-Hello, I now usually start with a non-“hard news” topical issue, but one I think is worth it. You might remember our reports (on protothema.gr) about the sewage pollution in Patmos, about the broken wastewater treatment plant that polluted the sea all summer during the tourist season. And also about the taps in the island’s houses that were giving out dirt and mud instead of water. For these reports, we received a fierce attack (oh, come on, the donkey’s tail dripped) from the mayor—he said we were almost Turkish agents—but what’s the result? Well, the Municipality of Patmos got two fines, one €17,800 from the South Aegean Region and one €12,000 from the Port Authority, and naturally, the criminal cases are still pending… but no work has been done yet. In other words, the wastewater treatment plant still isn’t working. For now, the only thing that has been done on the island, my sources tell me, is that municipal fees have been increased.

Domestic grumbles
-The echo of the energy agreements in Athens is still lingering; some grumbles are circulating in the business circles, but my source told me that complaints should be made… transatlantic, not to the government. Anyway, the same (good) source told me that “all the good ones fit on the road to development and business,” if you catch my drift. For now, the next important meeting, relevant to energy but not only, is Zelensky’s in Athens, expected later this month.

Samaras
-We also had echoes yesterday from Samaras. My source in the M.M told me that “none of us here, and of course not K.M, even considered for a moment answering Samaras, especially when we saw the interview.” I told you (yesterday too) that Samaras, being an experienced politician, will think carefully about forming a party instead of throwing stones at Mitsotakis, which, by the way, initially fell from… boulders to pebbles and very soon will end up as beach gravel.

Farmers’ appointments
-Relatively early compared to other times, farmers and livestock breeders from Thessaly, Macedonia, Crete, etc., are starting their mobilizations today in Athens. The mobilization is by bus, not tractors, but in November they haven’t come down to the capital before. Protests start around 12:00 outside the Ministry of Rural Development, but I hear that Minister Tsiaras is preparing to receive them. After Tsiaras, a planned protest will take place outside OPEKEPE offices, and finally their delegation is expected to deliver a protest resolution to Vice President Chatzidakis, who recently met livestock breeders from Crete.

Waiting for the Hyperfund
-It’s been circulating for days that some ND MPs are preparing a question about the Hyperfund and its subsidiary companies, in the aftermath of the ELTA case. I understand the tones are somewhat cooling, as MPs don’t want to appear to be opposing the government with back-to-back questions, after the one about the energy market’s operation. Not to mention, there is also coordination with Pierre about possibly holding a more organized briefing for Parliament by the Hyperfund management in the near future.

Cypriots are coming
-Greece and Cyprus have always been close, even if the relationship sometimes goes through ups and downs. After Mitsotakis’ visit to Cyprus for Glafkos Clerides’ memorial, the Intergovernmental Greece-Cyprus meeting takes place in Athens on Wednesday, which is highly significant. The agenda will, of course, include the GSI cable project, so it will also be an opportunity for clarifications. K.M handled preparations yesterday, while in M.M on Wednesday, Christodoulides and ten other ministers are expected to attend for further matters.

National Bank voted for Konstantinos Argyros (and rightly so)
-Moving on to market news, I think we wrote about Motor Oil’s plans to sell 49% of ANEMOS; regarding rumors circulating in the stock market about a DEI capital increase, I don’t have any info, so I’ll start—with a note that the column usually doesn’t—with a lifestyle story that also has some business interest. As you know, next June, we have Posidonia. Traditionally, all banks organize a large evening event inviting their shipping clientele. For years, National Bank has chosen the Four Seasons Astir for this event, where last year Anna Vissi entertained the guests in a very successful event, full of fun that lasted late and even dragged some celebrities to try their singing skills in the small hours. Due to last year’s success, and as Vissi is on top form this year, the bank wanted to repeat it. Alas, the singer asked the bank for a €200,000 fee. When National Bank heard the amount, “their ears fell off,” so they booked Argyros instead.

Grin-valia
-The €55 million losses for 2024 (though expected to be reduced—perhaps significantly—this year) seem to bring major grumbles (sic) at Grivalia Hospitality, starting from the top and reaching the last employee. Rumor has it that the atmosphere within the company is… special, with continual cases of dysfunctional behavior regardless of hierarchy. Even secretaries behave beyond professional limits, considering themselves the second most important person in the company, as was heard recently at the offices. All this creates tensions and is clearly linked to financial performance, as well as high-profile departures like Panagiotis Panagiotidis, head of Grivalia Developments, the company’s construction arm, and months earlier, former CEO Natalia Straf. In any case, Grivalia is struggling to leave behind the negative impact of large new investment ventures, notably the One & Only Aesthesis in Astir Glyfadas. The big gamble, of course, is the Six Senses in the Megalonisos Petalion, a €250 million investment many see as pivotal for Grivalia’s trajectory.

European taxes on banks and the Greek “voluntary” model (€750 million and counting)
-Matteo Salvini of the Lega, Minister of Transport in Giorgia Meloni’s three-party government and one of the vice presidents, recently found a solution: impose a tax on banks’ windfall profits to raise €5 billion for the Italian State. Similar windfall taxes were imposed in Spain (4.8% surtax), Hungary (up to 30%), Czechia (60%), Lithuania, Romania, and Slovakia, with rates ranging from 2% to 60%. In 2023, Spain collected €1.2 billion, Hungary €640 million, and the Czech government expects €600 million annually. Salvini’s proposal was immediately rejected without praise by coalition partner Antonio Tajani of Forza Italia, Minister of Foreign Affairs and also vice president. In August 2023, Meloni’s government suddenly announced an additional 40% tax on banks’ net interest income. Bank shares plummeted by €9.2 billion in one day—a sum triple the expected tax revenue. Ultimately, Meloni backed down and imposed a 0.26% cap on risk-weighted assets, letting banks double the amount in retained reserves instead of paying. In 2024, Meloni found a gentler compromise to boost budget revenues, postponing certain credit refunds to banks. The European Central Bank warned governments that such a tax raid would hurt weaker banks and make attracting domestic and foreign capital more expensive. In Greece, the government seems to have chosen a cautious, conservative approach, asking banks to voluntarily strengthen social actions and policies. Initially, a €50 million donation for Thessaly disaster restoration, followed by M. Giannakou’s school renovation program with €100 million in 2024 and another €100 million in 2025 (expected to continue in 2026 and 2027). Meanwhile, the government imposed socially minded measures on banks, like cutting ATM and transfer fees in two phases by Chatzidakis and Pierrakakis, reducing system income by €150 million per year, and by year-end banks will need to contribute again via the Swiss franc loan regulation. The total bill, if I calculate correctly, is €400 million so far, with another €350 million on standby, not counting the new Swiss franc package.

New funds enter the Greek market
-In the Greek market, cases of cooperation between institutional and private capital creating investment funds are increasing, supporting new “made in Greece” technologies and repatriating Greeks who built careers abroad. Periklis Mazarakis, who worked in Boston and New York for the last 15 years, returned to Greece and founded a Greek private equity fund, Golden Age Capital. He raised €200 million with institutional funding from EATE and private investors supporting export-oriented SMEs. Nikos Kalliagkopoulos worked eight years at Prime Ventures in Amsterdam, where he selected and funded high-tech startups (deep tech). He returned to Greece, joined Big Pi Ventures of Veremis/Doxiadis as partner, and now contributes to evolving the fund from Venture Capital to Private Equity. Dimitris Papageorgiou, after ten years in Boston as a researcher at MIT and partner in several startups, returned to Greece and started as Partner at Blue Dome Capital, the first defense fund in dual-use technologies (military and civilian) with €100 million in capital.

Temperatures rose at the Shipping meeting with the Competition Commission

-Correctly prepared, the Competition Commission appeared at the public consultation for its interim report on Shipping, leaving the best impressions with the participants. However, tensions and… turbulence were not absent in the calm waters of the sector. Both the Secretary General of the Ministry of Shipping and Island Policy, Evangelos Kyriazopoulos, and the President of SEEN, Dionysis Theodoratos, found themselves on the defensive, defending the operation of the Council of Maritime Transport. With a sharp statement, shipping analyst and banking executive Giorgos Xiradakis sounded the alarm about delays in new shipbuilding and funding from European programs, pointing out that the “green transition” does not stop, even if the IMO has temporarily hit the brakes. He even warned about the possibility of Europe setting a 10-year age limit for ships entering coastal shipping – as already happens in Japan and China. “If that happens, let’s see who will be left to travel…” he commented. The study’s authors, professors Maria Lekakou and Thanos Pallis, raised issues about port development and restructuring the transport network, even prompting Kyriazopoulos to request… a second speech. The “hot” topic, however, remains the imbalance between high-speed and conventional ships, especially in winter. Some suspect that the stagnation in fleet renewal suits those who want less competition and “frozen” subsidies. The cherry on the cake was added by Xiradakis, denouncing the lack of transparency in state subsidies, which now exceed €150 million annually. “Companies receiving support are not obliged to publish their balance sheets. How can the legislator check where the money goes?” he asked pointedly. And so, the discussion on Shipping generated more… waves than the Commission expected.

Personnel changes at the ECB

-66% of the ECB’s executive arm, meaning 4 out of 6 executive members, will be replaced by the end of 2027. The most significant changes are those of ECB President Christine Lagarde and Vice President Luis de Guindos, whose term ends in May. At the same time, economist Philip Lane and Isabel Schnabel are stepping down, creating new balances within the central bank. Of course, policy at the ECB doesn’t change with personnel, but the extent of the changes may influence certain areas.

The ATHEX packages

-Packages have begun at ATHEX ahead of the deadline for accepting Euronext’s public offer to acquire 50% plus one share (down from the original 67%) of the ATHEX Group voting rights. Yesterday, a package of 1.4 million ATHEX shares was traded at €6.28. In the coming days, we will see intense activity as the acceptance period, which started on October 6, ends on November 17, with no apparent intention for an extension or change in the price (20 ATHEX shares for 1 Euronext share). Private shareholders remain key, as do foreign institutional investors holding significant stakes, often appearing through major investment banks (JP Morgan, Morgan Stanley, etc.), Praude controlling 8.12%, and other arbitrage funds.

The Venetian lawyer and Euronext

-In Paris, they still believe that their proposal to exchange 1 Euronext share for 20 ATHEX shares will achieve broad acceptance, exceeding 50%+1. One of the factors ensuring over 50% acceptance is the investment fund Praude Asset Management Limited, based in Malta. It has already gathered 8.12% of ATHEX voting rights, managed by lawyer Massimo Malvestio from Venice. The Italian ran a large law firm with 40 lawyers and in 2004 founded his own fund, “Hermes Linder Fund SICAV.” In 2009 he founded Praude Asset Management Limited. In 2014, he moved to Malta and became Chair of the Investment Committee of Praude Smart Biz Post. It appears that Malvestio’s shares will add weight to Euronext’s proposal, as he clearly believes that in stock markets, “power lies in unity.”

TITAN: The little secret of Le Havre

-At today’s Investor Day organized by TITAN management, some analysts may question why the Group wants to buy a loss-making company, Vracs de l’Estuaire. The key word here is one: “Casablanca.” Vracs de l’Estuaire belongs to the Moroccan CIMAT-CIMAF group and started operations at the Port of Le Havre in 2017. CIMAT (Ciments de l’Atlas) produces cement in Morocco with two plants and operates 13 grinding plants in 11 countries across West and Central Africa. TITAN CEO (Chairman of the Executive Committee) Marcel Cobuz, a former CEO of Lafarge Holcim in Casablanca (2015-2017), knows the Moroccan cement market, competitors (CIMAT), and logistics from Morocco to Europe inside out. A glance at the map shows that the Le Havre plant is ideally located to serve one of Europe’s largest and fastest-growing markets. It strengthens TITAN’s presence in France, complementing its existing activities in the Marseille market. The Port of Le Havre serves as a cement (clinker) import hub for the European market—the exact model Cobuz knew well from his tenure at Lafarge in Casablanca.

Fragkou unloads the old ships

-Navios Maritime Partners, under the leadership of Angeliki Fragkou, continues steadily with its fleet renewal strategy, reminiscent of hedge fund moves. This time, it concerns the VLCC Nave Quasar (297,000 dwt, built 2010), with a reported sale price of $52.5 million, the same as that achieved last month for the sister ship Nave Constellation. The information is supported by brokers in Greece, the U.S., and the U.K., while official confirmation from the company is expected. Estimates suggest Chinese interests behind the acquisition, reinforcing the trend of Chinese investment in VLCCs. The sale of Nave Quasar fits a broader pattern: Navios, a “frequent seller” of old bulkers, tankers, and containerships, has sold 47 ships since summer 2022, generating total revenues of around $1.23 billion. In 2025 alone, 11 sales have already taken place, totaling $272 million. The VLCC Nave Quasar is the oldest of the five managed by Navios Partners and is on a floating-rate contract, participating in Cosco Shipping Energy Transportation’s VLCC pool, with expiry in December. Navios has around 150 ships in the water and another 25 under construction, including aframax, LR2, MR2, and containerships. Fragkou shows that she’s not just selling ships; she manages opportunities with absolute professionalism, as if viewing shipping through the lens of a trading platform.

Fleet expansion strategy for VENERGY

-VENERGY Maritime, part of V Group led by Byron Vassiliadis, steadily strengthens its fleet, sending strong signals to the global charter market and investors. Following the recent delivery of M/T ODYSSEAN, the company now owns three modern MR2 tankers and reportedly targets another one soon, confirming its dynamic medium-term growth strategy. Even more significant is the order for four additional Crude Oil/Product Oil/Chemical Tankers at K Shipbuilding, expected for delivery in the first half of 2027. This move is not merely expansion but a strategic positioning in a market where demand for MR tankers and oil products shows resilience despite freight rate fluctuations. From a chartering perspective, VENERGY enhances its negotiating power, also managing CAPTAIN NIKOS and CAPTAIN LEON, allowing coverage of more routes and exploitation of arbitrage opportunities in spot and time charter markets. According to international analysts, continuous investment in modern, high-spec ships with lower operating costs and enhanced environmental compliance makes the company attractive to investors seeking strong cash flows in a sector with limited modern MR tanker supply. Overall, VENERGY moves with strategic planning, combining rapid expansion, fleet stability, and performance outlook, positioning itself as a leading player in the global tanker market.

The “fire trio” that lifted the ATHEX

-Buyers staged a full comeback at the Athens Stock Exchange, with American wind at their backs due to the agreement in the works to end the U.S. government shutdown. Three blue-chip stocks took center stage thanks to notable gains and new highs: Aktor, DEH, and Viohalco. Deals for U.S. LNG boosted Aktor with gains over 6.5%, marking the best session in seven months. Most importantly, it closed above €9 for the first time in almost 22 years, stopping at €9.1, with the next best close at €9.195 on January 28, 2004. DEH solidified above €16, closing at €16.44 and reaching €16.55 intraday, levels unseen since September 2009. Its market cap now exceeds €6 billion, placing it 8th among ATHEX-listed companies, surpassing Metlen. Finally, Viohalco bounced back, erasing Friday’s 1.1% loss and rising 3.3% yesterday, reaching €9.49 for the first time.

Where there’s marriage and joy…

-It didn’t take much to convince the Athens stock market to overcome its fears and let the banking sector regain the lead. Positive starts in international markets, rising futures on Wall Street, and the sense that Greece is taking a major role in the energy chessboard, combined with Scope’s favorable comments, created a favorable environment to reverse last week’s “correction.” For National Bank, the €0.221 dividend cut was as if it never happened. It closed at €12.7 (+1.28%) on €34 million in trades. However, it failed to reclaim 2nd place by market capitalization, as Eurobank jumped +3.47% to €3.33, with a market value of €12.3 billion. Piraeus followed +2.75% at €6.80, while Alpha closed at €3.45 (+1.02%). The General Index showed positive momentum from the session start and closed near the day’s high, +1.44% at 2,015.51 points, with trading value at €258.9 million, including €55.3 million in packages.

Gold doesn’t believe the shutdown is over

-In Washington, politicians assure that the multi-day government shutdown is ending after 9 Democratic votes secured a new funding deal. Gold prices, however, express their doubts. Gold is trading at $4,110, just below historic highs. Meanwhile, official data shows that central banks bought 39 tons of gold in September, +79% more than the previous month. Overall, since the start of the year, central bankers have bought 200 tons, trusting the precious metal more than the printed banknotes. Each U.S. government funding deal means more deficit, more debt, and ultimately more pressure on the dollar. U.S. public debt exceeds $35 trillion, with annual servicing costs approaching $1 trillion. Americans pay more in interest than defense spending. Gold at $4,110 does not share the politicians’ optimism—it’s already pricing in the next move.

“Building” the new bubble—in copper

-As ironic as it sounds, “green technologies” promising to save the planet require massive amounts of copper. An AI data center consumes five times more copper than a traditional data center. An electric vehicle needs four times more copper than a conventional car. Renewable energy grids require five times the cabling. Morgan Stanley warns that 2026 will see the largest copper production deficit in 22 years. They estimate a shortage of 590,000 tons, rising to 1.1 million tons by 2029. The problem isn’t just insufficient production; major mines face structural issues: aging infrastructure, lower high-grade reserves, and regulatory constraints delaying new projects by up to a decade. Global production is contracting for the first time since 2020, just as demand skyrockets. All this signals a surge. Copper prices will remain high not due to speculation, but fundamentals. The 2026 deficit is not a temporary shock—it marks the start of a decade where copper becomes the bottleneck for technological progress. Whoever controls copper controls the future. Today, copper trades at $10,900 per metric ton (+17% YoY).