Hello, we have left behind an extremely unpleasant, sad week dominated in the news by two tragic accidents, along with unusually heavy and intense rainfall. At least one good thing happened: the reservoirs in Attica are filling rapidly, and we won’t face the problem of water scarcity ahead. In current news now, before we go to the Greek domestic scene, it’s worth noting that internationally the topic of discussion is no longer if, but when the Americans will intervene militarily in Iran, and in what manner, using which methodology. In other (domestic) news, this morning the Prime Minister will, in an address, begin the process of revising the Constitution for the fourth time since 1975, and the “menu” he intends to put on the table is very broad, aiming to discuss changes to 70 out of the 120 articles. It will be interesting to see whether in this high-political-content discussion–consultation, which doesn’t happen every day, any party will actually participate actively, or whether everyone will simply continue throwing stones at Mitsotakis together, as they do on every issue, from national matters to Violanda. And of course, we are not talking about the obvious things, like Article 86 on ministerial responsibility, on which everyone will agree, but on other equally serious issues, such as the removal of civil servant tenure, and many others that we will learn in the coming days when Mitsotakis presents them in a letter to his Parliamentary Group. Of course, we will hear quite a bit from him tonight when he speaks to Papachelas in an interview on SKAI.

National high school diploma

On Tuesday, Mitsotakis will also raise the issue of a national high school diploma, which is quite interesting, though it is not something that will be implemented immediately alongside any changes to the university admissions system. He appears to want a transitional arrangement, but in any case, a broad meeting will take place with Hatzidakis and Minister Zacharaki, who is running the plan. I am learning that the logic will be for the ministry to pose questions to a Committee of Experts that will be formed, so the government does not approach with pre-decided solutions. In general, the direction will be strengthening the question bank, establishing a national body of evaluators, and a new exam system. The change will apply to students entering the first grade of high school in September 2027, whose scores will start counting from then, while that year the school textbooks will also change, gradually through 2029.

Seven governors in one room… – PASOK complaints, Tsipras is in no rush

Another topic being discussed these days in political circles is PASOK… guess why. From January 12 to 28, seven polls have been published, and the average support for the Movement is 10.3%, while New Democracy is at 24.1%. If one looks at vote estimation, PASOK rises by 3–4 points and ND by another 4–5, but the point is that Zoe returns to second place, and Nikos is struggling with Velopoulos for third, about fifteen points behind the ruling party. Now, I asked my source, “What will Tsipras do, and when with the party?” because, as you can imagine, his announcement will shuffle the deck even more, as pollsters will start measuring him. “We are in no rush at all; right now we are focusing on our organizational matters and waiting to see the political landscape more clearly.” As for Karystianou, I don’t know; she is currently in “reflection” after the surprise she experienced when giving interviews to journalists rather than in… Vangelis Giannopoulos style.

Maria’s ambassador

Since I mentioned President Maria, I should tell you that she says to those she speaks with that she will release a declaration of principles within February, but not the party statute or name. Gradually, a group of advisors is emerging. After the rector from Thessaloniki who liked the drachma and dreamed of bloody revolutions, a former ambassador revealed that he advises her on foreign affairs. This is Leonidas Chrysanthopoulos, well-known (and not excusable) in diplomatic circles, as his honorary ambassador title was revoked by Presidential Decree for spouting nonsense about the memoranda, but it was reinstated under Kotzias in 2016. Chrysanthopoulos in recent years revealed one of the best conspiracy theories, claiming in 2024 that preventive conscription was being prepared in Greece in anticipation of a conflict between Iran and Israel. He even presented a document from the Hellenic General Staff supposedly signed by a “Lieutenant General Pitsilis,” who did not exist, and the document was fake. With this document, former NIKI MP Nikos Papadopoulos, who had removed paintings from the Gallery, went on to submit questions to Gerapetritis and Dendias. Talents, really…

Nikolas Rumenige…

Returning to PASOK, as my very green source, who is not fond of Androulakis, said recently in a group that our president has started something silly like finding a formula to remain president while another member becomes prime minister and other incomprehensible things. A third person in the group, an experienced old PASOK member, remarked: “Who is Nikos… Rumenige to dribble a telephone booth, as we used to say as kids?” Dribble Rumenige or Messi, I repeat, Geroulanos consistently tells anyone who asks him that “I will not do anything to overthrow him and dismantle PASOK,” which translates to a mature-fruit logic. As long as there is fruit, Pavlos…

Expulsions and the pleasant atmosphere

In PASOK, the situation resembles a storm in a teacup. Most notable are the ideas friends of the president conveyed to Nikos to heroically proceed with the expulsion of Haris Doukas, who openly questions the strategy. Because PASOK is not known for discretion, all these ideas circulate and amuse several members who believe Androulakis’ environment is dizzy from the polls. Indicative is the case of the estranged friend of the leader Nikos Odysseas Konstantinopoulos, who yesterday, via tweet, referred to an “Andreas” giving proposals (not Secretary Spyropoulos), cryptically saying: “Beyond expulsions, he suggested whipping dissenters outside Charilaou Trikoupi.” We are in a lovely atmosphere, indeed…

Alpha Bank: First salary at €1,600

I bypass the worries of the crazy world we live in about gold’s plunge and Trump’s hope that Iranians will have a good proposal and move to market news with pleasant news: On Friday, Alpha Bank CEO B. Psaltis signed an operational employment agreement with the bank’s staff union. The agreement establishes a starting salary of €1,600 and will include all new employees hired from 2020 onward, who are the vast majority of Alpha Bank employees today. The agreement is a milestone for the market, as it sets the bar nearly twice the minimum wage (€880), ensures labor peace, and strengthens employees’ sense of security.

V. Katsos speaks with K. Souliotis about 36% of Palirroia

Now we move to Vasilis Katsos, who after selling Pharmaten, founded and manages with his sister the private equity firm VNK Capital, through which he bought in 2019 the 36% of “Palirroia-Souliotis.” The food company run by Kostas Souliotis is performing excellently, with 2025 sales expected at €120 million, EBITDA at €27–28 million, its products on supermarket shelves in about 50 countries, with continuous investments here and at the Hong Kong subsidiary, wrapping and marketing over 2 million dolmadakia daily. For Katsos, acting as private equity, the investment in Palirroia matured. He sought an exit, and Souliotis’ side agreed to discuss when a prospective investor appeared. Katsos started a market round for the 36% of Palirroia addressing all the usual deal makers. The last stop was reportedly Nikos Stathopoulos, while prior approaches included Theodoropoulos, Kyriakou, Papakonstantinou, and possibly others. In 2019, when VNK Capital bought it, the price was not disclosed, and we still don’t know the requested amount. The latest news is that after the fruitless investigation round, Katsos has started negotiations for the 36% of Palirroia to return to the Souliotis family.

The future of VIOLANTA

The tragedy at the VIOLANTA factory in Trikala has put the entire food industry on edge, which had never experienced such a deadly accident before. Many industrialists have asked their technical directors to recheck all safety systems from scratch and run all kinds of scenarios in their factories. And not just regarding storage and the propane networks used by most industries. The VIOLANTA case is a harsh reminder of what everyone knows: you can work for years for success, but disaster can come in minutes. For Kostas Tziortziotis’ biscuit company, many scenarios are circulating in the market. In any case, the catalyst for its future will be the final investigation reports, the responsibilities assigned, and the legal course of the case, etc. The brand has already suffered huge damage and will continue to be burdened, at least domestically. That’s why there is concern and unrest in the local communities in the Trikala–Karditsa–Larissa triangle, as over 500 families rely on VIOLANTA as a source of income.

How Washington “unlocks” the vertical energy corridor

Nothing that has happened in the Greek energy scene in recent days can be read as a mere coincidence. In a very short period, the special envoy of U.S. Energy Secretary Joshua Volz visited Athens, there was a public statement from U.S. Ambassador Kimberly Guilfoyle on the strategic importance of the Vertical Corridor, and almost simultaneously, Aktor announced the first agreement to supply U.S. LNG to Ukraine via Atlantic See LNG, the joint venture with DEPA. For those familiar with energy diplomacy, such timing “coincidences” are rarely accidental. Until recently, the Vertical Corridor seemed more like a political slogan than a project with real cargo. Auctions were fruitless, and the market showed little willingness to commit quantities. The Atlantic See LNG agreement with Naftogaz, revealed in recent days, aims to “unlock” this stagnation: for the first time, specific quantities of U.S. LNG will arrive at Revythoussa through the newly formed Aktor–DEPA joint venture, giving commercial substance to the memorandum of intent from November. The LNG will be unloaded at the Greek terminal and from there sent to Ukraine. The critical point is that this supply did not appear “out of nowhere.” Joshua Volz has already announced that the U.S. is ready to deploy financing tools via the U.S. Export-Import Bank (Ex-Im Bank) and the DFC to support new infrastructure (e.g., FSRUs) and increased flows of U.S. LNG through Greece. In other words, this is not just a commercial deal but a coordinated geopolitical choice with clear state support. Within this context, the February 24 meeting at the White House gains particular importance, where Greece will be represented by Minister of Environment and Energy Stavros Papastavrou, the CEO of Aktor and Atlantic See, Alexandros Exarchou, and the energy ministers of the countries through which the Vertical Corridor passes (Greece, Bulgaria, Romania, Moldova, Ukraine), along with their U.S. counterpart, Chris Wright. The goal is to address the structural problems that have so far “blocked” the corridor’s utilization. As Volz said from Athens last week, the plan is to turn the U.S. LNG flow in the vertical corridor from the current “trickle” into a full “flood.”

The Supreme Court on installments of non-performing loans

February 5, i.e., this coming Thursday, is a crucial day for banks and servicers, as the plenary session of the Supreme Court of Greece will convene to decide on the pilot case concerning how interest is calculated on loans under the Katseli Law. Specifically, it will consider whether the interest calculation for these loans should apply to each overdue installment or the total unpaid loan. Information suggests the recommendation is favorable for borrowers. To reach a decision, 29 judges must vote.

Ivan initiates a new capital increase at Porto Carras – effort to improve

The management of Ivan Savvidis at Porto Carras S.A., the company overseeing the emblematic Halkidiki complex, is implementing a “capital injection” to improve the company’s financial situation. Although belated, the group published its 2024 financials at the end of last week, noting in the management report that “as of 31/12/2024, the company shows negative working capital, as short-term liabilities exceed current assets. The principal shareholder intends to decisively contribute to a radical improvement of the company’s negative figures, already demonstrated by the capital increase during the closing year (€5.8 million in 2024) and deposits earmarked for future capital increases.” During 2025, additional shareholder deposits of €5.81 million from BELTERRA INVESTMENTS LTD, part of the Savvidis group, were made for future capital increases. Beyond financial moves, Dimera Hospitality, also owned by Savvidis, has already undertaken operational measures for the complex, signing a management agreement with SWOT Hospitality to manage part of the hotel complex in Sithonia, Halkidiki (the emblematic Meliton Hotel and the Porto Carras golf course). For 2024, Porto Carras S.A. recorded revenues of €17.25 million versus €15.58 million in 2023, while operating results (EBITDA before taxes, financial, investment results, and depreciation) fell to a loss of €2.1 million from €15.99 million in 2023. The management, as noted in the report, “will continue the policy of expanding sales and new investment plans, focus on cost optimization, and estimates significant room to increase room occupancy rates and average revenue per room/visitor.” This is not unreasonable, given the activity in Halkidiki, where the Sani/Ikos group, now dominant in the area, is upgrading three hotels in Kassandra from Goldman Sachs holdings, aiming for the first Ikos Grand by 2029 after a total €400 million investment. This is also the big “bet” for historic Porto Carras: timely repositioning in the competitive market.

Has anyone understood why they fight at Proodeftiki?

I am getting bored with the Proodeftiki story. It is a continuous clash between two camps that leads nowhere, while the company is in intensive care, having posted group revenues of €115,900 and losses of €281,266 in H1 2025. Administrative operating expenses were €139,000. In short, the fight is happening over a… financial corpse. The latest developments show the familiar drama: the Koutla siblings clash again. Chrysa-Lemoneia Koutla submitted a request to convene a meeting to replace the current Board. The management activated its “secret weapon.” The other sibling, Spyros Koutlas, who had left the company in 2010 after a bitter dispute with his brother Kostas and sold all his shares, suddenly “decided to return” five years after Kostas’ death to claim half of the shares held by his sister Chrysa-Lemoneia. Interestingly, Spyros is represented by the legal counsel of the current management. Chrysa responded with her own “secret weapon”: investor Haris Koutounidis, holding 6.37% of Proodeftiki shares, aligns with Chrysa-Lemoneia and requests a general shareholders’ meeting to elect a new Board. The Board, seeing a majority forming against it, resorted on Friday to a temporary court order to freeze Spyros’ contested shares, trying to reduce opposition percentages. The question remains: has anyone understood why they fight at Proodeftiki? What is the purpose of this animosity and internal strife? Legal costs must exceed the company’s revenue.

HELLENiQ ENERGY hits €9 – Coca-Cola HBC rallies awaiting results

Despite profit-taking in the last two sessions of January, some stocks followed their own path. HELLENiQ ENERGY, after distributing a temporary dividend of €0.2 per share, absorbed the pressure from the cut and rose significantly over the past three days, surpassing €9 for the first time in 6.5 years, closing at €9.07 (the last close above €9 was September 9, 2019, at €9.11). Meanwhile, the gap to the €10 target price from Pantelakis Securities has narrowed. HELLENiQ ENERGY hasn’t seen a double-digit price since June 2008. Coca-Cola HBC returned near €46, a level not seen since last July, with the next target the historic high of €48 reached in May 2025. It gained from €44.8 to €45.88 over the past three days, with market capitalization returning above €17 billion. A positive catalyst was the recent AGM approval for acquiring 75% of Coca-Cola Beverages Africa for $2.6 billion. Attention now turns to the FY2025 results, to be announced on February 10.

The high flight of PPC

PPC shares last Friday exceeded €20.5 at one point, closing at €19.96, with a market cap of €7.3 billion. From €1.20 in April 2019, when the company was heavily indebted, dependent on lignite, and considered an investment risk, it has offered +1,560% return in six years. S&P upgraded its outlook to “positive” from “stable,” confirming the BB- rating. PPC plans to double renewable energy capacity from 6.4 GW in 2025 to 12.7 GW in 2028, with planned investments of €3–3.5 billion. Lignite production will be zeroed by the end of 2026. CO₂ emissions will be reduced by 85% compared to 2019. Operational EBITDA is expected to reach €2.9 billion in 2028 from €2 billion in 2025. The regulated network activity will contribute steadily €950 million EBITDA per year through 2028. This is PPC’s “safety net,” regardless of wholesale electricity price fluctuations. From €1.20 in 2019 to €20 in 2026, PPC is Greece’s largest renewable energy investment.

Kim, the Propeller Club, and the Chinese filling their warehouses

At the New Year’s pie-cutting event of the Propeller Club Port of Piraeus at the Grande Bretagne Hotel, Club President Kostis Fragoulis welcomed Ambassador Kimberly Guilfoyle, also Honorary President. Shipping was the focus. The ambassador emphasized that Greek-owned shipping plays a crucial role in deepening strategic U.S.–Greece cooperation. On the sidelines, Greek shipowners and company executives discussed the unusual event of high freight rates for cargo ships at a time when daily rates usually fall due to the Chinese New Year on February 17. They said: “For a year now, the Chinese have been building huge stockpiles of raw materials and food commodities, such as grains, transported by cargo ships. Only iron ore imports have slowed, due to poor real estate performance in China.” Perhaps they know something we don’t. Time will tell.

Greek shipping in the Asian spotlight

At the annual MARTECMA New Year’s dinner, Greek shipping was under the eyes of the top three Asian shipbuilding powers: Japan, China, and Korea. All three ambassadors sent clear messages of trust, cooperation, and geopolitical strategy. Japan’s ambassador Ito Koichi emphasized the long-standing trust between Japanese shipbuilders and Greek shipowners, highlighting the technical excellence of Japanese shipyards and the added value of collaborating with the Greek side. He also noted Japan’s upcoming participation in the Thessaloniki International Fair, signaling further trade and investment deepening. China’s ambassador Fang Qiu stressed the importance of Greek shipowners in developing the port of Piraeus. Korea’s ambassador Lim Ju-Seong highlighted Greek engineers as the “backbone” of the Korean shipbuilding industry. Knowledge exchange and technical collaboration with Greek professionals have improved shipbuilding designs and production processes, fostering trust and efficiency. Regarding current uncertainty, he stressed that “collaboration with reliable partners is key to navigating safely in uncertain waters.”

The Hellenic Corporation of Assets and Port investments

Greece’s port “puzzle” is entering a critical phase, as the Hellenic Corporation of Assets prepares to announce the contractor for a comprehensive study of all Greek ports and marinas. Beyond its technical character, this move signals that ports are no longer viewed piecemeal but as a unified strategic portfolio with economic, tourism, and geopolitical implications. At the same time, the approval of the Patras Port Master Plan by the Council of State, soon to be published in the Government Gazette, serves as a milestone from plans to projects. Government officials now openly speak of investments in transport, energy, and tourism, in a port aiming to upgrade its role in Western Greece and beyond. The “big picture” also discreetly but substantially includes the Heraklion port, managed by the Grimaldi Group. No repetition is needed; the data is already known, the message is clear. Major regional ports are entering a trajectory of development and repositioning, each with its characteristics, within the same strategic framework. The interest, however, lies in the backstage. The Hellenic Corporation’s comprehensive study will map not only flows and infrastructure but also balances, priorities, and competitions. Which ports will function complementarily, which will seek a leading role, where investments will flow first, and who will “read” the new map correctly.

Greeks remain strong in new ship orders

Greek shipping continues to show a strong presence in new ship orders, with a focus on dry bulk, LNG, and crude tankers. In the bulk carrier sector, Safe Bulkers placed an order for two 82,500 dwt ships at COSCO (Yangzhou), with delivery between 2028 and 2029. In LNG carriers, Alpha Gas ordered two 174,000 cbm dual-fuel LNG ships at Hanwha Ocean, with delivery in 2029. In the crude tanker market, Dynacom Tankers placed orders for six very large 306,000 dwt ships at Hengli Shipbuilding, to be delivered in 2028–2029. Meanwhile, Stealth Maritime exercised options for two 157,000 dwt and two 115,000 dwt tankers at HD Hyundai and HD Hyundai Vietnam respectively, with delivery in 2029. JHI Steamship, representing Greek interests, ordered two 157,000 dwt tankers at HD Hyundai Samho for 2028–2029, all equipped with scrubbers. In the past year, Greek shipowners have ordered a total of 140 new ships, acquired 189 second-hand vessels, and sold 301 ships, showing a continuous renewal and reshaping of the Greek fleet.

What January taught us, what February brings

Well-known fund manager Mohamed El-Erian published a useful chart showing that all individual indicators across all markets are positive, but with deviations revealing uncertainty. What the percentages do not show is the increasing volatility that escalated as the month progressed. Gold soared +9.31%, continuing the explosive trend of 2024 (+27.36%) and 2025 (+63.76%). Oil rebounded +13.57% after the 2025 collapse (-19.94%), reflecting fears of geopolitical tensions and expectations of higher demand. Major stock markets moved positively but with divergences. In Japan, the pre-election Nikkei rose +5.93% with a strong yen and increased exports; in London, the FTSE (+2.94%) benefited from a strong energy sector; in Shanghai (+3.76%), strong state support drove gains; while the Dow Jones—despite recent pressures—recorded its ninth consecutive month of gains. Bitcoin collapsed -11.52%, continuing its 2025 decline (-6.28%). El-Erian emphasizes that the common feature is growing volatility; markets no longer trust normality. In Athens, the General Index closed the month up +9.2%, with average daily turnover at €413 million. Last January, daily turnover averaged €218 million; in 2024 it was €138.7 million, in 2023 just €110.3 million, and in 2022 only €74 million. Greek and foreign institutional portfolios have made the difference, with retail investors following.

The sudden storm in precious metals

In just three days, gold experienced one of the most violent corrections in its history. From a historic high of $5,600 to $4,682 in three sessions (-16.37%), which, as Apostolos Manthos points out, translates into the disappearance of roughly $6 trillion from the metal’s total market value. The money was not lost—it was evaporated. Global mined gold stocks amount to 6.6 billion ounces. At $5,600, the total theoretical value reached $36–37 trillion. The -16.37% drop represents a $6 trillion valuation loss. Technical analysis shows a clear breakdown of the upward trend, falling below moving averages, and free-falling toward the support zone of $4,735–4,575. This zone represents the “hard buyer base,” the last stronghold before the next drop. If the zone holds, a rebound toward $5,000–5,095 is expected. If it breaks, the path opens toward $4,400–4,280, radically altering the market’s medium-term character. The trigger for the turmoil was the announcement by the PotUS regarding the next Fed Chair, Kevin Warsh, which reignited expectations of looser monetary policy that strengthened the dollar. The severity of the drop reveals that many investors were overly optimistic and over-leveraged, with margin calls breaking positions. Some point to algorithmic computer sales that could not withstand fundamental analysis.

Wall Street (and the elites) have their man at the FED

For a long time, Trump hesitated and consulted many, but ultimately made what is considered the best choice. He appointed Kevin Warsh as Jerome Powell’s successor as Chairman of the U.S. Federal Reserve, confirming Wall Street’s expectation of a more “President-friendly” Fed. The 55-year-old Warsh is married into the financial aristocracy—wed to the daughter of Ronald Lauder (heir to Estée Lauder) and a former Morgan Stanley executive—and moves comfortably in high-finance circles. He has promised a “regime change” at the Fed. Powell, he argues, was excessively focused on outdated economic data details. More importantly, Powell failed to recognize that government spending and the circulating money supply are the main determinants of inflation. Warsh favors lower rates to promote growth, is fundamentally opposed to the “excessive” independence of the Fed from the executive branch, and has always been skeptical of embedding climate considerations into monetary policy. He has written that the Fed should be “accountable” to the elected government—exactly what Trump wants to hear. Warsh is not a populist, nor a “hawk” like other candidates considered, but his close ties to the White House and his financial-market experience give hope he will listen more to Pennsylvania Avenue. The market’s question today is not whether he will cut rates; it is whether he will resist if Trump demands overly loose policy during inflationary periods. We are moving from the era of the “independent Fed” into an era of “measured cooperation” with the government.