Hello, today I’ll start with the social side of politics, and in fact with a…thriller that unfolded regarding whether the wife of the French president, Brigitte Macron, would arrive or not. The First Lady of the French Republic, then, had not confirmed as of yesterday afternoon (she did, eventually) whether she would come to Athens and therefore whether she would attend, among other events, the luncheon in honor of the Macron couple hosted by the President of the Republic. This, as I’m told, caused some disruption in protocol because, they tell me (I don’t know about these things), if Brigitte did not attend, then perhaps the spouses—the companions of the other officials, or rather the ministers—would not attend the luncheon either.

Brigitte ultimately said yes…
In the end, as I told you, around 6 in the afternoon Mrs. Macron confirmed her presence in Athens, and here is the relevant report: Mr. and Mrs. Macron will arrive on separate flights at Eleftherios Venizelos Airport with a short time difference, at 17:30. Mrs. Macron arrives first and waits for her husband in the VIP lounge (specifically Lounge A). From there they go to the “Grande Bretagne,” and at 19:30 to the Roman Agora, where Kyriakos Mitsotakis and Emmanuel Macron will converse, moderated by Alexis Papahelas. The French presidential couple is expected to arrive at the Presidential Mansion shortly before 21:00, where they will be welcomed by the President of the Republic Konstantinos Tasoulas and his wife Fani Stathopoulou. A private meeting between Tasoulas and Macron will follow, and then, after 21:30, a dinner will be served. Macron’s visit is not official according to protocol—it is a working visit—but it has taken on some characteristics of an official visit, such as the hosting of a grand dinner at the Presidential Mansion, following coordination between the President of the Republic and the Prime Minister. Among the approximately 110 guests, according to the few who have seen the final list, are political figures such as the Minister of Finance and President of the Eurogroup Kyriakos Pierrakakis, Kostis Hatzidakis, Nikos Dendias, Giorgos Gerapetritis, Takis Theodorikakos, Lina Mendoni, Alexandra Papadopoulou, and of course the opposition leader Nikos Androulakis. The Speaker of Parliament will be represented by Dora Bakoyannis. Among the business figures invited are Thanasis and Panos Laskaridis, Melina Travlou, Vangelis Mytilineos, Theodoros Kyriakou, Panagiotis Theocharakis, and Christian Hadjiminas. Also invited are Nikos Aliagas, Nikos Stampolidis, and Kostas Mavrias. The menu is being kept secret at the Presidential Mansion, but something tells me it will include fish. After all this, we hope the “fish” of Greek-French cooperation and alliance will multiply as well. On Saturday, Mitsotakis and Macron will visit the frigate “Kimon,” followed by talks at the Maximos Mansion and a working lunch. In the late afternoon, they will go to the Stavros Niarchos Foundation Cultural Center for the Greek-French Business Forum organized by SEV and the French-Hellenic Chamber, where both will speak. From there, the Macron couple will go straight to the airport and will be back in Paris that same evening.

Brigitte and Mareva
Mareva Grabowski-Mitsotaki, who is still at Evangelismos Hospital, will not attend the dinner at the Presidential Mansion tonight. However, if she is discharged on Saturday, she may meet her friend Brigitte at the prime ministerial residence—unless Macron herself visits Evangelismos for a brief visit.

Mitsotakis’ anger over the attacks on Skertsos
In recent days, Akis Skertsos has been receiving systematic attacks “from within and outside” New Democracy for his views, which he expresses freely and without fear or constraint, for the simple reason that he is not a politician and does not intend to become one. For everything being said or written inside and outside the party, Mitsotakis is furious and, after calling Skertsos in to express his full support, sent a message everywhere (even within the Maximos Mansion) that he does not accept instructions regarding his associates and choices—especially for a person who has always supported both the prime minister himself and the government through his work without asking for party rewards.

Laura, you’re a superstar
Laura Kövesi was overflowing and her remarks from yesterday’s discussion in Delphi and the press conference she gave were widely circulated, but I looked for some behind-the-scenes details of her presence there. Initially, Adonis Georgiadis may have attended her speech, but they didn’t have any side conversation. However, he later “took a jab” at her, saying in a panel with SFEE president Olympios Papadimitriou that “we have democracy, as much as Ms. Kövesi allows us.” Otherwise, I was told that the Romanian prosecutor, who will retire at the end of September, was treated almost like a star of the Forum, and after her press conference, people even asked her for selfies—which she of course did not refuse. And why would she refuse? In which other country does she receive such treatment? I can see her entering politics in the autumn once she is released from her duties.

Kövesi and Venizelos
I also heard Evangelos Venizelos yesterday describing an almost dystopian landscape for institutions and the rule of law in the country, and suddenly I connected it with something Kövesi said to Tsimas that went largely unnoticed. The European Prosecutor said it seems completely illogical to her that someone can commit fraud and gain 1 million euros, but if they return it, they don’t go to prison. I was surprised because the relevant law, 3904/2010, passed just before Christmas that year, also bore the signature of Venizelos, who at the time was serving as Minister of Defense in a PASOK government. I mention it in case—just in case—it has been forgotten.

The postponement of the Parliamentary Group
Let me give you a piece of news concerning New Democracy MPs and the Maximos Mansion. After the vote on lifting parliamentary immunity proceeded smoothly, some estimated that the storm would shift to the Parliamentary Group meeting scheduled for April 30. However, this meeting has been postponed and I learn it will take place a week later, on May 7. What does this mean? It means time for tempers to “cool,” although some are clearly still “on the warpath,” as shown by the daily attacks by MPs on Skertsos, who has been blamed for everything, even original sin. Officially, there is a change in Mitsotakis’ schedule that necessitates the slight postponement of the discussion.

MPs on the ballots
In any case, a key demand for MPs included in the OPEKEPE case file was for the New Democracy leadership to clarify that their participation in electoral ballots is not in question. This was clarified yesterday by government spokesman Marinakis, after coordinating with Mitsotakis to settle the matter once and for all. Also, within the next two weeks, a provision from the Ministry of Justice will be introduced to speed up judicial evaluation procedures for cases involving political figures—that is, the “filter” that existed until 2019 and was abolished after the revision of the Penal Code between the European and national elections.

CVC in negotiations with Blackstone for Skroutz
Let’s start today’s market news with an interesting piece about a deal of the kind that is rare at the moment, since investment banking activity has slowed somewhat—not due to the Middle East and oil, but mainly due to valuations and demands. Those involved in this business say they expect conditions to improve in the second half of 2026, as current developments force entrepreneurs to reassess risk. So, according to information, CVC Capital Partners is in a period of exclusive negotiations with the American group Blackstone Inc. for the sale of its stake in Skroutz. A tender process by CVC preceded this, while Skroutz’s three founders (G. Chatzigeorgiou, G. Avgoustidis, and V. Dimou) did not exercise their right of first refusal. CVC has completed six years as a shareholder in Skroutz, with a stake exceeding 40%. The three founders currently retain control with 50.1%, while the fund Southbridge—previously the third shareholder—liquidated its stake and exited last July.

A historic move by Public Power Corporation
The topic of the day in the market is none other than PPC’s share capital increase. Georgios Stassis is moving forward with a historic step for the Greek stock exchange, as it constitutes the largest capital raising via Euronext Athens since the €5 billion raised years ago by Marfin Investment Group. With this increase, PPC is entering the AI era, and that is the new development to follow. After all, the announcement mentions the development of a Data Center in Kozani “as PPC is in confidential ongoing negotiations with leading hyperscalers, with construction expected to begin in 2026.” In addition to the State, a strong advantage for PPC in this capital increase is the intention of CVC Capital Partners to support it, making a new investment of up to €1.2 billion.

To India via Cyprus
Next month, Eurobank will open an office in Mumbai, while the bank is adopting UPI (Unified Payments Interface), a digital instant payment system created in India that allows real-time money transfers between bank accounts. With UPI, Eurobank plans to develop operations in India, while the project will fall under the responsibility of its Cypriot subsidiary. The choice was made because the two countries share a common past within the British Commonwealth framework, have the same common law legal system, English is the business language in both countries, and Cyprus has developed a strong professional services community and experience in hosting international companies.

Plastika Kritis: Race to secure inventories
More and more listed companies are warning about the consequences of the war in Iran. After Aegean Airlines, the management of Plastika Kritis describes in particularly bleak terms the outlook for the coming period due to the impact of the war in Iran and the closure of the Strait of Hormuz. The cost of plastic raw materials has doubled and continues to rise. At the same time, the supply of polymers from Gulf countries—accounting for about 14% of global production—has almost dropped to zero. Petrochemical plants in Asia are facing shortages and very high costs for oil and gas, and some are being forced to reduce production. Freight rates and shipping times are also increasing significantly, meaning that not only transport costs are rising, but delivery delays are also emerging. In Europe, the production of petrochemicals and polymers is steadily declining due to reduced competitiveness, and the United States is now becoming the main supplier of the global market. At the same time, available quantities are shrinking and uncertainty prevails in the market regarding the sufficiency of materials to fully meet industrial production needs if the war continues for a long time—factors that are pushing prices even higher. As a result, Plastika Kritis’ factories currently have raw material inventories for 2–4 months, and management is making efforts to replenish the necessary quantities for the coming period. The increased cost is expected to be passed on to selling prices, with management stating that any impact on the group’s profit margins is considered manageable, while demand for its products remains high.

Finally
At the Hellenic Corporation of Assets and Participations, following the change in management, progress is being made in accelerating procedures for new tenders. A characteristic example is the tender for the 22 regional airports, which had remained “in limbo” for a long time. Now, finally, Tuesday, June 30, 2026, has been set as the deadline for submitting expressions of interest. Speaking at the Delphi Economic Forum, the head Giannis Papachristou said that the process is moving at an accelerated pace, including restructuring business models, adopting three-year strategic plans, clear goal-setting, and incentive mechanisms that strengthen corporate governance. At the same time, particular emphasis is now being placed on developing human capital through specialized training programs, while within one year 60 new members have been appointed to boards of directors. He also stressed that the establishment of performance indicators (KPIs) at all levels—from management to employees—initially met with reservations but has now become established practice.

The “Alimos Water Airports”
The issue of seaplanes in Greece has been through countless difficulties. For years they have been “warming up” to take off, only to stumble over endless bureaucratic obstacles. Recently, some progress has been observed, as licenses are advancing and test flights are taking place, but the question remains: when will operations actually begin? As an indication, it is worth noting that yesterday a new company was established under the name “Alimos Water Airports I.K.E.” Recall that Alimos is the first area in Athens to be licensed by the competent ministries for the creation of a water landing area for seaplanes. The new company, based in Kallithea, is owned by Hellenic Seaplanes, which has been persistently striving for years to get seaplanes airborne. The company’s purpose includes water aerodrome operations, services related to air transport, firefighting aircraft services and fire prevention, aircraft parking management, cargo handling, and more. The initial share capital has been set at €5,000, divided into 500 shares of €10 each, contributed by Hellenic Seaplanes with €2,550 (51%) and the Cypriot “SS Seagull Seaplanes Ltd” with €2,450 (49%). Management has been undertaken by Nikolas Charalambous.

The real estate of Europe Holdings
Europe Holdings will implement significant plans for the development of its real estate portfolio in the coming period. The holding company, created from the integration of Europe Insurance and KLM–Intracom Properties, owns significant assets, including office spaces (such as the Paiania Campus), industrial properties, and plots of land. After selling the building at 2 Omirou and Teo Street in Tavros, near the electric railway station, the listed company has undertaken its conversion into an educational institution and office spaces, with completion expected by next July. At the same time, it has begun converting a building on Sakellariou and Teo Street in Tavros into modern “green” office spaces. The investment amounts to about €10 million and will be financed through bank lending, with completion targeted for early 2027. Additionally, work has been completed on converting its privately owned industrial property at the Lykovrysi bridge, with an area of 6,000 sq.m., into warehouses. The building has already been leased, and rental payments will begin in the second half of 2026. Furthermore, proposals are being examined for the sale of other properties, aiming to secure capital gains and strengthen liquidity to support expansion in the insurance sector.

A daily rate of $112,500 for the Laios
The crude tanker market clearly shows that behind the “fatigue” of spot rates, real money continues to circulate in term deals and selective high-quality charters. In the most striking example, the Greek-interest ENESEL of Antonis and Filippos Laios is reportedly chartering to Shell plc the suezmax Lord Byron 21 (156,000 dwt, 2021) at $112,500 per day for a duration of 50–100 days. This is a rate level that demonstrates that modern assets remain highly “premium” even in a corrective environment. New Shipping is moving more moderately but steadily, with the aframax Paros (107,000 dwt, 2003) being chartered for about three months by Essentia, without a disclosed rate—a typical indication of tighter and less transparent fixtures for older tonnage.

Why Haris Vafeias is returning to VLCC tankers
Vafeias’ return to VLCC supertankers is not just another shipbuilding order in an already “hot” orderbook. It is a repositioning in a segment of the market he had exited nearly two decades ago. The agreement of Stealth Maritime for two VLCCs in South Korea, with Hanwha Ocean, reflects a strategy focused on large vessels, proven design, efficiency, and asset value. This is not a change in philosophy, but a return to a segment that fits the current shipping cycle. Timing is crucial: the tanker market is already strongly pricing in geopolitical developments in the Middle East. Freight rates and second-hand values reflect not only current demand but also fears of limited capacity supply in the coming years. In this environment, VLCCs are once again becoming the “pure” bet of the crude trade. One of the most interesting elements is that, for the first time in about a decade, the value of a five-year-old VLCC has exceeded that of a newbuild. Investors are buying capacity now because they fear that in 12–24 months availability at key shipyards will be far more limited and expensive. At the fleet level, Vafeias’ move does not change the image of Stealth Maritime as a group already running an extensive fleet renewal program, but it restores its presence in the “heavy” crude segments, where volatility is higher but returns are also more asymmetric. It is a re-entry into a market that appears to be redistributing risk and value.

What the entry of the new Hatziioannou generation into Safe Bulkers signals
We are seeing a textbook upgrade in corporate governance at Safe Bulkers of Polys V. Hadjioannou. A veteran of investment banking, Jeffrey Bunzel, with a strong track record at Deutsche Bank and Credit Suisse, and a new executive with operational and technical shipping background—this “sells” well to institutional investors on the NYSE: capital markets experience and fleet technical competence. Beneath that, however, lies the more interesting layer, where Vasilis P. Hadjioannou comes in. His entry to the Board is not simply “new blood.” It is a classic case of a controlled generational transition within a family-owned listed shipping company, where continuity is not achieved through CEO succession, but through gradual integration into the governance structure before assuming a more central role. In Wall Street terms, this has two readings. First, the company is building continuity risk management. It avoids allowing a potential succession event to become a “shock factor” for the market. Instead, it trains and introduces the new generation at the strictest level of oversight—the Board. This is something long-term investors value, especially in shipping cycles that are volatile and demand management stability. The second reading is that this represents a structured family consolidation within a public company—essentially a careful institutional “legitimization” of succession, with the NYSE governance framework acting as a credibility filter. The market does not say it outright, but pricing always applies a discount to the governance premium when family influence remains central to strategy. The key point here is the balance being attempted: on one hand, a strong independent financial heavyweight (Bunzel) for capital markets credibility, and on the other, the entry of the next-generation representative into an operational role, so he can build real fleet-level experience before any greater assumption of power. In shipping, this is not unusual—it is almost an institutional pattern. Families that survive on the NYSE do not withdraw; they transform into hybrid governance models where the market sees independence, but control remains anchored in the family. The only certainty is that the market reads this move as management stability, preparation for the next cycle, and an effort to reduce the governance discount that often weighs on Greek companies.

Listed companies signal strength, the board shows anxiety
Liquidations by large portfolios in the “heavy” and profitable stocks of the Greek stock market continue. The General Index is struggling under the weight of geopolitical uncertainty, yet listed companies are announcing results that show health and prospects. So far, 81 listed companies have reported their balance sheet figures, with total profitability exceeding €11.47 billion, matching the 2024 record of €11.5 billion. Until then, the only year with similarly impressive profitability was as far back as 2007, with €10.5 billion, but with nearly triple the number of listed companies. When Jumbo S.A. (with net profits reportedly exceeding €300 million) and Karelia Tobacco Company (with over €100 million) announce results next week, last year’s record will officially be broken. Cash distributions from listed companies reached €6.1 billion for 2025, surpassing the pre-crisis record of €5.4 billion in 2007, with a 42% increase compared to 2024. Based on currently available data, dividends for 2025 already exceed €6.15 billion. The dividend yield of 4.4% exceeds the yield of 10-year bonds at 3.39% and is nearly triple that of the average term deposit.

After 18 years, EYDAP at €10 and the rally of Austriacard
It took 18 full years for the board to see EYDAP’s stock rise above the psychological €10 mark again, in a session that turned into a crescendo of new highs for several listed companies. The water utility’s stock made an explosive jump of 6.57%, closing at €10.06—levels not seen since August 2008. The market appears to be pricing in positive news ahead of the April 30 results announcement, with information pointing to a generous dividend or capital return, sustaining buying enthusiasm. This momentum extended to other stocks flirting with historic highs. Austriacard Holdings recorded an impressive rally of 7.88%, closing at €7.8 and approaching the €8 milestone. At the same time, Kri Kri continued its unstoppable course, closing at €24.05 (+3.22%) and nearing its all-time high of €24.15. Meanwhile, Ekter S.A. leveraged its strong fundamentals to rise 3.36%, returning above €4.3.

Britain’s lost generation
In Britain, a term is often used that is not easily translated into Greek: NEET (Not in Education, Employment or Training). It describes young people who are not studying, not working, and not training—they simply do not participate. According to Office for National Statistics, as reported by Bloomberg, 957,000 young people aged 16–24 now fall into the NEET category—almost one million. This represents 12.8% of that age group and is the highest level recorded since the global financial crisis. During the pandemic, when schools closed and labor markets collapsed, the numbers were actually lower than today. The increase is mainly driven by young women, while entry-level job opportunities—in hospitality, retail, and graduate programs—continue to shrink. Employers are reducing hiring to cope with rising labor costs and higher social security contributions. Research shows that young people who remain NEET face an increased risk of long-term unemployment, low incomes, and health problems for decades. 45% of 24-year-old NEETs have never worked. Researchers point out that mental health, chronic conditions, and neurodiversity are key factors behind the rise in youth economic inactivity. Britain is experiencing a combination of a labor market that does not absorb, an education system that does not motivate, and young people who become marginalized. A generation that does not work today will burden social security systems tomorrow.