Hello. “The Invisible Man” is the title of a famous English horror novel by Herbert George Wells, written in 1897 and well known among book lovers. The novel’s protagonist is a brilliant chemistry student who discovers the secret formula that makes him invisible. I do not know whether Giannis Detsis of Choose, whom I mentioned yesterday, studied chemistry. What I do know for certain is that he, too, has found (or rediscovered) the potion of invisibility. Because everyone I asked yesterday whether they knew him—or knew who had “introduced” him into the government’s system for allocating state advertising or other public contracts (he has received around 200 of them since 2019)—pointed to… the person next to them. Mind you, no one told me that I had written anything incorrect; they simply said that they did not know him and that someone else did. It was like children in a classroom who get up to mischief and then point at the classmate sitting beside them or in front of them. I’ll stop here for now. And yet it moves…

We may have entered the height of summer, but…

We may have entered the height of summer with temperatures above 40°C, but at the Prime Minister’s Office (Maximos Mansion) people are still working at full speed, even though Mitsotakis is reportedly saying, “We’re going in the spring of 2027, that’s final.” A few days ago I wrote about an internal opinion poll commissioned by the Prime Minister’s Office, based on a larger-than-usual sample and highly targeted. They sought to identify and study the 12%–14% of voters who say they voted for New Democracy (ND) in 2023 but today “are either not ready or are unwilling to vote for the center-right party again” when the next election comes. The survey found that their main concern is the economy—inflation and the impact of the cost of living on their wallets. Corruption also plays a role, along with other everyday issues, but not to the extent that many of us—or the opposition—believe. The economy is the primary issue. According to the survey, there are three categories of former ND voters, two of which could potentially return. About 3%–4% are relatively ready to vote for the party again and are already in the waiting room, so to speak. A second group is more difficult to win back, though not impossible. Another 3%–4% appears to be lost for good. ND is also seeing modest gains from PASOK—around 1%—as well as some support from new voters. Don’t expect me to tell you what the final arithmetic looks like—that is, whether all this adds up to a parliamentary majority—because at this point such a calculation simply cannot be made. In any case, if they want to work these voters over successfully and bring them back, it will take several months. That’s why, I’m told, the most likely scenario is an election in the spring of 2027, and that’s how Mitsotakis is thinking about it.

The “heavy” defense procurements before KYSEA

Major defense procurement programs worth €4.2 billion are expected to be activated at today’s meeting of KYSEA (the Government Council for Foreign Affairs and Defense). The flagship project is the €3 billion upgrade of the country’s air defense system, with the Greek defense industry expected to participate at a minimum rate of 25%. The project essentially concerns the creation of the country’s “Shield,” which is intended to make Greece’s defenses impenetrable against airborne threats. It will consist of a combination of Israeli-made systems interconnected through a command-and-control system and the corresponding software. The KYSEA agenda also includes the acquisition of three new C-390 transport aircraft from Portugal, the procurement of an anti-drone system with electronic countermeasures, the upgrade of MEKO frigates with anti-submarine systems, the purchase of Hellfire missiles for Apache helicopters, and many other items.

Election talk over grouper and semifreddo

Mitsotakis hosted a relaxed and friendly lunch yesterday with his Portuguese counterpart after the conclusion of the latter’s official visit to Maximos Mansion. Luís Montenegro is no stranger to Mitsotakis, as both belong to the European People’s Party (EPP). Representing the Greek side at the lunch were Foreign Minister Giorgos Gerapetritis, Tasos Chatzivasileiou, advisers Nasikas and Dokos, as well as Aristotelia Peloni, Kyra Kapi, and Giorgos Efthymiou from the Prime Minister’s Office. I’m told that the conversation also touched informally on elections, with Mitsotakis telling his Portuguese counterpart that Greece still has several months before heading to the polls. Because of the heat wave, the menu was light: grouper fillet with salad, followed by a chilled cream semifreddo.

Possible intervention on diesel prices

The situation in the Strait of Hormuz has clearly put the government on edge, as it recognizes the risk that its recent agreement with the country’s refineries could become meaningless due to rolling price increases that are now reaching the fuel pumps. For that reason, the government is reviewing its remaining fiscal reserves to determine whether the fuel price cap at the pump can be reinstated or whether some other mechanism will have to be found.

SYRIZA suddenly remembers…supporters of the military junta

With what it described as a principled stance, SYRIZA announced yesterday that it will not attend this year’s presidential reception because, it claims, the event will also be attended by… admirers of the former military dictatorship. Rena Dourou sent a letter to President Konstantinos Tasoulas, but the move raised more questions than answers at the Presidential Mansion, since for decades—from 2004, when SYRIZA was founded, until last year—the party’s MPs and leadership (Alekos Alavanos, Alexis Tsipras, Stefanos Kasselakis, and Sokratis Famellos) attended the annual reception commemorating the restoration of democracy without interruption. Officials at the Presidential Mansion say they fully respect the new party leader’s decision and firmly refuse to comment on critics from other political parties who point out that SYRIZA governed in coalition with ANEL, led by Panos Kammenos, for five years, or that during the same period it allegedly cultivated behind-the-scenes relations with Golden Dawn while seeking 200 parliamentary votes to pass proportional representation.

You leave, you come

Since we’re talking about SYRIZA, just try to keep up with the chaos unfolding there. Following yesterday’s departure of Sokratis Famellos as an independent MP, SYRIZA now has 11 MPs. Over the coming days, Giannis Karipidis in Larissa will take the seat of Vasilis Kokkalis, while Theodora Akriotou will replace Symeon Kedikoglou. However, Olga Gerovasili will also formally leave, and at some point Nina Kasimati, who is reportedly flirting with PASOK, may depart as well. That would leave SYRIZA with 10 MPs, or 11 if Kasimati stays. If the party remains at 11 MPs, it will be tied with Kyriakos Velopoulos’s party as the fourth-largest parliamentary group. If it falls to 10, it will rank fifth, below Velopoulos’s party but above NIKI.

Tsatsaronakis and Elikonos enter the bread market

A new player is about to enter the bread market. According to information, a fund managed by Elikonos Capital (P. Papageorgiou and T. Solomos) has invested in the bakery company To Manna N. Tsatsaronakis S.A., with the goal of supporting the reopening of the former Katselis factory in Metamorfosi. The Katselis brand is now controlled by Karamolegos, while the factory belongs to Tsatsaronakis, which, with financing from Elikonos Capital, is preparing its entry into the packaged bread market. Another business move in the same sector is also reportedly being prepared behind the scenes.

Big names in AKTOR’s capital increase

The real story behind AKTOR Group’s capital increase is not that it was 3.6 times oversubscribed, but the prominent names from the investment and business world that participated. According to information, foreign investors included Blackstone, BlackRock, Fierra, Norges, OMERS (Canada’s largest pension fund), and others. Of the funds committed, approximately €400 million came from long-only funds, while the remainder came from hedge funds and retail investors. The capital increase also attracted strong participation from prominent Greek entrepreneurs and shipowners, including Telis Mistakidis, Petros Pappas, Dimitris Melissanidis, Polychronis Syngelidis, Nikos Pateras, Michalis Bodouroglou, Theodoris Kyriakou, Marios Iliopoulos, and others.

Hellenic Capital Market Commission calls in Q&R

Regular readers may recall that Dark Room had reported on Q&R’s impending acquisition in Poland. The Hellenic Capital Market Commission intervened and sent a letter asking Q&R whether the report was accurate. The listed company denied it—but the very next day announced the acquisition of a company in Poland. According to sources, the Commission was not pleased by the sequence of events—”it’s not true” one day, “it is true” the next—and immediately launched an investigation into the matter. According to the same sources, Q&R has been asked to provide a timeline of events, its insider list, and related documentation.

EKTER’s Odyssey

EKTER’s ordeal on the island of Paros stretches back more than 15 years (even surpassing the… Odyssey, which is timely because of Christopher Nolan’s upcoming film). Between 2003 and 2004, the construction company acquired approximately 80 acres of land at Agios Ioannis Detis, in the wider Kolymbithres area near Naousa, intending to develop a tourism project with approximately 12,000 square meters of built area, including a high-end hotel, tourist residences, and other facilities. In 2021, the company began advancing the project by preparing a Special Urban Planning Plan (ESP). The plan was opened to public consultation in 2022. In 2023, however, Greece’s Council of State requested additional documentation and revisions, ruling that further justification was needed regarding spatial planning and the island’s carrying capacity. EKTER submitted an updated file, but in late 2025 the Municipal Council of Paros formally opposed the tourism development. Ultimately, EKTER announced that the Council of State had issued Opinion No. 68/2026, concluding that the proposed Presidential Decree approving the Special Urban Planning Plan was legally sound. It remains to be seen whether the €53.3 million investment will now proceed smoothly or face further delays. The company has already secured the necessary financing, including Recovery Fund financing, bank loans, and its own equity contribution. EKTER already owns the five-star Summer Senses Luxury Resort, a 100-room hotel in the Pounta–Marpissa area of Paros. The Council of State’s decision explains why EKTER’s share price—which rose 3.2% yesterday, closing above €5.50 with trading volume reaching 1.3 million shares, far above normal levels—hit a 26-year high.

The signal that sparked Titan’s rally

Titan emerged as one of yesterday’s standout performers, leading the blue-chip rally with a 5.3% gain, closing at €51.60. The strong advance lifted the group’s market capitalization back above €4 billion. Buying interest was fueled by particularly positive analyst assessments of Titan’s fundamentals and growth prospects. Specifically, Optima Bank named Titan one of its top picks, maintained its “buy” recommendation, and set a target price of €64.20. Analysts argue that the current entry point remains highly attractive, as the stock is trading at an appealing earnings multiple, while strong performance in the U.S. market, infrastructure recovery in Southeastern Europe, and the company’s strategic focus on the green transition create conditions for sustained organic growth and generous shareholder distributions.

ElvalHalcor thrown into the deep end

ElvalHalcor has now posted losses in 10 out of the last 11 trading sessions, while simultaneously carrying out a demanding share capital increase. The market has noticeably lacked sufficient depth to absorb selling by investors who ended up overweight after the initial allocation or who participated in the capital increase. The coming days will reveal whether the recent pressure merely reflected the technical portfolio adjustments that typically follow a major equity offering or whether it signals more lasting market concerns about absorbing the increased supply of shares. The stock has fallen from €5.00 to €3.80, declining another 7% yesterday. In any event, ElvalHalcor’s experience once again demonstrated that although liquidity on the Athens Stock Exchange has improved significantly in recent years, market depth is still tested whenever large-scale corporate transactions coincide with portfolio rebalancing. For the record, the company’s share offering was 2.75 times oversubscribed.

The missing numbers in Alumil’s refinancing

In a triumphantly worded announcement, Alumil revealed that it had reached agreement with four creditor banks on a syndicated bond loan of up to €135 million. The agreement establishes the framework for fully refinancing the company’s existing debt and exiting the debt restructuring agreement that has been in place since 2020. However, the announcement omits the very figures that would allow investors to evaluate the transaction’s true significance. Most importantly, it provides no information about financing costs. The company merely states that the new loan will be concluded on “market terms,” without disclosing the interest rate, how much lower it will be than the current one, or the annual savings in interest expense. Likewise, while it notes that the new loan will have a five-year term with the option of a three-year extension, it says nothing about how the debt maturity profile will change. That information is critical because it shows whether the company’s financing needs over the coming years are being reduced and how much its financial position is improving. Given Alumil’s severe debt problems in the recent past—and the fact that it operated for an extended period under successive standstill agreements—investors would reasonably have expected more detailed information about the measurable financial benefits of the refinancing.

Capital increases, placements, and bond issues are pouring in—but signs of fatigue emerge

During the first seven months of the year, listed companies and their major shareholders have raised as much as €8.6 billion through share capital increases, IPOs, bond issues, and placements. For Greek market standards, this represents an unprecedented supply of securities. In just the past two months: ElvalHalcor raised €250 million at €4.20 per share, with 2.75x oversubscription. Attica Stores listed after attracting €212 million in orders, with 3.9x oversubscription, at €3.20 per share. Viohalco sold Cenergy shares at €24.20. Thrivest sold 16.7% of CrediaBank at €0.90, raising €300 million. AKTOR is currently conducting a combined offering of €650 million, issuing up to 78 million new shares at a maximum price of €13.52, as part of a broader plan to raise roughly €1 billion. The bond market has been equally active. Since the beginning of 2026, there have been 14 corporate bond issues totaling €5.9 billion, with banks accounting for the lion’s share—€4.4 billion across nine issues. During the past two months alone: Motor Oil raised €400 million in May. Optima Bank raised €200 million in June. Seanergy Maritime is preparing a five-year bond issue of up to €100 million through the Greek capital market. Yesterday brought the first signs of investor fatigue. On the first day of trading for its newly issued shares, ElvalHalcor closed at €3.8250 (-6.25%), below its offering price.

New ventures by Sirec Energy and the Kallitsantsis family

Next to the Athens Tower stands a large six-story office building dating from the 1970s, covering 8,047 square meters and carrying an Energy Class E rating. The property is changing both ownership and identity. Sirec Energy, a private equity fund managing €83 million, together with Blend Development, owned by the Kallitsantsis family, has acquired the building with the aim of completely transforming it into Grade A office space certified LEED Gold. The project’s gross development value is estimated at €40 million. The investment is being made through EuSIF I, which holds the controlling stake, while Blend acts as co-investor and developer. The rationale is based on the mathematics of Athens’ office market. Of the city’s 5.1 million square meters of office stock, only 12% consists of certified sustainable buildings. “Green” offices have virtually zero vacancy, command rents of up to €34 per square meter, and have seen investment volumes rise 134% over the past year. The result is a three-tier market: Premium buildings with virtually no availability. A middle tier of renovated offices. A vast stock—around 90% of the market—that is technically obsolete and increasingly threatened with investment obsolescence. This creates an investment opportunity known as “brown-to-green.” Buy an Energy Class E building, upgrade it to LEED Gold, and capture the resulting increase in value. It is one of the clearest investment strategies currently available in Greek real estate. The technical aspects are also noteworthy. The building’s structural frame will be preserved and reinforced, while all mechanical, electrical, and façade systems will be completely replaced. This avoids the embedded carbon costs associated with demolishing and rebuilding from scratch. The project also supports Greece’s National Energy and Climate Plan, which seeks to upgrade the country’s building stock. Buildings account for 40% of national energy consumption, while commercial properties are excluded from the “Exoikonomo” subsidy program and therefore depend on private investment. The Mesogeion Avenue building is the second joint project between the two partners, following the conversion of a building on Stadiou Street into a 129-room LEED Gold hotel.

Frangou is betting on the geopolitical map

In shipping, the greatest returns do not come solely from reading freight markets correctly, but from reading geopolitics correctly. Angeliki Frangou appears to be investing precisely on that basis. Her decision to return to the VLCC (Very Large Crude Carrier) market after many years does not appear to have been merely another investment decision. Rather, it reflects the assessment that today’s geopolitical landscape is not temporary, but is creating a market in which demand for modern crude tankers will remain strong for an extended period. Her philosophy reflects a school of thought often found on Wall Street. Crises are viewed not only as risks but also as sources of investment opportunity. When wars, sanctions, and the restructuring of global energy flows lengthen shipping routes and reduce available capacity, shipowners who have positioned themselves in advance gain a significant advantage. Reports that Navios’ new VLCCs are securing multi-year charter contracts several years before delivery reinforce this view. This is more than confirmation of a successful commercial decision. It suggests that major charterers are already seeking to secure access to high-quality fleets because they expect today’s uncertainty to persist. The message Frangou is sending to the markets is clear: She is not investing with the next shipping cycle in mind, but on the basis of long-term geopolitical realignment. From Wall Street’s perspective, this approach is especially significant because it transforms geopolitics from a source of risk into an investment variable.

When someone else leaves value on the table

Centrofin’s latest purchase of a newly built MR2 tanker by Dimitris Prokopiou is not simply another addition to its fleet. It is yet another confirmation of the way the company invests. Rather than following the wave of newbuilding orders, Centrofin prefers to exploit opportunities that arise in the second-hand market. A vessel that changes hands before it has even entered commercial service can offer better returns than ordering a new ship that will not be delivered for another three or four years. Centrofin’s core strategy remains focused on Suezmax tankers, but when a modern, immediately available asset appears on the market, it acts. The company has followed the same approach with previous acquisitions of LR2 and MR2 tankers, building its fleet through selective purchases rather than large-scale investment programs. Market participants say that Prokopiou does not buy simply because the shipping cycle is rising. He buys when he believes someone else has left value on the table.

Aliki Paliou’s bet is not freight rates—but valuation

On Wall Street, investors are not impressed simply by higher freight rates. What commands a higher valuation is the predictability of future cash flows. That is precisely where Aliki Paliou, through Performance Shipping, appears to be investing systematically. The two-year extension of the Blue Moon’s time charter with American Eagle Tankers is more than just a commercially successful agreement. The increase in the average daily charter rate from $28,000 to $40,500 is certainly significant, but the real message lies elsewhere. The company is locking in high returns at a time when analysts are beginning to debate when the tanker cycle will peak. With its contracted revenue backlog now exceeding $530 million and nearly 90% of its fleet covered through the end of 2028, Performance Shipping is reducing its exposure to fluctuations in the spot market while increasing the visibility of its future earnings. This is a strategy that institutional investors in the United States have traditionally rewarded, because it reduces business risk and makes the company easier to value. It is no coincidence that management is willing to sacrifice part of the potential upside from any future surge in spot freight rates in exchange for securing stable cash inflows over the coming years. This is an approach more reminiscent of an asset management firm than of a traditional shipowner. As the backlog grows and cash flows become more stable, the company gains greater flexibility for new investments, refinancing, and other initiatives that could create additional value for shareholders.

Japan’s central bank is losing control of the yen

The Japanese yen weakened past ¥163 per U.S. dollar, reaching ¥163.24 for the first time since 1986. The dollar strengthened amid the eleventh consecutive night of U.S. strikes against Iran, with oil prices reaching six-week highs and the yield on the 10-year U.S. Treasury climbing to 4.64%, its highest level since May. The yen’s decline, however, has deeper causes. Japan’s June trade deficit widened to ¥406.9 billion, roughly three times larger than forecasts, while imports reached a record ¥11.3 trillion, up 25.4%. Although imported crude oil volumes fell 13.7%, their value increased 59.3%. Japan’s inflation problem is therefore driven less by oil prices themselves than by exchange-rate depreciation. Tokyo has already spent ¥11.7 trillion (approximately $72 billion) in record foreign-exchange interventions during April and May. In June, the Bank of Japan (BOJ) raised interest rates to 1%, their highest level since 1995. The impact of those interventions has proved limited and temporary. At next week’s policy meeting, the BOJ is expected to leave rates unchanged while maintaining a hawkish tone, with markets increasingly pricing in another rate hike at the October meeting. Until then, with the U.S. 10-year yield at 4.64% and the Japanese equivalent at 2.6%, the carry trade remains both profitable and relentless. Finance Minister Satsuki Katayama reiterated yesterday that the government stands ready to take “decisive action at any time.” The market ignored her. Some investors are now moving the government’s presumed intervention threshold to ¥165, while technical analysts see the possibility of ¥170 next year. Looming behind all of this is Japan’s enormous public debt, equal to roughly 250% of GDP. The record ¥122.3 trillion government budget and Sanae Takaichi’s expansionary fiscal policies are doing little to help a central bank that is trying to tighten monetary conditions.

AC Milan’s new jersey celebrates Athens—and reveals a business story

“After Constantinople, there is always Athens.” With that slogan, AC Milan and Puma unveiled the club’s 2026–27 kit, dedicated to and directly inspired by the 2007 Champions League final at Athens’ Olympic Stadium. That match was Milan’s revenge for the 2005 final in Constantinople. The campaign features Filippo Inzaghi, who scored both goals that night. Embroidered inside the collar—in Greek—is the phrase “Δύναμη Ψυχής” (“Strength of Soul”). It is an excellent piece of storytelling. The financial backdrop, however, is even more interesting. Puma desperately needs victories like this. The company ended 2025 with a €357.2 million loss, sales down 8.1% to €7.3 billion, and net debt soaring to €1.06 billion, up from €119.8 million a year earlier. Its dividend was cancelled, and operating losses of between €50 million and €150 million are forecast for 2026. In January, China’s Anta Sports acquired 29.06% of Puma from the Pinault family (Artémis) for €1.5 billion, becoming the company’s largest shareholder. The new CEO, Arthur Held, formerly of Adidas, is betting on restoring Puma’s prestige, and historically themed football kits are among the cheapest marketing tools available. Meanwhile, AC Milan, owned by RedBird, which acquired the club for €1.2 billion in 2022, is negotiating from a position of strength. According to Deloitte’s Football Money League, Milan has become Italy’s highest-revenue club (excluding player transfers), generating more than €397 million. Its current deal with Puma is worth around €30 million per year through the 2027–28 season, up from €14 million under the previous agreement. That contract is due for renewal, and according to La Gazzetta dello Sport, both Nike and Adidas are openly courting the Italian champions. Media reports suggest Milan could seek as much as €48 million annually. The club also recently renewed its sponsorship agreement with Emirates, worth €100 million over five years through 2030. In that context, the references to Athens and “Strength of Soul” become more than marketing—they are also a negotiating tool for a Puma that can ill afford further setbacks.

Jeff Bezos seeks entry into Anfield—with a £4.5 billion ticket

The story dominates British newspaper front pages. Amazon founder Jeff Bezos is reportedly in talks to join the investment consortium seeking to acquire a 30% stake in Liverpool FC. The investor group, led by Amit Bhatia, the former co-owner of Queens Park Rangers (QPR), has submitted a preliminary offer of £1.35 billion to Fenway Sports Group (FSG). That implies a total club valuation exceeding £4.5 billion, higher than the valuation of Manchester United when Sir Jim Ratcliffe acquired a 25% stake two years ago. Sixteen years ago, FSG bought Liverpool for £300 million. Today, the club’s value has increased fifteenfold. In 2023, FSG sold just 3% of the club to Dynasty Equity. Now it is discussing a stake ten times larger. According to Sky News, selling a 30% stake at such a valuation naturally fuels speculation that FSG may seek a full exit within three years. FSG, however, denies any intention of selling. There is also a family dimension. Amit Bhatia is married to the daughter of Lakshmi Mittal, the Indian steel magnate behind ArcelorMittal, the world’s largest steel producer outside China. Their lavish 2004 wedding at Versailles became legendary. Mittal’s fortune is estimated at £23 billion, and he is naturally backing Bhatia’s investment group. To demonstrate the seriousness of his intentions, Bhatia only two days ago transferred the shares he had held in Queens Park Rangers for the past 18 years, as English football ownership rules prohibit simultaneous ownership stakes in two clubs. The 62-year-old Bezos, with an estimated fortune approaching $257 billion, is the world’s fourth-richest person. This would be his first investment in a sports franchise following unsuccessful attempts to acquire the Seattle Seahawks and the Washington Commanders. Amazon previously held UK broadcasting rights to 20 Premier League matches per season. Today it streams Champions League matches in several European markets and the NFL in the United States. The man who once paid merely to distribute the product now wants to own it.

Kuwait is switching off the air conditioning

Kuwait is one of the world’s major oil producers. It is also one of the hottest countries on Earth. Yet, in the middle of summer, Kuwaitis are being required to turn off their air conditioners after Iranian strikes on power-generation facilities transformed electricity conservation into a national priority. An OPEC heavyweight is now rationing electricity. Kuwait has struggled for years to meet domestic electricity demand during the summer, when temperatures frequently exceed 50°C. As recently as 2024, authorities announced temporary power cuts during peak demand hours. The war has merely turned a chronic problem into a full-scale crisis. Iranian attacks on infrastructure are deliberate. Across the Gulf, most desalination plants are integrated with electricity generation facilities because desalination requires enormous amounts of energy. “Cut the electricity, and you cut the water.” Every strike against a power plant simultaneously becomes a strike against water supplies. Energy security and water security, it turns out, are inseparable.