Hello, before I take you back to Rubio again (just to kill the mood), let me swing by… Sky, which yesterday morning had Aris Spiliotopoulos on and, thankfully, we learned a few truths as well. That Antonis Samaras is the soul of the faction, as Aris said—the same Aris who, in the New Democracy internal party elections, stood opposite the soul of the faction, namely Antonis, and together with Dora, who then also went off and created… another soul against the faction (Democratic Alliance) for two years, until she shut it down because she couldn’t get any customers. Aris, however, has a rich record of action against the faction, since from 2014 until quite recently he always showed a certain sympathy for Tsipras. In 2018, when SYRIZA was collapsing, he acknowledged “significant resilience and flexibility” in our Alexis, while in 2019 he took it a step further, saying that “SYRIZA’s invitation concerns me.” Not that of Makis Christodoulopoulos, but that of Alexis Tsipras. Until we reached 2024, when Aris joined Stefanos Kasselakis’s team as a strategic analyst, describing him as the “new leader of the center-left.” Now, how he went from his last position with Kasselakis to Antonis Samaras’s currently most homophobic (still developing) political formation, you figure that one out yourselves. Anyway, when I saw Aris yesterday morning, with the curl in his hair and the moustache, I sat down and listened to him, because at the same time all the other channels were driving us crazy with Rubio.

“Radio Arvyla”…

The other sexy topic of yesterday was the departure, after 30 years, of “Radio Arvyla” from ANT1. To be honest, I rarely watch television (apart from sports), and I was never a fan of the show. But Arvyla drew big viewing figures, delivered biting satire of the government, and did not send the show’s content to their respective bosses to review in advance. Combined with the fact that they did not run advertisements in the middle of the programme, they achieved, as I said, very high ratings, something that naturally irritated those they satirized or criticized. And, as is well known, everyone is entitled to an opinion and criticism in democracies. Just as, naturally, every business owner has the right to decide what they will do with their own shop. As I said, we have elections coming up…

Rubio: A genuinely pleasant surprise

Let’s move on to Rubio’s visit now, so that we can… talk a little seriously as well. Well, I didn’t learn the details or the inside information about agreements and discussions; besides, these things did not need to be done face-to-face. The impression Rubio gave off from the always-stunning Pnyx, however, was truly impressive. Both for us and for the American candidate for the presidential nomination in the future. Rubio gave an inspired speech about Greece, but also about the West, which really is under attack and at a crossroads. To tell you the truth, his manner, style and rhetoric were the last things that reminded you of a Trump cabinet secretary. Marco, smiling and approachable, is saying goodbye to us today and continuing his program in Portugal. I was told that what made an impression was not only his good relationship with Giorgos Gerapetritis, which is also the result of their existing acquaintance, but also his willingness to make the schedule more flexible (to be fair, our man was practically taking him around arm-in-arm the whole time). For example, while it had been calculated that the bilateral meeting and an expanded meeting at the Foreign Ministry would take place and the whole thing would last 30 minutes, Rubio stayed with Gerapetritis for 45 minutes and then they went through the expanded meeting “on the fly,” since the Strategic Dialogue was to follow anyway and would cover all possible issues. I was told that the American Secretary of State did not ask for anything particularly unusual, although there was coffee and the necessary biscuits, while he was visibly in a good mood. Obviously, this was also due to the fact that he was going to speak at the Pnyx, which was a central issue for him, since he needs the image as part of his personal legacy. And he pulled it off perfectly for himself.

The substantive talks

The strategic relationship was confirmed in the most emphatic manner during M. Rubio’s visit, who, although he said he was visiting Greece for the first time, knows our country well, as well as the entire Eastern Mediterranean framework. There are the $4 billion defense agreements announced as part of the Strategic Dialogue; there are the three agreements that were signed; there are the discussions on investment in new technology as well as energy. Greece’s role in the energy security of its neighbors and of Europe, and connectivity, are at the top of the agenda. And although some people rushed to complain that the American official did not immediately take a position on the issue of the electricity interconnection cable, acknowledging that there are sensitivities involving other countries that need to be dealt with diplomatically and not through public statements, M. Rubio expressed his full support for all the energy projects being implemented by Greece. After all, his statement does not rule out the possibility of American intervention through the diplomatic channels available, so as to prevent a confrontation in the Eastern Mediterranean. What is striking, of course, is that the criticism that M. Rubio did not intervene publicly on the cable issue came from precisely those people who for years have raised the flag against interventions by Washington and against the “arbiter” role it has at times played in Greek-Turkish relations…

Lightning trip to Split

Since I’m on the subject of Rubio’s visit, let me tell you that Mitsotakis went to Split, Croatia, for just a few hours. There were not even any statements after the MED9 Euro-Mediterranean meeting, as he left very quickly in order to return on time to Elefsina and from there go to the Maximos Mansion, so that he could make the meeting with Rubio and subsequently the lunch at the King George. Still, no matter how much Mitsotakis talks about the high cost of energy, neither the Commission nor the rest of the EU seem inclined to “swerve” toward across-the-board support measures.

Margaritis and the fishermen

As I wrote to you the day before yesterday, an amount was found in order to support professional fishermen, who had begun mobilizing, with an additional subsidy for the fuel they use. At the same time, Minister Schoinas, who yesterday held talks with some of them, sent the message that some more money would also be found (which will obviously have to be cut from somewhere else) within October, provided that they too make a move toward de-escalation and goodwill. Despite the subsidy, however, some small-scale fishermen have already started complaining that they are not receiving the extra money because they use smaller engines on their boats and therefore use road diesel, like cars. That, in any case, is why the subsidy was announced by press release, so that everyone would also take responsibility for their own choices.

Elections and energy costs in the SEV corridors

Two issues dominated the informal conversations before and after the open event of the General Assembly of SEV at the Athens Concert Hall and, to some extent, one led to the other. On the one hand, the energy crisis, costs, and the fear that inflationary pressures will persist. On the other, the next elections, as quite a few people in the business community believe that the course of prices and the reactions they provoke could weigh on voters’ decisions, in a political environment so fluid that there are many scenarios for the day after. The floor of the main hall was full and the balconies half full. In the center of the front row were SEV President Spyros Theodoropoulos, Prime Minister Kyriakos Mitsotakis, and President of the Republic Konstantinos Tasoulas. A little farther away, among others, were Evangelos Mytilineos, Dimitris and Alexandra Papalexopoulou, Andreas Siamisis, Aristotelis Panteliadis, Theodoros Fessas, Giorgos Peristeris, and Alexandros Kikizas. Kyriakos Pierrakakis and Stavros Papastavrou were also sitting side by side, the two ministers who had taken on the task of shaping the energy measure, having their own little huddle before the Prime Minister’s speech. The direction of the intervention for industry had already leaked, though not all the details, while after the considerable expectations that had been cultivated in the preceding period, nobody wanted to pre-empt the announcements. Eventually, they came. The additional €95 million does not solve the energy problem, but it provides some breathing room and, above all, buys time for Greek industry until the end of the year. Hence Spyros Theodoropoulos’s hope that the energy crisis will have eased by December. But the conversation went well beyond December. Kyriakos Mitsotakis proposed from the podium a new “agreement for progress and prosperity” between the state and businesses, with a horizon of 2030, while SEV submitted its own agenda with specific proposals for accelerating investment and improving productivity. And one final detail. A few weeks ago, Spyros Theodoropoulos was taking fire because SEV had not joined the public pressure from the other industrial associations over energy costs, insisting instead on dialogue with the government. The measures were eventually announced, and everyone’s initial reactions were positive. So the president of SEV had one more reason to smile. The quieter strategy appears to have paid off.

Motor Oil and the €341 million share portfolio

It is not only the refining environment that is sending Motor Oil’s numbers soaring. It is also the capital gains being generated by the rise in the shares it holds in its portfolio. Motor Oil indirectly owns 8.949% of Optima Bank, through its wholly owned subsidiary IREON Investments Ltd. The stake corresponds to 19,806,504 shares following the split and, as of 31/12/2025, was valued at €152.7 million. At current prices, the value of the stake is close to €310 million. In February 2026, IREON Investments purchased 1.5 million shares of Real Consulting for €7.05 million (€4.70/share). Together with IREON Ventures’ pre-existing position, the stake reached 7.077%, while the group subsequently increased its holding significantly, reaching 11.73% of Real Consulting in June 2026. The value of the shares is estimated at €31.3 million, with an estimated cost of €18.5 million.

The Freskoulis deal and the capital gains

The “Glaros” company of the Sklavenitis family acquired 49% of Eurocatering (“Freskoulis”), with 30% coming from Latsco Family Office and 19% from EOS Capital. Chrysostomos Mavropoulos retains the majority 51% stake and management. The consideration was not disclosed, but this is yet another deal in which the co-investment by Latsco Family Office and A. Tamvakakis’s EOS Capital generates significant capital gains. EOS entered “Freskoulis” in 2021 together with Elikonos, investing €11 million in total. In 2024 it sold 12.18% to Latsco, at a reference valuation of €46.5 million, and at that point the exit valuation was set at approximately €79 million. Within this range, the 49% stake corresponds to €22.8 million to €38.7 million. Eurocatering closed 2024 with revenue of €65.7 million and EBITDA of €4.3 million. On the other side, the buyer is a group with sales of €6.13 billion in 2025 and a €100 million ready-meals factory in Magoula. Tamvakakis is fond of saying that everyone should leave a table happy, and that is what happened with Freskoulis.

Techniki Olympiaki and the questions about the… hard-to-understand agreements

Techniki Olympiaki closed the first half with net profits of €6.27 million, up 60.7%. On the stock market, however, with the share price around €2.28, it is valued at approximately €92.3 million, far below its book equity. Part of the explanation may lie in Bucharest. On June 29, the Board approved the acquisition of 30% of the Cypriot company Linam Ventures for €8,760,079. The sellers are two Cypriot companies, both controlled by CEO Giorgos Steggos and his brother Andreas. Linam owns a 32,056 sq. m. plot of land on Lake Tei. The consideration values the whole company at approximately €29 million. Techniki Olympiaki has stated that the procedure for related-party transactions under Law 4548/2018 was followed, that an auditing firm deemed the terms fair and reasonable on the basis of two independent valuations, and that no shareholder had requested a general meeting by July 21. G. Steggos has spoken of Bucharest’s last remaining lakeside plot and of a building permit that is currently being issued. There is, of course, also a section of shareholders who have taken out pencil and paper. The listed company owns 30%; the sellers retain 70%. Who will finance the development, in what proportion, and who will receive the construction and management fees? Romanian registries show that Linam has owned the plot since 2010 (without having built anything) and that its fixed assets were reported at approximately RON 23 million in 2023 and RON 152 million in 2024, close to approximately €30 million, which is also roughly the valuation of the deal. There are whispers in the market that the same question—who contributes the land and who contributes the capital—is also being raised about two other developments by the group, one inside Greece and one abroad. Related-party transactions are legal when they are properly approved and disclosed. A consolidated table, project by project, would answer all of these questions at once.

National Bank installed the first voice AI agent

Over the past five years, National Bank has invested €1.3 billion in its transformation. One of the central tools in National Bank’s digital strategy is “Sofia,” which has evolved from an AI assistant and information-provision tool into an AI agent, capable not only of answering questions but also of guiding customers and supporting banking transactions, with its use already having reached very significant scale. According to what the bank’s management and COO Stratos Molyviatis said yesterday, it handles approximately 350,000 digital customer interactions per month. About 25% of customer interactions take place through “Sofia,” while the target is for that percentage to reach 50%. At the same time, the bank is planning to integrate the technology into even more customer touchpoints. The next step is even more ambitious. For 2027, National Bank plans for “Sofia” to control a swarm of agents, with the ability to take on and complete complex processes on behalf of the customer, rather than merely guide them. The bank has already expanded its use of AI into voice-based customer service through its Contact Center: Sofia is acquiring a voice and becoming the first voice AI agent in a Contact Center in the Greek banking market. And because all of this is good and useful but needs to have an economic impact as well, CEO Pavlos Mylonas revealed that National Bank derives an annual benefit of €200 million from its investments in digital channels.

GEK TERNA’s new company

A new company was added yesterday to the ranks of the GEK TERNA Group. Specifically, the company “GEK TERNA Strategic Technologies Single-Member S.A.” was incorporated, with the distinctive title “GT StraTech.” Its registered office is located at the Group’s headquarters on Mesogeion Avenue in Ampelokipoi, and its corporate purpose includes investment-company services (in securities, shares, real estate, etc.), the provision of scientific and technical consulting services, construction project management services, research and experimental development in the natural sciences and engineering, as well as the management of intellectual property rights and the revenues derived from them. It appears that the company has ambitious plans. This is reflected, among other things, in its initial share capital, which amounts to €10 million. This was paid in cash by its sole shareholder, “GEK TERNA Urban Services Single-Member Private Company,” represented by Georgios Kouladis (the Group’s Head of Investments Monitoring). The first Board of Directors consists of Kouladis himself as CEO, Marios Patsos as Chairman, and Petros Souretis, Christos Panagiotopoulos, and Emmanouil Moustakas as members.

The banks’ worst session of the past six months

Sellers returned en masse to bank stocks following the two-day break on October 5 and 6, driving the sector index down 4.45%, to 3,115.72 points. This was the worst one-day performance of the past six months and the fifth-largest decline in 2026, surpassing the losses of approximately 3.6% and 2.8% in the first two sessions of October. To find larger losses, one has to go back to April 9 (-4.51%), while even stronger pressure was recorded on March 12 (-4.58%), March 3 (-6.9%), and March 2 (-5.01%). The new correction has pushed the banking index approximately 6.85% below this year’s record of 3,345.13 points, reached at the end of last September. Levels higher than those of the previous month can be found 11 years back, in November 2015, illustrating the magnitude of the rise that preceded this decline. Despite the sell-off, the overall picture for the banks remains positive, as the sector index is still showing gains of 35.8% since the beginning of the current year.

Sunlight found a key to China

Sunlight Group’s announcement about its “opening” into the Chinese shipbuilding market came to confirm something the market already knew well, especially in shipping circles, but also in Germany, where the news was headlined “German batteries for a project in China.” The CUBE system is manufactured in Lower Saxony by Lehmann Marine, of which the Greek group acquired 51% under the January 2025 agreement. There are, however, several interesting details. The vessel in question is the 42-meter AESEN 116H, built by Cheoy Lee for Singapore-based Aesen, with the hybrid propulsion system being integrated by Stin Global. Obviously, for a group with sales of €942.9 million and EBITDA of €121.1 million in 2025, one vessel does not change the bottom line. The value of the agreement, however, lies elsewhere. Chinese shipyards received 1,131 of the 1,481 vessels ordered worldwide during the first half of the year. That means 72% of the market in terms of capacity, according to Clarksons. Anyone wanting to sell equipment for newbuilds has to have gone through that market. Lehmann did so with approvals from four classification societies (BV, DNV, LR, RINA) and with the argument that its battery can be serviced while at sea, without dry-docking. This was the subsidiary’s second milestone of the year. In February, it had announced the largest order in its history, for three fully electric passenger vessels at the Port of Hamburg. Behind the subsidiary, Sunlight cites production capacity of more than 9 GWh in Europe and North America.

Who is Verallis, which is entering EN.A. Growth?

Verallis, a consulting-services company specializing in cost management and improving operational performance, is moving ahead with the listing of its shares on Euronext Athens’ EN.A. Growth. Its founder and CEO is Giorgos Dimopoulos, while the company, in addition to Greece, also has a presence in Romania, with offices in Bucharest and Brașov. In the first half of 2026, ahead of the inclusion of its shares in EN.A. Growth, sales increased by 54.3% to €629,000, from €408,000 in the corresponding period of 2025, while gross profit more than tripled to €217,000. The company also moved into positive EBITDA of €64,200, compared with a loss of €88,400 last year, and into net profit of €46,600, from a loss of €111,200. Equity stood at €957,000, while total liabilities amounted to €921,000. The company has already proceeded with the corporate actions for its entry into EN.A. Growth (amendments to its articles of association and a capital increase were approved in June), and trading in its shares will begin on Friday, October 9.

Research & Development and results

On September 30, at Gazi Music Hall, Deputy Minister of Development Stavros Kalafatis opened the BioInnovation Greece Forum by citing total expenditure of €3.66 billion—a “historic record”—on Research and Development. Greece ranks fourth in the EU in government spending as a percentage of GDP, with more than €300 million from the Recovery Fund going to research centers and 70,000 jobs. Three days later, at Technopolis, at the same conference, Bank of Greece Governor Yannis Stournaras discussed the issue with economist Thanos Niforos, and they concluded that the country’s success “will not be measured by the level of subsidies or public spending,” but by how much knowledge is converted into investment and exports. The difference is made by businesses, which account for 54.8% of research expenditure, compared with 66.5% in Europe. Foreign capital does not make up the gap either. Of the €12.6 billion in foreign direct investment in 2025, €393 million went to manufacturing. There is one more outstanding matter. The autonomous Ministry of Higher Education, Research and Innovation was announced by the Prime Minister last year, from the same podium, and is intended to begin operating after the next elections. This year, St. Kalafatis said that the details would be announced by the Prime Minister.

DESFA and the hydrogen pipelines

A few days ago, the Board of DESFA announced that it had taken the final investment decision for the construction of a high-pressure pipeline to Patras. It will be 145 kilometers long, 20 inches in diameter, running from Perivolia in Megalopolis to the Patras Industrial Area, with six valve stations and provision for a future branch to Pyrgos. The news is also of interest from a stock-market perspective, with one detail at the end of the announcement. The pipeline is being designed to transport up to 100% hydrogen. That changes the steel specification. Along with it, the list of suppliers changes as well. Hydrogen is the smallest molecule there is. It finds its way into ordinary steel and cracks it over the years. Pipes capable of withstanding hydrogen are specially manufactured, require special certification, and there are few European manufacturers demonstrably capable of delivering such pipes. One of them manufactures in Thisvi, Boeotia. Corinth Pipeworks, part of the Cenergy group, already has three DESFA contracts for hydrogen-certified pipelines. The 163 km for Western Macedonia in 2022, the 56 km toward the border with North Macedonia in 2023, worth more than €27 million, and more than 200 km for the Karperi–Komotini axis a month ago. These were preceded by 440 km for Italy’s Snam. Patras would be the fourth. No contract for the pipes has been announced, and other European producers will obviously appear in the tender as well (Mannesmann Line Pipe and Tenaris, for example, could participate). Cenergy’s pipe segment posted €311.5 million in sales in the first half, with an EBITDA margin of 16.6% and an order backlog of around €500 million. A 145-kilometer contract does not change the year, but it adds visibility. Hydrogen may take time. The pipes will be ordered soon.

Pappas, Greek ships and Europe’s leverage

A comment by Petros Pappas at the 16th Capital Link Operational Excellence in Shipping Forum sheds light from a different angle on the power Greece holds through shipping. The head of Star Bulk pointed out that the enormous Greek-owned fleet is not merely an economic advantage, but acts as a strategic shield for Europe as a whole, reducing the risk of commercial coercion by Asian shipping powers. The observation carries particular weight in today’s geopolitical environment. Without the Greek-owned fleet, which accounts for 61% of Europe’s fleet, Europe would be far more dependent on third countries for the transportation of energy, raw materials and goods, and that dependence would become even more dangerous in the event of a major crisis or war. Pappas even cited the United States as an example, since it does not possess a merchant fleet of comparable size, to illustrate how critical maritime autonomy is. Greece does not merely have Europe’s largest fleet. It possesses a geopolitical card that shields Europe itself. At a time when trade dependencies can easily be transformed into instruments of pressure, Greek ships are something far more than a business success.

Vafias: “It is a shame”

Harry Vafias used the word “shame” twice at the 16th Annual Capital Link Operational Excellence in Shipping Forum. The first time concerned the absence of shipping from Greek schools. “You have this enormous industry, you are the leader in Europe and you don’t teach it in schools. I think that is a shame,” he said characteristically. His second jab was even more pointed and concerned the Greek flag. Vafias said he feels ashamed that, out of a Greek-owned fleet of approximately 6,000 ships, only around 500 ships fly the Greek flag, describing the situation as “shameful.” And he pointed directly at the institutional framework. Unless the requirements concerning the minimum number of Greek seafarers on ships change, he estimated that it will be difficult for the strength of the Greek registry and Greek flag to increase. He concluded his message to the state without mincing words: “I hope that at some point politicians will sit down and listen to us.”

The two options and Giouroukos’s $163 million bet

In shipping, sometimes the good deal has been done months before it is announced. That is more or less how Global Ship Lease’s latest move should be read, the NYSE-listed company whose Executive Chairman is George Giouroukos. GSL exercised options for two additional containerships, with a total value of approximately $163 million, increasing its shipbuilding programme from 15 to 17 vessels. The prices for the two ships had been agreed earlier in the year and, as international analysts point out, comparable containerships with delivery in 2029 are now being sold at higher prices in the market. The options appear to have gained value even before construction has begun. There is, however, one important difference from GSL’s previous 15 newbuilds. The two new vessels do not yet have a charter fixed. The company is already in discussions with prospective charterers. If, after securing favorable newbuilding prices, GSL also manages to secure a multi-year charter on strong terms…

The printing press does not set the interest rate

The argument is an old one and is often repeated by nostalgists for the drachma. America, they say, does not go bankrupt because it prints the currency in which it owes its debts. Correct. The bond market, however, prices something else: inflation and the amount of paper it is being asked to absorb. Yesterday, the 10-year yield touched 5.35%, its highest level since April 2002. The 30-year reached 5.72%, and the two-year 4.82%. Since the end of July, the 10-year has risen 60 basis points, while U.S. crude oil has become 20% more expensive. The pressure is visible in the auctions. On September 23, $70 billion of five-year bonds were sold at 5.033%, with the lowest bid-to-cover ratio in nine years. This week, the Treasury is seeking a total of $119 billion from the markets: $58 billion in three-year bonds on Tuesday, $39 billion in 10-year bonds yesterday, and $22 billion in 30-year bonds today. A month ago, the 10-year had been auctioned at 4.834%. U.S. public debt exceeded $40 trillion in August. Net interest payments reached $963 billion in the ten months from October through July. America is paying more than $3 billion in interest every day, and the deficit for the current fiscal year is estimated at $2.1 trillion. Every one-percentage-point increase in the average borrowing cost corresponds, once it is reflected across the entire debt, to $400 billion a year. That bill also reaches households. The interest rate on a 30-year mortgage is currently 7.49%, and, reasonably enough, mortgage applications fell 4.2% in one week. The Federal Reserve raised dollar interest rates in September, and the market expects further increases. The dollar is printed. Confidence, however, is borrowed too—and this week it costs 5.35%.

The crocodile bit the CEO

Reuters reported yesterday that Lacoste quietly dismissed CEO Eric Vallat, shortly before Sunday’s show on the central court of Roland Garros, featuring the collection by Greek-American designer Pelagia Kolotouros. The former head of Rémy Cointreau had taken over on September 1, 2025, with a mandate for “premiumisation.” In simple terms, he promised a more upscale positioning and less wholesale business with low margins. Thierry Guibert, the man who selected him, is returning in Vallat’s place. He ran Lacoste for ten years and essentially never left, since he heads its parent company, MF Brands, part of Swiss group Maus Frères. The company confirmed the departure, spoke of “strong fundamentals,” and gave no explanation. Apparently, performance was not the reason for the removal. The numbers, however, have their own story. During Guibert’s tenure, sales rose from €1.2 billion in 2014 to approximately €3 billion in 2024, with price increases of 35% over the decade and 70% of sales made directly to consumers. The pace, however, was showing signs of slowing: +26% in 2022, +15% in 2023, +8% in 2024. The €4 billion target had initially been set for 2026. In January 2025, before Vallat arrived, it was pushed back to 2028–2030. In France as well, however, Lacoste France closed 2025 with revenue of €317 million, its second consecutive decline, and operating profit of €20.9 million, less than half the 2022 figure. The successor lasted 13 months. The predecessor has 10 years under his belt—and is still going.