuing with elections and regional tours, Mitsotakis, while visiting Evia yesterday, made special mention of Deputy Minister to the Prime Minister Thanasis Kontogeorgis, who has been tasked with overseeing the government’s entire regional development agenda. The Governor of Central Greece, Fanis Spanos, even bestowed a nickname upon him, describing him as “the saint of the Greek regions,” in the sense that local authorities now have someone at the Prime Minister’s Office to turn to.

Seven people in one room—and the fierce Pappas–Giannoulis clash

One might have expected that, at SYRIZA’s extraordinary parliamentary group meeting, the instinct for self-preservation would prevail and that a spirit of unity would emerge among the relatively few participants. Instead, as the popular song says, “seven nomads in one room” managed to descend into complete chaos, a reflection of the turmoil gripping what was once Greece’s first left-wing governing party. The emergency meeting had been convened to elect Giannis Amanatidis as secretary of the parliamentary group so that he could then sign the letter reinstating Pavlos Polakis, paving the way for the internal election of a new party leader, in which the Cretan MP is expected to run. I have learned, however, that at the beginning of the formal session, Christos Giannoulis—participating via Zoom—requested the floor and proposed electing not only a new secretary but also a new parliamentary group president, apparently in an effort to prevent Polakis from being eligible as a candidate. The proposal was immediately backed by the Akrita–Dourou duo, but not by Nikos Pappas, who engaged in a heated exchange involving accusations of being a “plant” and references to “Filipinas” (literally “Filipino maid,” used here as a derogatory expression meaning someone’s obedient servant). The shouting carried through the wooden doors of the nearly empty meeting room, and eyewitnesses recounted the following exchange:

• Pappas: “You’re Famelos’s plant.”
• Giannoulis: “I’ve never been anybody’s ‘Filipina.'”
• Pappas: “The people” (i.e., Famelos’s camp) “accuse me of backstage maneuvering. I return the accusation to them—along with my vomit.”

For the record, Giannoulis’s proposal was narrowly defeated, 4–3. Besides Pappas, Thanasis Xanthopoulos, Giorgos Papailliou, and Giannis Amanatidis also voted against it.

A huge crowd, plenty of enthusiasm—and selfies—for Apostolos Vakakis

Yesterday’s Jumbo shareholders’ meeting was packed, with more than 60 people squeezed into the small room where it was held. There was a noticeable presence of younger retail shareholders, many of whom, once the meeting ended, made a beeline for the company’s superstar, Apostolos Vakakis, to greet him in person and take selfies. Most of the grumbling concerned the size of the dividend rather than the recent decline in the share price. Vakakis immediately cut off discussion of the stock itself, saying he pays no attention to it, is not interested in speculative trading, and views the share as “a savings instrument.” When one shareholder asked why institutional investors had been reducing their holdings in Jumbo, Vakakis attributed it to the upgrade of the Athens Stock Exchange. Another shareholder asked why Vakakis himself was not buying more shares. “How do you know I’m not?” Vakakis replied. The shareholder responded that he would be required to disclose such purchases. “Be patient,” Vakakis answered, adding: “My inclination, if I have profits, is to invest them. Our family’s strategy is not to keep all our money in one basket. If you’re asking whether I have confidence in the company, my answer is unequivocally yes.” He also categorically ruled out any placement of shares, said he opposed the proposed “€3 tax on parcels from China,” and, when asked about Action’s expansion in Romania, perhaps with a touch of schadenfreude, remarked: “They have a different business model. I’m not interested in them or in the other ten companies operating in Romania. Everyone should do their own job, and good luck to them. Action has lost 40% of its value, but what am I supposed to say? That I was proven right? They exaggerated, they talked nonsense, and now they’ve come back down to earth. What matters to us is increasing our productivity every year and respecting the consumer. Anyone who doesn’t do that has no future. There are retailers in Greece too—supermarkets and others—that are doing very well because they respect consumers. Am I supposed to come out and say I want less competition? That’s nonsense.”

Aktor’s capital increase gets underway

Shareholders of listed construction group Aktor are expected to approve the company’s planned capital increase at this morning’s scheduled general meeting. Item 12 on the agenda concerns the €650 million share capital increase. According to the draft resolutions, the board of directors is to be authorized to carry out all necessary procedures. The proposal also emphasizes that the ability to waive preemptive rights could facilitate the book-building process, accelerate completion of the capital increase, broaden the shareholder base, and improve the stock’s free float. The offering is aimed 80% at international investors and 20% at Greek investors, with Bank of America Securities, Goldman Sachs, and UBS serving as underwriters. The proceeds from the capital increase, together with a bond issue to be privately placed by UBS, will finance the group’s €3 billion investment plan for the next five years. Around 40% of the investments will go toward concessions and public-private partnerships (PPPs), 40% toward renewable energy, and 10% toward LNG.

AKTOR: Strong rebound on the stock market—recovering from a 5% drop

Since we’re discussing Aktor, it’s worth noting that during yesterday’s highly volatile trading session, the group’s stock staged an impressive intraday recovery. Although selling pressure pushed the share price as low as €12.96 during the day—a decline of nearly 5%—a strong rebound began after 3:00 p.m. The stock recovered almost all of its losses, rising to €13.76 before ultimately closing at €13.60, down just 0.15%, giving the company a market capitalization of €2.77 billion. This resilience is directly linked to the flurry of corporate developments surrounding the group’s major financing plan. The market responded positively to news that the third-largest shareholder, Blue Silk (which owns 15.9%), also intends to participate in the capital increase with up to €50 million in new funds. This effectively secures the support of all major shareholders for the upcoming capital increase, as WINEX Investments and Castellano Properties have already announced their intention to participate with combined investments of up to €300 million.

Metlen: The “hidden” upside of recycled metals

Euroxx’s latest report on Metlen contains a particularly noteworthy observation behind its €56.8 price target and “Overweight” recommendation. The brokerage points out that its sum-of-the-parts valuation does not yet include Metlen’s circular metals production business, which it estimates could contribute around €200 million in recurring annual EBITDA. This is a significant point, as €200 million represents roughly 13% of the €1.55 billion EBITDA that Euroxx forecasts for 2028. In other words, this is not a peripheral activity but a potentially substantial new earnings pillar that could materially reshape the company’s investment story. This means that the €56.8 price target—and the implied 38% upside—is based solely on the company’s existing operations, increased metals production capacity, aluminum market prospects, gallium production, and sales of renewable energy and energy storage projects.

The CrediaBank placement and the indices

Since there is no fixed schedule for extraordinary index reviews, whenever a significant corporate event occurs or is announced—such as a major capital increase, a placement that materially increases free float, a merger, or a delisting—the index provider assesses whether the criteria for an extraordinary adjustment have been met and issues the relevant announcement. Accordingly, following the increase in CrediaBank’s free float, FTSE Russell and STOXX, both of which include the stock in their indices, are expected to make the appropriate weighting adjustments. The stock currently forms part of the MSCI Greece Small Cap Index, FTSE All-World Index, FTSE Emerging Europe Large Cap Index, STOXX Greece, STOXX Developed and Emerging Markets, STOXX Emerging Markets, and STOXX Global Total Market. However, even if no immediate changes are made before the next scheduled quarterly review in September, the increase in free float is expected to generate some passive inflows into the stock.

Spillover effects on Europe Holdings

Yesterday’s increased volatility in CrediaBank shares also affected Europe Holdings, which is linked through a share-exchange ratio in addition to the cash consideration (1.446 CrediaBank shares for every 1 Europe Holdings share). Europe Holdings stock finished the session down 7%, with heavy trading volume approaching 150,000 shares—many times higher than in previous sessions.

Development Bank’s role upgraded

The Hellenic Development Bank (HDB) has obtained the long-awaited Pillar Assessment certification, marking a significant institutional upgrade of its role. The Pillar Assessment is the European Commission’s official evaluation certifying that a financial institution possesses the necessary systems for corporate governance, internal controls, risk management, accounting, transparency, and fraud prevention to manage EU funds directly. The certification is particularly important because it opens a new chapter for HDB. Specifically, it now gains the ability to manage European funding programs directly on behalf of the European Commission, strengthens its institutional credibility, and aligns itself with the operating standards of Europe’s major development banks. At the same time, it gains greater flexibility in designing and implementing new financing instruments, facilitates the attraction of additional European funding to the Greek economy—with SMEs as the primary beneficiaries—and also acquires the ability to expand its activities beyond Greece’s borders.

EKTER: Moving up a league with a Class 7 contractor’s license—and a rally reaching back to 2000

EKTER emerged as the standout performer among small-cap stocks, rallying an impressive 6.1% to close at €5.39. It was the company’s best single-day performance in the past three months and came alongside heightened investor interest, with turnover exceeding €1 million. The catalyst was the company’s official announcement that it had been awarded a Class 7 contractor’s license by the Ministry of Infrastructure and Transport. Reaching this highest classification effectively moves EKTER into a new league, allowing it to bid independently for public works projects of the maximum possible value. Following this strong move, the stock narrowed the gap to this year’s recent high of €5.46. To find higher price levels, one has to go back 26 years—to March 2000. Since the beginning of the year, the stock has gained more than 43%, with the construction company’s market capitalization approaching €150 million, reflecting its expanded operational prospects.

The phones never stop ringing – not even at night…

While the international community’s attention remains focused on developments between the United States and Iran, a different kind of frenzy prevails in the offices of Greece’s major shipping companies. In recent days, fleet managers, operations managers, and chartering executives have reportedly remained in almost constant communication—even in the early hours of the morning. According to people in the industry, no voyage to the Persian Gulf is now approved on autopilot. Every charter is reviewed by an informal “war council” involving insurers, P&I Clubs, security consultants, brokers, and financiers. Conditions can change at any moment, requiring a fresh risk assessment. According to market sources, many ships are delaying their arrival outside the region while waiting for a suitable window of safe passage. At other times, a new military development is enough to overturn an entire operational plan within minutes. Although elevated freight rates remain a powerful incentive, those familiar with the industry insist that, for the time being, the key question is no longer how much a voyage will earn—but whether it is worth undertaking at all.

Why Semiramis isn’t in a hurry—The background behind the latest extension

The second extension of Diana Shipping’s tender offer to acquire Genco Shipping may reveal more than the announcement itself. Semiramis Paliou’s Diana Shipping has already shown its hand. It has secured financing, is not improving its offer price, and insists that its bid remains attractive. That suggests the company feels no pressure to complete the acquisition at any cost. Instead, it is shifting the pressure onto the other side. The focus is no longer on how many additional shares will be tendered by July 24. The real question is whether Genco’s major institutional shareholders will continue backing management or instead demand that it finally engage in meaningful discussions with Diana. According to market observers, that is the conversation currently taking place inside investment fund offices—not in public statements. Experienced market participants note that as long as an offer carrying a substantial premium and fully secured financing remains on the table, Genco’s board of directors must continually justify its stance to shareholders. That gradually increases pressure, even if it does not immediately translate into more shares being tendered. It is therefore no coincidence that Diana has chosen to keep the offer open rather than escalate the confrontation. The coming ten days may determine whether Genco’s key shareholders conclude that management now has more reasons to negotiate than to continue refusing. That is the detail the market is watching most closely today.

The Greek shipowners’ big game has only just begun

People who pass through the shipbroking offices of Piraeus every day say the phones have been ringing more than usual lately. The conversations are not only about freight rates or developments in the Middle East, but also about a subject that has always revealed the intentions of the industry’s biggest players: Ship sales and acquisitions. The figures from recent weeks indicate that Greek shipowners have accelerated once again in the second-hand market. Since the beginning of 2026 alone, approximately 100 medium-range (MR) tankers have changed hands, compared with roughly 70 during the same period in 2025—an increase of more than 40%. Of those, around 21 vessels were acquired by Greek buyers, confirming that Greek shipping companies remain among the world’s most active investors. Nor is the activity limited to second-hand vessels. Market sources say shipowners are already looking to the next phase, with more than 60 orders placed for new MR-2 tankers and another six for MR-1s, indicating continued confidence in the sector’s prospects. The same sentiment prevails in the containership market, where values are rising rapidly. It did not go unnoticed that two 24-year-old containerships were sold for around $27 million each, considerably more than the prices at which they had been purchased only a few months earlier. Many people in Piraeus’s shipping offices believe today’s activity has not yet reached its peak. The prevailing expectation is that, as long as asset values remain elevated and freight rates continue to support valuations, even more Greek buyers may sign new deals before the end of the summer. After all, transactions always precede announcements. What is now being discussed in Piraeus’s shipbroking offices is no longer whether more acquisitions will take place, but which well-known Greek shipowners are preparing to appear in the next round of deals before summer comes to an end.

Donald, the withdrawal of the 20% levy, and shipping companies’ profits

On Wall Street, investors buy what they believe will happen tomorrow. That was precisely what played out in Tuesday’s trading session, when shares of tanker shipping companies rose sharply, even as the crisis in the Strait of Hormuz escalated further with a new attack on two VLCCs (Very Large Crude Carriers) and the reimposition of the U.S. naval blockade. The market was not celebrating the attacks. Rather, it reacted to Donald Trump backing away from his proposal to impose a 20% fee on cargoes passing through the Strait of Hormuz under U.S. naval protection. Traders interpreted this as a signal that Washington is still looking for ways to keep the world’s most important energy artery open without driving shipping costs even higher. It was therefore no coincidence that the biggest winners were companies with significant VLCC exposure, such as DHT Holdings, Okeanis Eco Tankers, and Frontline. The market is pricing in the expectation that, as long as uncertainty persists, freight rates for large crude tankers will remain elevated, boosting these companies’ cash flows.

A court ruling that turned Bessent’s budget “red”

June is traditionally a good month for the U.S. federal government’s finances, as it is the month when quarterly tax payments are made. This year, however, it ended with a $120 billion deficit, compared with a $27 billion surplus a year earlier. The reason for the reversal was the very policy tool that the White House had promoted as a “revenue-generating machine,” only for it to become a “refund machine.” According to Treasury Department data, in June the U.S. government collected $23.6 billion in tariff revenue but refunded $49.2 billion to importers—a net cash outflow of $25.6 billion—following the Supreme Court’s ruling last February that found Trump’s tariffs imposed under the International Emergency Economic Powers Act (IEEPA) to be unlawful. Refunds doubled from $22 billion in May, while the total amount expected to be repaid is estimated at $166 billion, plus interest. Total federal revenue in June fell 6% to $496 billion, while expenditures surged to $616 billion. Part of that increase reflected calendar-related shifts in payment timing. Even after adjusting for those timing effects, however, the monthly deficit was still 79% higher than a year earlier. During the first nine months of fiscal year 2026, the federal deficit has reached $1.37 trillion. According to the Committee for a Responsible Federal Budget (CRFB), this is the third-largest nine-month deficit in U.S. history, already exceeding the deficit recorded during the entire 2025 fiscal year. The current fiscal year is now on track to finish with a deficit exceeding $2 trillion. There is another looming danger: interest payments. Net interest costs on the national debt over the first nine months have exceeded $827 billion, up $78 billion from a year earlier. That figure now surpasses the U.S. defense budget ($713 billion) and is on course to set a historic record. Treasury Secretary Scott Bessent has promised to restart the tariff program using different legal authorities. Evercore estimates that such tariffs could eventually generate more than $300 billion in annual revenue. Until then, however, the bond market sees a much simpler equation: $39 trillion in debt, interest costs rising faster than any other budget item, and a Supreme Court reminding everyone that fiscal policy cannot be conducted by executive decree.

Dubai strikes back

A look at the map is enough to appreciate the significance of this development. On the UAE’s small eastern coastline along the Gulf of Oman—the country’s only stretch of coastline lying outside the Strait of Hormuz—a new port is taking shape. According to the Financial Times, DP World is in discussions to develop a new multipurpose port, including a container terminal, in Fujairah. The objective is obvious: Containers will enter and leave the UAE without passing through the Strait of Hormuz and will instead be transported overland to Dubai and Abu Dhabi, and from there to neighboring Gulf countries. Since March, with Hormuz effectively closed, DP World has already been rerouting cargo originally destined for Jebel Ali through Fujairah and Khor Fakkan, using trucks. The problem is capacity. Jebel Ali handles more than 19 million TEUs annually. Khor Fakkan handles around 5 million TEUs. Fujairah handles only 720,000 TEUs. Fujairah is therefore an emergency exit that urgently needs to be expanded. Marine fuel sales in Fujairah fell to a historic low in May. The new project will be built alongside the Etihad Rail network, which already connects the UAE’s east and west coasts. Oil follows the same route. ADNOC has already completed nearly 50% of a second pipeline to Fujairah, which from 2027 onward will double the export capacity of the existing ADCOP pipeline, currently capable of transporting 1.8 million barrels per day. Fujairah first emerged as a strategic logistics hub during the 1980s, when Iran mined the Strait of Hormuz during the Iran-Iraq War. Forty years later, U.S. Energy Secretary Chris Wright stated bluntly that the Strait of Hormuz will lose its strategic importance.