Greetings. Now I’m itching to start with my favorite, Niko A., because I heard somewhere that lately I’ve been neglecting him, that I haven’t been paying any attention to him. So yesterday the “Michelogiannakis case” appeared on the green scene. Who could possibly forget him? The former MP was first elected in 2011 with PASOK, packed up and left that same year so as not to vote for the second bailout memorandum, was elected again in 2012, but this time with DIMAR (where did I dig that one up from now…), left there too, denouncing… the universe, and saw the light and joined SYRIZA in 2015, back when “green” voters were abandoning PASOK en masse for Tsipras. Earlier, in 2014, he also went on a hunger strike in Syntagma Square to show solidarity with Syrian refugees, although, as he admitted, every now and then he broke his abstinence from food by eating cheese pies. You know, just so he wouldn’t forget what hunger felt like. After the… cheese pies (according to another version, they were croissants), and anyway the croissants in Syntagma Square, and after SYRIZA’s electoral defeat in 2023 and the chaos caused by the splits, he aligned himself with “they call me Stefanos” — and left there too last year. And yesterday the man known for his political hopping and for some extreme statements about homosexuals in the past returned to PASOK, swearing allegiance to the party’s ideas and its president. The cardiologist by profession and former PASOK MP is said to have sounded out some green party officials at the September 3rd event in Heraklion. But he hasn’t said a word to Androulakis. The question is, could they really want someone like Michelogiannakis in PASOK? “Everyone is welcome in the party — from the… opening of the church doors, we can’t exclude anyone,” said a Harilaou Trikoupi official yesterday, while nevertheless describing the distance separating the door from the sanctuary of a church. Now, so we don’t play games pretending not to understand, when a party doesn’t want a candidate, the matter is simple. Its spokesperson says they don’t want him, and that’s that. So of course they are taking it into account; in fact, someone told me that people at the PASOK headquarters on Harilaou Trikoupi Street even encouraged a radio station to have him on, so they could see how it would go.

And Tzakri?

Another meaningful return to PASOK that is being discussed is that of Theodora Tzakri. The matter has not yet been decided because, as they say, she “holds” the Pella constituency like this (like party man Kosmas Skoutaris holding on to Spetses in the Greek film Jenny-Jenny), so if she runs there, PASOK will have no candidate list. I’m told that the other prospective candidates, who know they have no chance, have sent a message to Harilaou Trikoupi: “If she runs, forget about us. It is politically, morally and ideologically unthinkable. We were always on the other side, fighting both in 2015 and in 2019 and in 2023; now we will not tolerate it.” Not a flea would want to be in their shoes…

Maximos Mansion and business feuds

My source at the Maximos Mansion tells me that despite the initial impression that the government would also get involved in the domestic business disputes, officially that will not happen. They are monitoring the matter, they have expressed their displeasure, but they are not going to intervene.

Alexis at “Eagle’s Nest,” Mitsotakis at the Monastery of Saint Dionysius

I wrote to you yesterday about Tsipras’s visit to Mount Athos for the first time since 2014. Let me tell you today that Alexis the God-fearing has been staying since yesterday at Simonopetra, otherwise known as “Eagle’s Nest,” one of the more “conventional” monasteries on the Mountain, without any strange monks or strange relationships. He has maintained contact for years with the Abbot, Elissaios, with whom there was also coordination regarding the visit. Now, in his post, he says something poetical about hymns and Hades, avoiding religious matters, but in essence monasteries are always useful before elections, as are priests — that is a given. While Alexis is reintroducing himself to the Mountain, K.M. will be in Pieria, a difficult area for New Democracy, where in 2023 NIKI and Velopoulos received very high percentages and, generally speaking, there is a tendency toward parties to the right of ND. The main reason for the visit is for Mitsotakis to go to Mount Olympus, but I’m told that before the event being organized for the mountain’s inclusion on the UNESCO list, he will also make a stop at the Monastery of Saint Dionysius of Olympus. In general, I’m learning that money has been poured into various monasteries in Pieria in recent years and that relations with the local church are good. Obviously, with elections looming, the Lord has to lend a hand too.

The meeting in Aspropyrgos and EYDAP

They told me an interesting little scene from a recent meeting Mitsotakis held at the Municipality of Aspropyrgos. The mayor informed him that in several areas sewerage networks have still neither been studied nor constructed, even though there is an approved city plan. Mitsotakis listened, made a note of it and shortly afterward called his adviser Dimitris Politis, who, because of his previous tenure at the Hellenic Corporation of Assets and Participations, had EYDAP under his supervision, and contacted the company immediately. Thus, within a day, the mayor received a phone call informing him that the new sewerage studies were about to be included in the tendered Framework Agreement for Studies M210, for which a study contractor is expected to be appointed by January 2027. The studies are expected to be carried out during 2027, with the aim of putting the corresponding projects out to tender at the end of 2027 or the beginning of 2028.

The German Defence Minister in Souda

Despite the rain, the reception at the home of the German ambassador, Andreas Kindl, was held yesterday to mark German reunification, with the ambassador delivering his speech in Greek, German and English. The government was represented by Domna Michailidou, while the audience included quite a few political figures and businesspeople who were discussing, among other things, electoral developments in Germany. I did learn, however, that in mid-October we are expecting a visit from German Defence Minister Boris Pistorius, who will go to Souda to observe an exercise and, of course, will also meet with Nikos Dendias.

Deadline until the end of the year

Since it is clear that the elections will be held toward the end of spring, I’m told that K.M. is somewhat “correcting” the rush to announce candidates’ names very soon. After all, if it becomes clear early on to some people that they will not make the list, they may also consider the prospect of Samaras’s party, and that is something ND does not want. I also learned that the deadline for deputy regional governors to resign from their positions in order to be included on the blue [ND] candidate list has been moved to the end of the year, which is also when reshuffles frequently take place in the regions. This, of course, will not please many blue MPs who do not want the deputy regional governors underfoot.

From Nicosia to Akanthus

Dendias, who returned yesterday from Nicosia, where he attended the events marking Cyprus’s independence and was warmly received, is also preparing today for his party debut ahead of the spring elections. I wrote to you a few days ago that he would hold a major event at Akanthus in Alimos, and I must tell you that, despite forecasts of light rain in Athens, measures have been taken because quite a crowd is expected to turn up. In reality, this is the launch of his personal campaign in the battle for preference votes, and the mobilization that has taken place is “substantial.”

End credits for EHAE

The demerger by spin-off of a business division at EHAE has been completed. The Stock Exchange and, more generally, everything relating to the management and operation of the regulated securities and derivatives markets, together with EHAE’s real estate, are being transferred to an unlisted subsidiary, and the listed EHAE is now a shell that owns that subsidiary. The EHAE shell will merge with Euronext, and thus the unlisted subsidiary will be the arm through which Euronext will control the Athens Stock Exchange. This particular arrangement, which was also referred to in the prospectus, was chosen for reasons of economy, since Bouzna — who is stepping down as CEO in May 2027 — has proved to be what we used to call a “drachma-killer.” Those who have held EHAE shares, which, surprisingly, reached €10.70, will apparently exchange their shares for Euronext shares.

New charges from Euronext for brokerage firms

I mentioned “drachma-killer” earlier and it reminded me to tell you that, as of yesterday, October 1, 2026, Euronext imposed a new charge on brokerage firms that offer online trading, which, if I was given the figures correctly, amounts to as much as €24,000 per year, although there are, sources say, smaller tariffs of around €12,000 as well. Welcome, then, to the Euronext era.

Three out of four Swiss-franc borrowers joined the scheme

The deadline for Swiss-franc borrowers to join the relevant arrangement expired with considerable success, judging from the initial figures. The exact figures will become known today, with information indicating that three out of four borrowers joined the arrangement.

The truth from S&P’s report on lending by Greek banks

Quite a few reports have appeared recently about the risk of loan concentration at the systemic banks, as the issue has also been used in the context of business rivalries. Yesterday, S&P’s report came out, presenting a scenario involving possible losses of €4 billion for the banks as a result of concentration in lending. But those who took the trouble to read the entire S&P report found that the agency stresses that the banks’ current capital “cushions” are considered sufficient to absorb even significant losses. S&P notes that 45% of corporate loans have been extended to shipping, tourism and energy, compared with 17% at European banks, and stresses that the counterweight to such a risk is the improved condition of large Greek companies. The report further points out that non-performing exposures to large corporate clients of Greek banks range between 0.6% and 2.1%, while interest-coverage capacity has improved significantly compared with 2018. This, after all, is why bankers are lending generously to large companies in Greece after everything that happened in the past. Regardless of whether this is unfair or unequal, it is certain that, given the current state of the Greek economy, when you lend to PPC, GEK TERNA or Mytilineos, the one thing you can be sure of is that there are serious guarantees. Indeed, S&P remains positive on Greek banks, considering that stronger balance sheets and capital reserves provide significant protection against a serious credit shock.

“A friend came tonight from the old days…”

“A friend came tonight from the old days…” sang Sotos Panagopoulos several decades ago in his characteristic deep voice, an iconic song that was considered the favorite of Konstantinos Karamanlis (the elder). It seems, however, that it fits Alexis Tsipras’s case like a glove, even if here the “friend from the old days” has not been a friend for years… I don’t know how many of you remember Andreas Karitzis, Alexis Tsipras’s godfather and once close friend, who had also served as SYRIZA’s press representative from 2007 to 2009, as a member of the Political Secretariat and Central Committee, and who was also part of the government SYRIZA’s inner communications team in 2015. All this lasted until August 2015, when, because of the third memorandum, he fell out with the leadership and left. Yesterday, October 1, a new company was incorporated under the name Celesto Single-Member Private Company, whose purposes include, among other things, the provision of business consulting and strategic management services, the purchase and sale of real estate and short-term rental services, the construction of buildings, the rental of apartments, etc. Its initial share capital is €10,000, paid in cash by Andreas Karitzis, who also took over its management. The… irony of the matter is that the new company’s registered office is at 26 Amalias Street, just six numbers away from 32 Amalias Street and Alexis’s “headquarters”…

The Steggos family found gold in shipping

The investment expansion of Technical Olympic into shipping is proving particularly profitable, with the group’s investments having already returned several times the capital invested. The Steggos family’s company participates, through the Cypriot T.O. Shipping Ltd, in a shipping structure (Initiation Holding) that now owns seven vessels. With total invested capital of just $6 million, the investment has so far generated $19.83 million in dividends. These are cumulative cash distributions equivalent to approximately 330% of the original capital, while Technical Olympic continues to retain its stake in the structure, as shown by Technical Olympic’s six-month financial statements. In fact, in February 2026, T.O. Shipping’s stake in the structure increased from 15% to 30.30% without any additional capital investment, following the acquisition and cancellation of another shareholder’s stake. At the same time, a seventh vessel was added to the structure, the containership Constantinos P II, with a capacity of 4,253 TEU.

Refining boosts HELLENiQ Energy

The benchmark refining margins of HELLENiQ Energy were particularly strong in the third quarter, with levels several times higher than last year despite the sharp rise in crude oil prices. Overall, the third quarter was exceptionally strong for refining, as margins peaked in August at $31.5/bbl in Aspropyrgos and $40.7/bbl in Elefsina and remained at very high levels in September. By contrast, a significant decline is being observed in petrochemicals: the average polypropylene margin fell by approximately 61% quarter-on-quarter, to $271/ton from $687/ton, while in September it stood at $223/ton. In the second quarter, the refining, fuel marketing and petrochemicals sectors contributed €401 million to adjusted operating profits, excluding inventory valuation differences. From an investment perspective, the impressive widening of margins compared both with last year and with the second quarter points to a very strong contribution from refining to HELLENiQ Energy’s third-quarter results, with Elefsina particularly benefiting, provided there were no significant production losses or other operational restrictions.

Folli Follie: New court victory for the restructuring administration

On September 29, 2026, the members of the Board of Directors of the court-appointed administration of Folli Follie Group were acquitted following a lawsuit filed by Dimitris Koutsolloutzos concerning the failure to prepare and publish the financial statements for the 2020–2022 financial years. The ruling, which followed a favorable recommendation by the prosecutor, accepted the administration’s position that the failure to publish the statements was connected to acts and omissions by Dimitris Koutsolloutzos. The administration had been appointed by the Court of First Instance in February 2020, following an application by the Hellenic Capital Market Commission. According to its position, the Koutsolloutzos family, while retaining control of the General Meetings, did not approve the 2019 financial statements, with the result that publication of the subsequent years’ statements was also blocked. This is the second legal development in favor of the restructuring administration. An earlier lawsuit by Dimitris Koutsolloutzos alleging breach of trust in connection with actions taken as part of the restructuring had been shelved following an investigation by the Financial and Economic Crime Unit (SDOE), which found no illegal acts or damage to the company.

Two debts, different speeds

Bond markets — everyone knows it by now — are going through their worst period in years. The British 30-year yield reached 6.02% yesterday, a level not seen since the late 1990s. The German 10-year, which serves as the eurozone benchmark, is moving at 3.6%–3.65%, close to its 2009 highs. The Greek 10-year rose yesterday to around 4.5%–4.57%, from approximately 4% at the beginning of September. Greece is necessarily following the trend, but from a distance. The spread — the difference in yields — with Germany is around 90 basis points, while the French spread exceeds 100. In 2026, early repayments amount to €12.84 billion: €6.94 billion in bilateral loans from the First Memorandum in June, €2.5 billion in EFSF loans, a €2.2 billion bond maturing in 2027, and a €1.2 billion reduction in treasury bills. The debt being repaid had an average cost of 2.9%. It is being paid down with cash reserves, not with new borrowing at 4.5%. The Ministry of Finance estimates an annual interest saving of €370 million. The debt-to-GDP ratio is projected at 136.8% this year, down from 154.2% in 2024. But there is another debt. According to IOBE, private-sector debt reached €420.9 billion in the first quarter, equivalent to 169% of GDP, an increase of €22.1 billion in one year. Of this, €238.6 billion is overdue, and almost 70% of it is owed to the state itself. The state has learned to pay off its debts before they mature. Its debtors still owe it after maturity. With the 120-installment arrangements, monthly servicing becomes easier, but total debt keeps swelling…

Prodea and the €11.5 million loss in the first half

Prodea Investments announced a set of results the day before yesterday that did not satisfy the market. The company itself describes its half-year as a “transitional phase,” as turnover came to €75.2 million, down from €112.4 million last year. Rental income fell to €29.2 million from €69.1 million, as the company sold mature properties. Hotel revenue rose to €33.2 million from €25.7 million, following the reopening of the Landmark in Nicosia. In the first half, rooms generated more revenue than rents. On the stock market, the share is down 3.21%, at €3.02, meaning a discount of approximately 23% to its net asset value. At the beginning of June, before the dividend went ex, it stood at €5.70, slightly above the NAV at the time. The company increased operating profit (EBITDA) to €49.9 million from €31 million, with the contribution of gains from property sales. Adjusted operating profit, as defined by the company, was €9.4 million versus €41.4 million, while adjusted results showed a loss of €11.5 million versus a profit of €4.7 million. On the other hand, Prodea reduced its borrowing by €712.8 million and retains cash of €206.8 million. CEO Aris Karytinos outlined the next steps, which include the logistics partnership with Invel Real Estate and LGT Capital Partners, renovations in Paros and Porto Heli, and the redevelopment of the Emblems in Cortina. The properties that were sold provided last year’s dividend. The ones now being prepared are expected to provide rental income.

Something is going on with the Mezz companies

Four shares of mezzanine companies are traded on the Stock Exchange. All four published their half-year results on September 30. These companies do not have the usual business activity of other listed companies. They are companies holding mezzanine and junior-ranking bonds from securitizations of banks’ non-performing loans. Their results have two lines: interest on the bonds and changes in their fair value. This “fair value” is calculated by an independent appraiser, discounting — at a rate of around 14% — the collections projected by the servicer’s business plan. When the servicer cuts its projections, the loss is recognized immediately. The coupon is paid according to priority, after the senior-ranking bonds. If collections fall short, payment is deferred. That is exactly what happened, for example, with Phoenix Vega Mezz, which recorded losses of €40.9 million, compared with profits of $4.1 million last year. Its bonds were valued at €23.1 million, down from €64.8 million, following the servicer’s new, lower projections. In accounting terms, it recorded €4.8 million in interest. Only €1.5 million came into the cash account, down from €4.3 million last year, as the coupons on Phoenix, Vega II and Vega III were deferred. Nevertheless, it is distributing €3 million (€0.0024 per share, a 5% yield) from cash reserves of €9.1 million. SunriseMezz received no coupon at all. It recorded losses of €4.6 million, with its bonds valued at €6.4 million versus €10.8 million. The valuation horizon was extended from four to ten years. Galaxy Cosmos received €2.31 million and values its bonds at €4.4 million. Cairo Mezz is another story. Zero revenue, bonds worth €146.3 million. Its value depends on the call option on Cairo 3. If exercised on January 19, 2027, it is entitled to €70.5 million. It has not received notification. So we have reached a paradox that, in the end, is not really a paradox. Phoenix is valued on the Stock Exchange at €59.5 million, with bonds and cash totaling €32.2 million. Sunrise is valued at €23.7 million, with assets of €10.2 million. Cairo is valued at €78.2 million, with equity of €145 million. Because with mezz companies, profit is a matter of opinion, but the coupon is a fact.

Bank sell-off focused on the systemic banks

The systemic banks were at the center of yesterday’s selling on the Stock Exchange, recording sharp losses after their strong upward performance in the preceding period. The move is mainly attributed to profit-taking, as the shares had outperformed and renewed their multi-year highs, strengthening the tendency among investors to lock in part of their gains.

Jumbo: Defying the negative climate with the “vehicle” of the special distribution

Jumbo moved against the negative climate of October’s first trading session, gaining more than 1% and returning above the psychological €25 threshold. The share found support from management’s capital-return policy, with the special cash distribution of €1 per share acting as a positive catalyst. The distribution, totaling approximately €134.4 million, corresponds to a net amount of €0.95 per share after the anticipated withholding tax. The ex-dividend date has been set for November 16, while payment will begin on November 20. Together with the previous cash distributions in 2026, total returns to shareholders reach approximately €295.6 million, or €2.20 per share. The move is also supported by Jumbo’s strong liquidity position: the company continues to operate without bank borrowing while maintaining its investment program.

Grimaldi’s “hot potato” in Heraklion and the meeting with Plevris

The matter concerning the occupation of a building at the port of Heraklion by the local Port Authority in December 2024 remains ongoing. The building houses migrants who are subsequently transferred to mainland Greece. The management of the Heraklion Port Authority has gone to court seeking the evacuation of the building, which, according to the submitted master plan, is intended to become a hotel. The Grimaldi Group, which operates the port as well as that of Igoumenitsa, wants to protect its investment. After two postponements, the hearing is scheduled for October 14. According to information I have, earlier — specifically next Friday, October 9 — the management of the Heraklion Port Authority will meet with Migration Minister Thanasis Plevris on the matter. Meanwhile, the master plan was approved by the Central Archaeological Council and is moving on to the Ports Planning and Development Committee.

New round of deals in Greek shipping

Ship prices remain high, but Greek shipowners continue to put money on the table. The moves of just the past few days are indicative. Kostas Delaportas’s DryDel added two 82,000-dwt Kamsarmax vessels to its newbuilding program at Japan’s Tsuneishi, while Evangelos Pistiolis’s TOP Ships completed on September 30 the deal it had announced in July to acquire three MR tankers under construction, which will be delivered in 2029 and already have secured five-year charters. At the same time, newbuilds continue to arrive. Maria Angelicoussis’s Maran Tankers added another dual-fuel Suezmax, Capital Tankers took delivery of the also dual-fuel Suezmax Ayrton, while new vessels joined the fleets of Navios Partners, Meadway Bulkers and Globus Maritime. What is interesting is that Greek shipping capital is not betting on a single market. From Kamsarmax and Ultramax to Suezmax and MR vessels, investments are spread across different segments, with newer and more efficient ships as the common denominator. And with the Greek orderbook already at historically high levels, the message from these moves is clear. Greek shipowners are not waiting for ships to become cheaper before positioning themselves. They are locking in now the capacity with which they want to enter the next phase of the market.

Shipping is looking for people, and the Hellenic Chamber of Shipping is building the “bridge”

Greece may be at the top of global shipping, but there is a paradox. An industry of global reach does not always have an easy way of meeting the new human resources it needs. And this is where the initiative of the Hellenic Chamber of Shipping, under the chairmanship of Giorgos Alexandratos, with the neejobs.com platform becomes particularly interesting. The initiative is not simply another job-listing website. It seeks to create a specialized channel between shipping companies and those who want to enter the sector, whether ashore or at sea. And this matters at a time when shipping is becoming increasingly demanding in terms of skills. Digitization, new technologies, alternative fuels, regulatory compliance and the green transition are gradually changing the profile of the people companies are looking for. The real challenge, therefore, is bigger. For Greece not only to have one of the strongest fleets in the world, but also the pool of people who will support it from land and sea. Because the next battle of Greek shipping will not be fought only in shipyards and markets. It will also be fought for human resources.

A passport in an iPhone box

The scene resembled an Apple presentation. Dark background, one speaker, one product. Only the speaker was the U.S. Secretary of State, Marco Rubio, and the product was the new American passport of 2028. The new passport even has a name: “Flight of the Eagle.” The unveiling took place last Tuesday in Washington, at the launch of America.gov, the portal that brings together 29,000 federal websites using artificial intelligence (Gemini and Grok). The design bears the signature of the White House’s National Design Studio, headed by Airbnb co-founder Joe Gebbia. The new passport will have a larger — naturally golden — eagle on the cover, and 38 pages instead of 26 or 50. The eagle will appear to “fly” as the pages are turned. And all of this comes in iPhone-style packaging. There is also an economic backdrop to this presentation. In 2025, 27.3 million passports were issued (+11.6%, a record number). There are 183.2 million in circulation. With a fee of $130 for adults and $100 for minors, revenues reach $3 billion a year. Around this amount there is an intermediary market. Anyone applying for the first time pays an additional $35 at the post office or municipal service that accepts the application, plus the cost of the photograph. Rubio promised that from December, first-time applications would be completed entirely online — “no forms, no appointments, no queues, no intermediaries.” The photograph will be taken with a mobile phone. There is also a small detail. In the presentation of the interior pages, the first image in the “visual history of the nation” showed President Trump. It may have been a coincidence; whether the photo of the POTUS will remain in the final document is unknown.

Who is the best customer for Russian oil?

China, India and Turkey currently absorb 77% of Russian oil exports. A few years ago, for example in January–February 2022, the three together accounted for no more than 29%. A major European investment bank calculated that China’s share rose from 21% to 50%, India’s from 2% to 19%, and Turkey’s from 6% to 8%. The EU fell from 48% to 4%. The damage was not great. Russian crude oil exports are approximately 10% below pre-war levels, despite the European embargo and the G7 price cap. Sixty-one percent of crude leaves on tankers belonging to the “shadow fleet,” outside Western financing and insurance. The paradox lies elsewhere. Russia, one of the world’s largest exporters of diesel, fuel oil and naphtha, is now importing significant quantities of refined products because Ukrainian strikes have devastated its refineries. This, after all, is one of the serious reasons keeping international gasoline prices high. The redistribution came at the expense of other suppliers. In India, Russia’s share of fossil-fuel imports rose from 1% to 24% after February 2022, with Nigeria, Iran and Saudi Arabia losing out. In China, it rose from 18% to 27%. What is missing from this picture is Washington. On September 18, President Trump signed the Graham Act. The law allows tariffs of up to 100% on products from the five largest importers of Russian crude oil or natural gas. China, India and Turkey are the obvious candidates. Some analysts estimate that the POTUS will not rush while the oil market remains tight, so as not to push fuel prices in the United States even higher. The conclusion is that Europe’s and the G7’s sanctions did not shut off the tap. They simply changed the recipient’s address.