Hello there, the interesting topics of yesterday revolved around the statements by European prosecutor Kövesi and Nikos Dendias in Parliament regarding the hunger striker Ruci at Syntagma Square. As I wrote yesterday, Kövesi was fully institutional in everything during her visits to ministers Floridis, Chrysochoidis, and Pierrakakis. And naturally, when asked about other corruption issues beyond her main focus — smuggling and tax evasion at the Port of Piraeus — she spoke out directly and boldly, to a degree. She also touched on OPEKEPE, the 717 case, and the recycling huts, clarifying of course that “grabs” of European funds don’t happen only in Greece, but everywhere.

Now, on the law about ministerial responsibility, truth be told, she was a bit more blunt than judges usually are when speaking about legislative matters, but come on — the woman is a judge. She tends to speak a bit more heavily — so what? Marinakis’ spokesperson was asked about it too, and after saying everyone is entitled to their opinion (meaning Ms. Kövesi too)… he simply clarified that the Constitution changes when Parliament decides so, and of course, when that Parliament is a revising one. In other words, the conversation will begin in 2026 and conclude after the national elections. Still, it would be good for all parties to take this opportunity to tell us their stance. That is, how they believe Article 86 on ministerial responsibility should be abolished. In other words, what happens when a citizen or even the judiciary wants to press charges against a minister — will there be filters and safeguards like in other countries, etc.? Because we’ve been hearing this for decades, and we’ve had right-wing governments, PASOK, SYRIZA, coalition governments… and still, the pancake’s never flipped. It’s time to hear the what and how.

Dendias

So yesterday, Dendias took yet another small step in his now-obvious plan to subtly (but surely) set himself apart… tiptoeing across various popular (or populist) issues to boost his profile. Yesterday was his turn to say that we all sympathize with the hunger striker Ruci and that for such a sensitive matter, he can’t imagine telling a father not to investigate what he deems necessary regarding his child’s death, etc. As if Dendias, a distinguished lawyer, doesn’t know exactly what’s going on in this case and what’s behind it. Anyway, when it became an issue in Parliament and Famellos called him out for diverging from the government, he “clarified” that it’s not a government matter but one of the judiciary. He must’ve heard something, clearly…

Adonis–Dendias

Still, the P.M. is “playing” Count Nikos pretty well these days — Mitsotakis praised him for the bill he presented at the Cabinet, and even during his speech in Copenhagen, he mentioned ELCAC, which was founded under Dendias at the Pentagon and deals with defense innovation. But among all the sudden praise for Dendias, the one from Adonis stood out — considering they’ve exchanged barbs over time. In two interviews (Eugenidis on Protothema and Portosalte on SKAI), Adonis praised Dendias’ bill as a key reform in the Armed Forces and said he respects any minister who takes on political cost to break eggs. A fine winter is coming, as I’ve said before.

Decisions and announcements on industrial electricity rates

Another meeting was held yesterday at the Deputy Prime Minister’s office under Hatzidakis, as a follow-up to the one at Maximos Mansion with SEV about energy-intensive industries and electricity costs. From the government, Pierrakakis, Papastavrou, Theodorikakos, Tsafos, and Petralias attended; from SEV, Spyros Theodoropoulos and SVE president Loukia Saranti. From what I gather, decisions have now moved to the P.M. level, who will have the relevant discussion with Hatzidakis soon (possibly even today), since on Tuesday the Prime Minister will be the keynote speaker at SEV’s General Assembly at the Athens Concert Hall. Announcements may also come then.

Cretan. Hydra–Spetses

I heard that the Cretan (the supermarket chain) has backed out of that massive property they had leased to build an equally massive supermarket in Spetses, right next to the Anargyros mansion (national benefactor and founder of the Anargyreios & Korgialeneios School), which is now about to be renovated. Let’s hope they also vacate similar properties in Hydra. So many shops are for rent on the islands, my friend — just step a little further in and wrap it up…

Skeleton Operation, Kimberly, and the shutdown

Just as Kimberly Guilfoyle’s appointment to the U.S. Embassy in Greece was approved, the U.S. government shutdown came along to freeze everything, as the budget wasn’t passed by the Democrats. Six votes are missing for it to go through, and now the matter is dragging on day by day.

Word from the embassy is that Kimberly’s arrival will be delayed a bit more. For now, the embassy is operating with essential staff only — a “Skeleton Operation,” as they call it. When asked how long the shutdown might last, diplomatic sources monitoring the embassy in Athens said that in the last 15 years, it’s happened three times. In 2018 it lasted over a month, and the other two times, up to a week.

Indians from Hinduja Bank looking at Greece

Another investor looking into investing in Greece emerged from a conversation at the Athens Riviera Forum between the CEO of the HCAP, Giannis Papachristou, and Karam Hinduja, CEO of Hinduja Bank. The bank is based in Switzerland, but it’s controlled by the multinational Hinduja Group, which belongs to one of the richest families in India. It operates across multiple sectors (IT, energy, real estate, finance, automotive, etc.) and manages assets worth around $22 billion.

During the discussion — which also included Ahmad AlSawalhi, a senior executive from UAE’s MGX fund — Karam Hinduja said he’s seriously considering investing in Greece. In recent years, Hinduja Bank has strengthened its activity in innovation and tech, tapping into the major growth opportunities globally.

Negotiations with Euronext and the role of the Athens Stock Exchange in the alliance

The talks currently taking place between the Euronext leadership and the Athens Stock Exchange aren’t so much about the acquisition price, but rather about the future role HELEX will play in the post-acquisition era. The Italian Stock Exchange negotiated hard — brokers there even went on a three-day strike — and they ended up taking over clearing of Euronext trades. The Portuguese secured the tech infrastructure and IT development in Lisbon. Oslo claimed and got Energy. So what role will Athens play in this new stock exchange alliance? Is the “gateway to the Balkans and Eastern Europe” role enough? The public offer for 67% — regardless of price — is not as significant mid-term as the effort to avoid the marginalization of the Greek capital market. After all, the law allows the public offer target to shift — for example, instead of 67% of HELEX shares, they could aim for 50%, or even just a blocking minority of 33% at first.

Derivatives and Intralot’s capital increase

Yesterday we wrote about the thousands of premium-priced futures contracts opened recently on Intralot stock at the Derivatives Exchange. The €400 million capital increase has become a playground for sophisticated arbitrage strategies, centered around the Athens Derivatives Market. Intralot’s management announced yesterday that orders placed by institutional investors exceed the available shares, in a range from €1.07 to €1.12. Tens of thousands of futures contracts are being traded at premium prices, creating a complex speculation puzzle. The bet is simple in theory, tricky in practice: investors open short positions in the futures, locking in profits at today’s levels. At the same time, they hope to join the capital increase at €1.12, buying cheaper and closing their short positions at a profit. But if demand is really as strong as claimed, many might be left out of the increase or get far fewer shares at €1.12 than they hoped. Allocations in oversubscribed issues often disappoint. Those who bet on this strategy might end up with open short positions and no new shares to cover them — forced to buy from the market at any price. All of this points to a very interesting trading session on October 9, when the new shares will start trading. Yesterday, Intralot stock dropped -3.85% to €1.25.

Greek shipowners: 160 purchases and 240 sales in 12 months

Greek shipowners continue to strengthen their position in the global shipping industry. Just from recent moves, we see Andreas Jr. Martinos expanding Minerva Marine and maintaining a strong presence in containerships, activating an option at a Chinese yard. Danaos by Koustas is said to have placed two more orders for the construction of container ships. In the second-hand ship market, Equinox, owned by Gikas Goumas, made a targeted strike at an auction, securing the Great Vista, a state-of-the-art Ultramax, at a price that shows the Greek side remains highly selective. But the real interest lies in the numbers: 160 purchases and 240 ship sales within twelve months. What does this mean? That the Greeks simultaneously hold the “keys” to being the world’s most active buyers and the most “flexible” sellers.

The San Francisco fund, investments in Greece, and Koustas
I shouldn’t have started digging into the subject of wannabe investors in Greek shipping. Yesterday I wrote about the Vietnamese and the Germans, and today I found out about Americans — who, however, have already moved from talk to action. So I was told that a San Francisco–based fund has already invested in two Greek-interest companies offering digital services focused on shipping. The fund is True Wind Capital Strategic Investor. It entered Danaos Management Consultants SA, which was co-founded by Giannis Koustas and Dimitris Theodosiou, each owning 50%. From what I hear, Dimitris Theodosiou stepped down as CEO and is now a board member, with his son Nicholas taking over the CEO role. And let me explain what this company does. It is one of the most well-known global tech providers in the shipping industry, combining extensive experience in all aspects of maritime operations (Management, Engineering, Operations, Accounting, Procurement, Brokering, etc.) and in IT (Advanced Development Environments, Communication Technologies, Internet and Mobile Technologies).

Also, the other company is Procurship, with which the American fund made its initial investment in Greece. It’s an online procurement platform tailored specifically to the needs of the maritime industry.

The HCAP and the EYDAP–EYATH networks
The Hellenic Corporation of Assets and Participations (HCAP) is claiming a role in water resource management, as stated in a speech by its CEO Giannis Papachristou. HCAP, he argued, can play a significant role in upgrading the water networks of EYDAP and EYATH through the installation of smart meters and in tendering desalination investment projects. He also emphasized the upgrading of port and railway infrastructure, along with the development of new logistics centers, so that Greece can leverage its geostrategic position and establish itself as a gateway to Europe and the Middle East. HCAP has already implemented and launched significant projects, utilizing the ports and marinas in its portfolio, and with tenders currently underway for new logistics business parks in Athens and Thessaloniki. In the same context, HCAP’s Deputy CEO P. Stampoulidis referred to the maturation and tendering of railway network restoration projects, with a budget of approximately €1 billion. These tenders will be handled by the Strategic Contracts Unit (PPF).

OAKA in June 2026
The restoration and upgrade of the OAKA complex is expected to be completed by the end of June 2026. For the radical upgrade of OAKA, funds from the Recovery and Resilience Facility were used, and the PPF tendered projects worth €90 million, with the total budget exceeding €130 million.

Theon valued at €2.45 billion
Theon International Plc was listed on the Amsterdam Stock Exchange (Euronext Amsterdam) on February 7, 2024, with an offer price of €10/share. The initial public offering (IPO) for 25% of its shares raised €154 million, resulting in a valuation of €700 million at that time. Yesterday, the share price was over €34 (+199.53% year-on-year), and just in the last month, it gained +24.95%. The company’s market capitalization has now reached €2.45 billion. Europe’s defense industry is enjoying unprecedented momentum, and the Greek company specializing in night vision and thermal imaging systems is clearly benefiting. So far, Theon Plc has secured new orders worth around €70 million, guiding revenue estimates towards the half-a-billion-euro mark. For the final quarter of the year, Theon has reserved its biggest orders, while sources from the Greek market suggest that two major investment firms of Greek origin have expressed interest in participating in the EFA Group and will soon announce their involvement.

Best refining margins of the year, but the stocks…
September turned out to be the best month of 2025 for Greek refineries, with refining margins shooting up to levels unseen in months. Ukrainian bombings of Russian refineries have left their mark on the petroleum market. With Russian output shrinking, Greek refineries — strategically located in the Mediterranean — have become crucial suppliers to the European market. Crack spreads — the difference between crude oil prices and refined products — have risen significantly. For Motor Oil, which operates Greece’s largest refinery in Aspropyrgos, refining margins jumped to 11.1%. For HelleniQ Energy, with two refineries in Elefsina and Thessaloniki, stable international oil prices and high margins create increased per-barrel profitability. Greek refineries are enjoying a rare combination: strong demand, limited supply, and geographic advantage. At the Athens Stock Exchange, all this has so far translated into increased trading volume for Motor Oil (-0.62% at €25.4) and HelleniQ Energy (-1.07% at €8.34), but not price increases — at least not yet.

Investor’s Day for Ideal Holdings on October 13
Ten days from now, on Monday, October 13, Ideal Holdings’ management has scheduled the next Investor’s Day, for which investment expectations are once again building — as seen in yesterday’s stock movement. In H1 2025, IDEAL completed one of the biggest acquisitions in recent years in the Greek food sector, acquiring Barba Stathis, and many believe there could be more to come in the industry. A month ago, chairman Lambros Papakonstantinou made it clear that Ideal has never held talks with CVC to acquire any other subsidiary of Vivartia (e.g., DELTA). Ideal Holdings is the only listed company on the Athens Exchange that invests with the philosophy of private equity funds, so it’s natural for investors to be eager to hear about strategy in new sectors. They’re also clearly waiting for confirmation of the bold dividend policy: a return of 40%–50% of net profits over the next three years.

Rally for Cenergy, Viohalco, and Aktor
All three stocks are constantly breaking their “ceiling.” However, the setting of new records isn’t happening with mild upward movements but with emphatic bursts — highlighting the legitimacy of their outperformance. A three-day rally of around 7.3% was enough to take Cenergy Holdings from €12 to the doorstep of €13 for the first time ever. Yesterday it clocked over €5 million in turnover — well above its average — and reached €2.7 billion in valuation. Viohalco, its parent company, also hit a new all-time high, with its market cap now just shy of €2 billion. A 3.3% jump erased the losses of the previous two sessions, bringing it within striking distance of €7.7. Aktor continues its unshaken climb to new peaks, closing up 1.4% at €8.84, with a daily high of €8.85 — the highest in the past 18 years. The next closest mark is €8.862 from July 5, 2007. To find a higher price, we have to go even further back — to €9.195 on January 28, 2004. The group’s market cap has now reached €1.8 billion.

Stock market: Coca-Cola HBC’s drop, shares, and results
As long as markets don’t signal systemic risk, stock exchanges have no choice but to rise. But the higher valuations climb, the further they stray from real economic fundamentals. On the Athens Stock Exchange, the market “punishes” companies that post unsatisfactory results (see: AustriaCard, Jumbo, Athens Medical Center, etc.) while “rewarding” those that consistently grow in size and performance. All this is happening after a grueling 11-month rally, led by the banking sector, with a few heavyweight stocks following. Yesterday, in an inexplicably euphoric European trading environment with all major indexes in the green, the General Index in Athens moved cautiously and nervously — yet remained in positive territory. It reached a technically crucial 2,069.57 points (+0.64%) at one point but slipped to 2,057.26 (+0.04%) by the close. The net trading value reflects this careful yet optimistic hesitation: €194.46 million, of which €13 million was in block trades. The heaviest stock in the Greek market, Coca-Cola HBC, dropped -2.16% to €38.9 — continuing to send a warning signal about something unknown (but apparently some suspect is coming), with nearly €5 million in trades.