Hello, the serial with ELTA continued yesterday morning-afternoon within the government walls, today it will move to Parliament, where it will be discussed in the competent committee, in the presence of MPs of all parties. About 50 blue MPs yesterday, then, in a teleconference in which the minister of Digital Policy participated — I was grazing the sheep over here a bit further away — and one miserable CEO (ELTA) named SkliKas, became the punching bag. Whatever resentment provincial MPs had against M.M and the government, they took it out on a — in my view — kinda ridiculous subject. As if they don’t know ELTA has been dead for a long time and all that is needed is careful communication handling. Neither the postmen will disappear from the villages nor grandmas will not be able to pay electricity. We said these also yesterday, but you see, six years of governing without ministry is a lot for a majority MP. And especially when it’s possible he may not be reelected in his constituency — what, he should learn another trade now in old age than the… bluff of politics! So, to finish, ELTA should have been modernized ten years ago and not be paid gold until today. Basically, when there was interest, the State should have unloaded them. Even Petsas is shouting today because, he says, the post office in Dionysos will shut!

And the ministers…disappeared!

But sorry, for ministers also to disappear and not withstand a clash with society (the spoiled side of it) or with their fellow MPs is not very honorable. Moral: The government six years now succeeded in many things and achieved quite serious reforms. When, though, the time of clash came on a subject, it always stepped back. Only on gay couples it didn’t step back — and of course paid for it dearly. Well then, write it down: if you see ELTA really closing, hang bells on me.

Hatzidakis

Hatzidakis yesterday had a discussion, I’m told, with K.M and complained heavily that they load on him always the dirty work. Well that’s why he went there — so the prime minister doesn’t pay. I think that, generally, 2025 is not 2019 and Maximos is a different thing. So, it needs different design — but these are their problems.

What the truth is

Now, to understand how… far this whole thing is from reality, see what applies today for ELTA services and will continue to apply and what they intend to change. A simple reading of this text proves that this is a colossal communication blunder or incompetence of ELTA management, that they never “shouted” these things, so that everyone understands that neither the postmen who serve are being fired, nor the shops are closing and not replaced. Which exact services are done now in the stores and which by the physical postman at home.

Services performed within stores

1. Posting and receiving postal items and parcels
2. Bill collection (DEI, EYDAP etc.) and fast payments
3. Pension Account transactions (withdrawals, deposits)
4. Issuance and redemption of postal money orders
5. Banking transactions and Western Union

1,2,3 are performed by the carrier at the citizen’s door today. 4 is a matter of system extension and 5 can be implemented after changes in the institutional framework.

Mountain villages and islands

How do we ensure citizens in remote areas – especially islands and mountainous – will not be left without physical store until the new structure is fully operational • Already 92% of pensions and 90% of postal items are delivered at home by postmen. • No area without access – service via rural postmen, home services and cooperating agents. • Deliveries with knowledge of local communities – continuity of service without interruption. • Phase B of plan – gradual implementation with full information to citizens for alternative solutions. • No interruption of service – continuity via postmen, agents, supermarkets and home services.

OPEKEPE – Commission

For OPEKEPE you know grosso modo. Today the Greek plan will be submitted to the Commission, which in reality has been shaped in agreement with Brussels. The Commissioners will now study it for a few days and more (positive news) we will hear on Thursday, when the competent Commissioner Christoph Hansen comes to our places.

Kimberly’s twenty minutes with Tasoulas

Today at noon, U.S. Ambassador Kimberly Gilfoyle will formally present her credentials to President Tasoulas. Together with her two more ambassadors are sworn in — the Norwegian and the Canadian. Kimberly will be the third to enter the Presidential, logically after 12:30. She will deliver to Tasoulas the folder with the official documents and, as usual, they will sit for 15-20 minutes in the ceremonial hall of the Presidency to say a few first acquaintance words. Now, if Tasoulas will talk to her about the mountains of Epirus and invite her to his places, I don’t know — but I risk the estimate.

“Greece will absorb 75% of RRF funds”

We still have time ahead so estimates are risky, but not so much time that they are impossible. We refer to the absorption estimates of RRF funds. The column stands on this specific estimate because it comes from within the absorption mechanism and from a person highly experienced in that field. Unfortunately though because these people usually collaborate for their jobs with the governments in office they always speak anonymously. After I explained then why the column gives weight to the specific source, to continue saying he supported that 75% of RRF funds are expected finally to be absorbed by our country. He added it’s not only our country that will show “deficit” as far as absorption because due to the complex bureaucratic process, the preparation that the projects need on the business side for submission of folders, in the end almost all — if not all — EU countries will not manage to absorb the funds until 2026. By the same estimate, funds not absorbed will not go wasted because it is estimated they will be channelled towards the defense sector. If the estimate is verified, the opposition will surely lament and wail for the failure of government, the executive state, etc.

Millenium Capital reduced short positions in METLEN

Rise to 44.42 euro was noted yesterday by METLEN stock. Meanwhile a reduction of short positions was recorded in the stock of the group, as Millenium Capital Management announced that on 30/10/2025 it had a short position 0.883% vs 0.92%.

OTE is going for big deal with COSMOTE TOWERS (is super dividend coming?)

For some time now in OTE they had started preparations to monetize the so-called “passive equipment” of the mobile antenna network owned by the Group, something which many telecoms have done securing significant capital such as Vodafone Group with Vantage Towers, United Group which closed a deal with the Arabs of Saudi Telecom, but also the parent Deutsche Telekom which sold 51% of GD Towers to DigitalBridge and Brookfield. Note that from that deal DT put almost €18bn in its cash… So some time ago, OTE assigned to one of the Big4 firms a study for utilizing the tower passive equipment as it decided to proceed to a spin off of that activity. The hive-off of the activities related to the passive equipment of the mobile antenna towers was implemented and already the contribution to the newly formed, 100% subsidiary company COSMOTE TELEKOM TOWERS (CCT) was completed. Its share capital amounts to €633m while as “dowry” it undertook management of 3,833 passive mobile base stations and in total approx 3,600 spots with installed passive equipment. In the first BoD of CCT the position of chairman was taken by Giorgos Tsonis (CTO of OTE Group) and vice chairman Charalambos Mazarakis (Chief Officer Financial Affairs OTE Group).

ATHENS AIRPORT: G. Paraschis departs – G. Kallimasias succeeds him

End of an era at the biggest airport of the country where the contract expiry of one of the longest serving CEOs of the air transport sector generally brings changes at the helm of Athens International Airport. After a 19 year path at the “helm” of AIA Giannis Paraschis decided to leave on 31 January 2026 and in his place from early February takes over Giorgos Kallimasias, executive of the AIA since 1999. G. Paraschis has as known since 2023 also the position of chairman at SETE where his three year term ends formally — based on current data — spring 2026. Mr Kallimasias, holding since 2019 the position of Chief Strategy Officer, “ran” important actions, such as the 20 year extension of the airport company concession, the IPO, the promotion of investment plans for expansion / upgrade of airport infrastructure etc.

New utilization attempt (with social footprint due to… popular fighters)

Do you remember the years ago story with an EOMMEX building in Tavros that TAIPED was trying to utilize? There had even been found the winning bidder, MRP TAVROS AE, subsidiary of the Dutch group MRP controlled by the Meijer family, one of the richest of the country. The group which is one of the largest real estate companies in the Netherlands literally slammed the door and left, as the Tavros-Moschato municipality — in whose borders the building is — was against the investment. Now I hear that for the 3.3 stremma property near Piraeus Avenue a new utilization tender is being prepared. But so that there won’t again be issues with “people’s fighters” who blocked the original plan, in the new attempt there is examined a provision for social housing. Given the massive housing problem, this time the effort might not stumble on objections.

Institute “Bruno Leoni” awards G. Stournaras

In a report by Italian Ilfoglio on the increase of Unicredit’s participation in Alpha Bank, it is mentioned that this year the annual Award of “Bruno Leoni” Institute is given to Greece for the effective work the country achieved in fiscal adjustment and structural reforms. The award is given to the Governor of Bank of Greece, Giannis Stournaras, Friday 7/11 at official dinner by Istituto Bruno Leoni in Milan. At the annual gala dinner about 500 personalities of academic, industrial and financial world participate, to whom the winner addresses his speech. G. Stournaras is honored for the achievements of Greece in confronting and overcoming an economic crisis of exceptional dimensions and as said characteristically in the invitation, he was chosen “thinking of a public figure who could be considered to embody the many important steps of progress Greece made the past years”. Among previous winners are Vernon Smith (2008), Mario Vargas Llosa (2014), reformers such as Lord Lawson (2013) and Leszek Balcerowicz (2019), historian Richard Pipes (2015), economist Deirdre McCloskey (2016), dissident politician Isabel Diaz Ayuso (2021), political dissidents Jimmy Lai (2022) and Maria Corina Machado (2024).

The green bet of Petros Pappas in shipping

Star Bulk Carriers, of Petros Pappas, proceeds to “green” transition of shipping, applying a multi year program for modernization and decarbonization of its fleet. With total investments exceeding $50m last three years, the company targets emission reduction and full energy compliance by 2050, according to its recent ESG Report. The company has launched an extensive newbuild program including five new Kamsarmax, all equipped with latest tech engines and adaptation capabilities to alternative fuels. At the same time installation of shaft generators in new ships is evaluated, as well as usage of solar and wind power for existing units. This strategy is part of the broader plan of the company for renewal and decarbonization of the fleet which numbers 142 bulkers capacity above 14.2m dwt. By end 2024, fleet will reach 164 ships, covering all size spectrum — from Supramax and Panamax to Capesize and Newcastlemax. The average age of fleet, 11.9 years, is significantly lower than global average, allowing fast adoption of new technologies and energy standards.

Re-appearance of George Economou in VLCC tanker newbuildings

George Economou via his TMS Group re-enters dynamically the game of newbuildings of VLCCs in China. According to shipping sources TMS is in final stage agreement with Hengli Shipbuilding to build up to four new vessels capacity approx 306,000 dwt each. Deliveries expected to start 2027 and complete 2028. His last attempt in this field was 2017 when he had agreed with Hanjin Heavy Industries in Philippines, but deal did not materialize due to financial problems of the yard.

Nikolas Martinos and the “sweet spot” of the market

After a series of successful sales, Thenamaris of Nikolas Martinos continues to read the market perfectly. Since 2022 the company has liquidated approx $1bn from sale of more than 30 ships, with nine transactions only this year. Latest example, Seavoyager, which changed name to Cosmo Sail and flag to Barbados, passing to Chinese hands for price well above current valuations. The move is part of the strategy of fleet renewal, where Thenamaris sells at the top of cycle and places selectively in newer tonnage. Now, it maintains a fleet of 51 tankers controlling 7 suezmax, 24 aframax/LR2, 13 MR and 7 VLCC. In shipping circles they say Nikolas Martinos has found the “sweet spot” of the market and liquidates at the right moment, in the right way.

The “made in Greece” bodyworks

An interesting letter–appeal was received yesterday, Monday November 3rd, by Prime Minister Kyriakos Mitsotakis and MoD Nikos Dendias. Sender: the Association of Manufacturers of Frames and Bodyworks of Motor Vehicles, and subject: the participation of the Greek frame and bodywork industry in the armaments program of the Armed Forces. This Association has a half-century track record (established in 1976), and its members are bodywork manufacturers and all kinds of superstructures on all types and categories of vehicle frames as well as manufacturers of trailers — some even with a history of 90 years of contribution to the national economy. It is characteristic that President of the Association is Petros Tagalakis, head of TEMAX, a historic bodywork manufacturer and manufacturer of almost all fire engines in our country, while Vice President is the recently elected president of the Hellenic-American Chamber of Commerce Giannis Sarakakis, who needs no further introduction. As stated in the letter, “months ago you announced the government planning for the equipment of the Armed Forces of our country, which we were informed includes among other things military vehicles of various types. At the same time you announced your decision for the participation of domestic industry in this planning, which we warmly applaud. The members of our Association already possess the legitimate and prerequisite multi-year know-how, production capabilities, personnel and also the experience to contribute to the co-production of rolling stock intended for the Armed Forces.” It is further stressed that “it is critical for the development of domestic industry to complete the process for the ‘National Vehicle’, which despite the completion of the evaluation, still remains pending since 2023.” Finally, it is stated that “within this framework the contribution of the existing domestic industry could only have positive results in the implementation of the armament programs of the Armed Forces,” while it is proposed to hold a meeting between the Maximos Mansion and MoD officials handling the matter and representatives of the Association. Although I do not know details, it seems logical to me that within this ongoing, necessary and very expensive regeneration of the Armed Forces, the existing domestic industry should claim a reasonable share, which surely will have high national added value.

Foreign investment capital enters Motor Oil

Buy orders in the stock of Motor Oil reached up to €26.62 yesterday, to finally close at €26.60 (+2.23%) and capitalization a breath away from €3 billion. With weekly rise around +6%, the movement of foreign managers who steadily choose the stock without haste becomes obvious. The first placements started shortly after the group’s participation in Kepler Autumn Conference 2025, 9–11/9 in Paris. There Petros Tzannetakis referred to the restart of the (second) refinery, to the strengthening of profit margins. The deputy CEO also focused on the joint venture with GEK TERNA — for the Komotini (CCGT) plant that will be operational by the end of 2025 — while he estimated that the second half metrics will be positive, strengthened by increased sales and strong refining margin. Since then, that is from Paris and after, the first inflows in the Motor Oil stock were manifested, from foreign investment portfolios, bringing the group’s market value to €2.946 billion. According to information from brokerage houses, management will announce Q3 / 9-month metrics after November 17.

The record and the bonus

On top of the stock exchange board PPC found itself in the first session of November, as the current month foreshadows developments for the group. On November 18 it will announce 9-month financial results and one day later it will present the renewed business plan for the period 2026–2028 at the investor day that will take place in London. The stock recorded +4% rise. It is the best daily performance of the last 7 months. It closed at a new 16-year high at €15.7 and reached €15.8 at intraday highs. Next target €16, which it hasn’t seen since early September 2009. At the same time it is very close to becoming the 9th listed company with capitalization above €6 billion. This year’s peak of €27 is being approached again by Motor Oil with the “vehicle” of the interim dividend that will be distributed for fiscal 2025 a few days after New Year’s Day. Management decided the payment of €0.35 per share dividend. Its ex-date is scheduled for Tuesday December 23 and its payment for Monday January 5. The news brought buyers to the forefront and Motor Oil’s stock recorded one of the strongest rises in large cap. It stopped at €26.6 and is setting sail for the records it had set mid-last August.

The wings of Aegean

In the last days Aegean’s stock has risen to capitalization above €1.2 billion. One probable cause of the share mobility perhaps is that in 40 days from today, Aegean Airlines will be the first airline of an EU member state to begin direct flights with Iraq. Along with the line to Erbil — the capital of the Kurdish region which already operates since February 23 with 2 weekly routes — Aegean’s airplanes will fly in an area where until today Turkish Airlines and Pegasus dominate. Aegean’s initiatives also have a geostrategic dimension. Within the next five months, Aegean inaugurates direct flights also with India trying to wedge into the cooperation of Indian airlines with Turkish carriers. Aegean has secured two Airbus A321neo XLR (Extra Long Range) with autonomy up to 10.5 hours, to be delivered December 2025 and January 2026. Essentially Aegean is entering the “carriage” of the India-Middle East-Europe Economic Corridor (IMEC) — the corridor that is called to compete with China’s Belt and Road Initiative.

Small and mid capitalization in the foreground

The Stock Exchange is organizing tomorrow the first of two meetings for companies not included in FTSE25, with purpose to showcase listed companies that are not in the first line of choice of foreign fund managers. It is an obvious effort to highlight the protagonists of the “next day”. The second EXAE meeting, for mid cap stocks, is scheduled for Monday November 24, while tomorrow’s event will be held with the participation of 19 companies from various sectors and fields of activity, with the important fact that the representation of listed companies is geographically covered too. AlphaTrust Andromeda, AsCo, Elton Group, European Innovation Solutions, Interlife, Kiriakoulis Group, Loulis Food Ingredients, Mediterra, Varveris-Moda Bagno, ONYX, Orilina Properties, Papoutsanis, Performance Technologies, Petros Petropoulos, Quality & Reliability, Real Consulting, Revoil, SoftWeb and Unibios — analytically the 19 participations (up to yesterday noon 3/11). The market value of all 19 companies barely exceeds the €1 billion threshold (€1.026 billion at yesterday’s prices 3/11). Only 5 of these listed are valued above €100 million (ONYX, Orilina, Real Cons., Interlife and Performance). On the opposite side, SoftWeb, Mediterra, Kiriakoulis, E.IN.S, AlphaTrust, Revoil, Q&R, AsCo are in the category €10 to €50 million. With a first (rough, and based on H1 metrics) “pricing” of these companies the key ratios (p/e, p/bv) are at levels lower than the market average, since in our stock market the “heavier” stocks are preferred and strengthened investment-wise.

The question of 148 trillion dollars

October 2025 wrote — market — history. The global capitalization of capital markets reached $148 trillion. This constitutes +19.3% annual increase, of course way above the historical average. From the low levels of 2020, markets have added no less than $75 trillion, recording +97% rise. Observing markets the last 20 years, in a Bloomberg chart it is revealed that stock markets have quadrupled their value from around $35 trillion in 2005 to $148 trillion this October. The tech sector alone in the last two years has added $40 trillion — more than half of the total increase of the last 5 years. In the same time period the global economy grows at rates 3% to 3.5% annually. Market valuations run at double speed. The decoupling of the real with the market economy is not unprecedented — 2000 and 2008 reminded us painfully. The question today is not “if” but “when” and “how deep” the inevitable correction will be. The record of $148 trillion is a good opportunity to re-evaluate our investment portfolios.