Hello, now I’m not claiming to be a prophet, nor have I ever had any connection with party politics (let alone intra-party politics), but yesterday I was writing to you, using common sense, about ND’s parliamentary group: when we hear a lot, usually nothing happens. So when elections are 3–4 months away from today, Mitsotakis is at +30% and the runner-up is at half that (without us even knowing who that will be), and you’re an ND MP, you may express an opinion, my brother, but only up to a point — let’s not overdo it. That’s what happened yesterday in the parliamentary group meeting, but let’s not say whatever we want or underestimate people either: personally, I didn’t hear anything crazy or extreme from the MPs. For the most part, they said sensible things and they are right; the only thing that surprised me was MP Katsaniotis’ view when he said that “ND’s parliamentary group was not consulted about transferring OPEKEPE to AADE.” I didn’t know that in order to dissolve a service distributing European subsidies — one that demonstrably distributed several million illegally — a Parliamentary Group had to be consulted! Anyway, the clear conclusion is that Mitsotakis remains the dominant figure in his party as long as he remains strong in society as well. If the prime minister and the government are where the polls say they are, with all their ups and downs, and provided that the second-place party is at half their numbers… then the dogs will remain tied up inside the party too. If things weren’t like that, or hadn’t been like that, you would be able to tell from the behavior of his MPs. Mitsotakis is anything but on his way out.

Dendias
At this point, let’s open a special chapter prompted (also) by yesterday’s admittedly crucial meeting of ND’s Parliamentary Group. The chapter: Dendias. Well then, it is universally known that Nikos Dendias either is, or wants to present himself as, or is perceived by Mitsotakis’ enemies — political opponents and businessmen — as the potential replacement for him. Quite a few scenarios and versions have been written and spoken about concerning how this might or could happen. Things about a moving or… stationary leadership change in ND, etc. All of that is good for idle talk, but nothing happens before the ballot box opens, unless something shocking occurs before the elections. I won’t dwell on these things because they are theories we’ve been hearing since the summer of 2022, when after the wiretapping scandal Mitsotakis was supposedly “under pressure” and Nikos was supposedly coming… just around the corner on the road above. However, I will express a sincere question, based on what I know and understand about politics. When you want to obtain something, you pursue it, you step forward in your own way and show both within the party and in society that “you are here.” You are the one. Institutionally and properly in the party organs but also in the media. Say something, say a lot or a little, disagree with whatever you think necessary, but speak. No one was ever glorified by hiding. People are not naïve enough to see you (the night before last) at a social event attended — among others, of course — by the enemies of your faction and of Mitsotakis, and then, a few hours later, not see you set foot in the Parliamentary Group meeting of your own party. Don’t criticize if you don’t want to; don’t even make a statement if you don’t want to, but at least in your own way say, “I’m here to listen to our MPs speak.” I think Evert did the same thing to Mitsotakis’ father, and of course he never succeeded. Day and night he “went around” to all his opponents — to their events, the media, their offices or homes — but he got no benefit from it. That’s my opinion, and I’m writing it.

Adonis
Now, the fact that Adonis directly went after Dendias because of his absence — and not only yesterday — is not exactly news, but in any case it was far from off-message, since the Health Minister had signaled early yesterday morning that he was going to go after Nikos D. when he learned that the minister would be absent in Portugal for defense agreements (!). This feud has been going on for years, hasn’t it?

The zen Voridis
I had already conveyed this to you in previous days, and I think the text of Mitsotakis’ speech did its job: Voridis did directly go after Laura Kövesi and, more generally, the European Public Prosecutor’s Office, but he did not “touch” the government. And why would he, after all, given that his legal opinions have begun to be listened to and the government has started changing course regarding the treatment of political figures being investigated in the context of the case files? Have no doubt that if Voridis had been up in arms — and considering that he spoke early according to the speakers’ list — quite a few people would have felt liberated. But lately Makis has been more zen. As we said, elections are coming…

The disagreement over 21
Of course, yesterday’s parliamentary group meeting also included references to the Constitution. One of ND’s proposals that admittedly “flew under the radar” was lowering the minimum age for eligibility for election from 25, where it stands today, to 21. Several MPs who took the floor disagreed, with Theodorikakos first, arguing that in life you should have worked at least a little before becoming a father of the nation, while Plevris pointed out that military obligations should first have been fulfilled.

Leveling downward
At yesterday’s meeting of PASOK’s Political Council, president Nikos referred to the meeting he had with the Hellenic Bank Association. There, the banks dismantled PASOK’s position on excess profits, showing with figures that they are at the European average. “Yes, but Greeks are not at the European average — they are at the bottom,” Androulakis said to the Political Office. And he continued that the banks too should adapt accordingly. This leveling downward is a longstanding ideological fixation of the Left, toward which Androulakis, out of fear that Tsipras may outflank him, is pushing PASOK more and more. However, international experience demonstrates that only a strong private sector, with strong banks as well, can lead to more high-quality jobs and higher wages. But these are fine-print details for the perpetually angry Nikos. As one of the bankers told us afterward, during the meeting PASOK officials did not ask a single thing about how banks could contribute to more investment, increased productivity, or the emergence of new sectors in the economy.

Eurobank: Road show in May – Tourism without major problems
Eurobank is planning a road show in London during the third week of May. Yesterday, Fokion Karavias and the bank’s management announced first-quarter results that were good enough to avoid raising concerns about revising the 2026 business plan due to the crisis. If any revision is needed, whether positive or negative, it will happen in the second quarter, said the CEO, who also noted that no major problems are visible in the country’s tourism sector, while developments are also positive for the shipping industry.

Wood in Athens
The management teams and senior executives of major Greek listed companies are preparing for the established annual conference organized by Wood & Co in Athens. More than 30 listed companies will participate in the Wood’s Greek Retreat, which will take place next week, on May 14–15, at the Divani Apollon Palace in Vouliagmeni. Through meetings with institutional investors, companies will present their growth prospects and strategy. However, Greece itself and the significant investment opportunities emerging in the country will also be on the menu. For this reason, beyond executives from the Growth Fund, Michalis Argyrou, head of the Prime Minister’s Economic Office, is also scheduled to attend.

Goldman Sachs follows
After the Wood’s Greek Retreat comes another event with equally significant Greek interest: Goldman Sachs’ major international financial conference. This important industry event, which will take place June 2–4 in Zurich, Switzerland, brings together major European financial institutions, investors, and analysts to discuss trends, sector performance, and strategic outlooks, with sessions including company presentations. The major Greek banks will be there and represented at the highest executive level. A key topic will be the trajectory of interest rates and the resilience of systemic institutions’ portfolios.

METLEN
The Trading Update for the first quarter of 2026 announced yesterday by METLEN recorded a strong start to 2026, with a 37% jump in revenues. The results reflect the group’s steady momentum in Energy, Metals, and Infrastructure, as well as the consistent implementation of its strategic investment program. The message is that METLEN remains on course to achieve its medium-term targets and is responding effectively within a complex geopolitical environment. Note that the +37% increase in turnover does not yet include the rise in aluminum prices that followed the war which began on February 28. The financial impact from aluminum will be seen in the next set of results.

Countdown for ADMIE
One month from today, ADMIE will open the order book on the Stock Exchange in order to complete a €1 billion share capital increase, protected by a state coverage clause. These funds will finance investments (island interconnections, international networks, strategic infrastructure) amounting to €6.5 billion through 2030 and expected to exceed €8 billion by 2034. Meanwhile, ADMIE Holdings announced that Eleni Moustakidou, with experience at Sarantis and OPAP, has taken over the Directorate of Shareholder Services and Corporate Announcements. The departing Lilian Filips, with her international contacts, will remain at the company as a management advisor.

The avenue to major markets opens for GEK TERNA
GEK TERNA and OTE are the only listed non-bank companies that have obtained investment grade status. Moody’s announcement rating GEK TERNA at Baa3 (the same rating as the Hellenic Republic) has as its immediate effect — beyond the obvious reduction in borrowing costs — a significant broadening of the investor base. Pension funds, insurance companies, sovereign wealth funds, and family offices overwhelmingly restrict their allocations to investment-grade securities. Trillions of dollars in institutional capital that until yesterday could not even consider investing in GEK TERNA can now show interest. Investment grade automatically lowers WACC, the weighted average cost of capital used to value future cash flows and revenues. Lower WACC means a higher present value for those same cash flows, i.e. a higher valuation, easier financing for new projects, and better refinancing terms for existing debt. GEK TERNA’s management has publicly set a target of EBITDA between €800 million and €1 billion for 2028–2029. With investment grade status, capital markets view that target very differently.

Intrum chose a Greek executive to manage its British investment portfolio
Intrum is Europe’s largest claims management group, operating in 20 countries and generating revenues of more than €2 billion. It recently announced a move that did not go unnoticed in market circles. It assigned Akis Bis, Vice Chairman and CEO of Intrum Investments Greece, responsibility for its investment portfolio in Britain, one of the group’s four largest markets in Europe. Greek expertise in managing “red loans” is now proving exportable. Akis Bis has 30 years of experience in banking, private equity, and claims management, and is considered one of the architects of the Greek NPL market. In 2013 he started as CEO at Kaican LLP and the Cepal Group, with the founding of Cepal Hellas Financial Services, the first licensed claims management company in the country in early 2017, alongside major deals with giants such as Baupost, Centerbridge, Cerberus, CarVal, Apollo, and Fortress. Since 2019, he has headed Intrum Investments Greece and elevated Greece to the level of a mature market. The British market for unsecured “red” loans is boiling. Banks such as Lloyds and Barclays, as well as fintech firms like ZOPA and Plata, are rushing to clean up their balance sheets by selling portfolios with minimal seasoning, while at the same time the secondary market is highly active. Intrum has already acquired 100% of the Capquest platform and 50% of Arrow Global’s unsecured claims portfolio. It also closed a major agreement with Cerberus for joint investments of up to €1 billion annually. Consequently, London is now regarded as a strategic priority. Intrum’s major markets are, naturally, Greece, Spain, Italy, and now Britain. Akis Bis brings the experience of a country that went through the deep waters of a banking crisis and created a functional NPL market.

How Intrum’s capital increase is explained
And since we opened the Intrum chapter, let us add that parent company Intrum is proceeding with a €690 million capital increase, with Deutsche Bank acting as joint global coordinator of the issuance. This is a fully guaranteed capital increase worth 7.5 billion Swedish kronor (€690 million), announced in parallel with the company’s quarterly results. The increase will take place through a directed share issue worth approximately 1.5 billion Swedish kronor (€138 million) to selected investors, as well as a fully guaranteed rights issue worth approximately 6.0 billion Swedish kronor, or €552 million. The project will depend on shareholder approval, which will be sought at the Extraordinary General Meeting on June 9, 2026. The capital increase aims to accelerate the company’s deleveraging path by two years, thereby reducing financial risk and increasing the company’s financial strength and flexibility for implementing its 2030 business plan. As far as Greece is concerned, it should be noted that Intrum’s operations in the country are extremely profitable, to the extent that they supported the group during the difficult period that preceded. According to the market, this constitutes a strong advantage, and it is not ruled out that during a period of consolidation in the servicer market — which will inevitably follow in Greece — Intrum Hellas could become an acquisition target for other similar businesses.

Double LNG deal for Economou’s TMS Cardiff Gas
Two newly built LNG carriers belonging to George Economou’s TMS Cardiff Gas have reportedly been chartered by Cheniere Energy, according to shipbroking circles, for several months at charter rates in the high $80,000s per day. This move comes at a time when the LNG market is clearly shifting toward medium-term charters. Major energy companies are no longer locking in ships for many years but prefer flexibility through contracts lasting a few months, depending on demand and geopolitical conditions. For TMS Cardiff Gas, placing two modern LNG carriers in such agreements acts as confirmation that its fleet remains competitive and easily deployable in an environment of heightened volatility. At the same time, the market picture shows increased demand for available capacity, but without the commitment of long-term contracts. This creates a model in which flexibility has greater value than stability.

The Hatzipateras move that changes Dorian LPG’s story
John Hatzipateras’ decision to appoint former ABS chairman and CEO Christopher J. Wiernicki to the board of directors of U.S.-listed Dorian LPG was interpreted not so much as a corporate addition of experience, but as a message. On Wall Street, people are discussing that the company is not merely strengthening its governance. It is building an image. Wiernicki carries strong credentials from the American Bureau of Shipping and in matters of safety, risk, and energy transition, and therefore acts as certification that Dorian is moving deeper into decarbonization and technological upgrading. John Hatzipateras’ positioning around clean energy and technology indicates the direction. The company wants to connect its fleet of 28 VLGCs, especially its dual-fuel ECO vessels, with a more “green” investment narrative. In essence, nothing changes immediately in the fundamentals. But what changes is how the company wants the market to view it: not merely as a cyclical LPG player, but as a more institutionally acceptable investment vehicle in the energy transition.

Eliza Prokopiou enters suezmax shipbuilding
Beacon Tankers’ latest move is not simply another Greek order at a Chinese shipyard. It is another chapter in the evolving “multi-corporate geography” of the Prokopiou family, where each subsidiary operates as a separate investment vehicle with its own strategy and risk profile. Eliza Prokopiou’s involvement, through Beacon Tankers, in the construction of suezmax tankers at Hengli Heavy Industry with deliveries scheduled for 2029 clearly shows that the game is no longer only about dry bulk cargo, but about an aggressive entry into crude tankers. At the same time, the central role of Nikos Chrysakis in the contract-signing process serves as an indication that these corporate structures are not simple company labels, but family-orchestrated platforms with distinct roles.

The Greek secondhand tsunami in tankers and the container boom
Greek-owned shipping this week moved first and foremost in the shipbuilding segment, with intense activity in containerships and an overall strategic depth that points to long-term planning. On a 12-month basis, the overall picture of Greek shipping activity is equally intense: 239 newbuildings in total (dry bulk, tankers, containers, gas), 233 secondhand acquisitions, and 321 secondhand sales. The figures show a Greek shipping industry that starts with an aggressive shipbuilding strategy in containers, continues with high-value tanker acquisitions, and ends up with a fleet that is constantly renewed through intense sale-and-purchase activity. In containerships, the picture is clearly investment-driven. Costamare ordered 12 vessels of 9,200 TEU, with a total value of approximately $1.3 billion, for delivery in the 2028–2030 period, marking one of the largest moves by the Greek side in the segment. At the same time, Euroseas proceeded with an order for 2 vessels of 1,800 TEU for delivery in 2028, while M Maritime also closed a deal for 2 vessels of 2,800 TEU at HD Hyundai shipyards in South Korea. In total, 16 new ships are recorded in the container segment alone, indicating that Greek shipping is aggressively building the next generation of fleet. This points to continuous fleet rebalancing, with high mobility both in acquisitions and divestments. In the secondhand segment, the week focused mainly on tankers. In the Suezmax category, Greek interests acquired two vessels: ADVANTAGE SUMMIT (158,000 dwt, 2026, Samsung HI) for $108.5 million and BHANU 1 (157,564 dwt, 2026, Samsung HI) for $108.5 million. Both are described as prompt resale and scrubber-fitted, confirming the shift toward modern and high-value tonnage. In MR tankers, WONDER MIMOSA (37,620 dwt, 2006, Hyundai Mipo Dockyard) was acquired for $12 million, with epoxy phenolic coating, DPP, and Ice Class 1A.

Viohalco without brakes
Viohalco’s stock has become unstoppable, having been “released” after reports of a possible end to the U.S.–Iran war, which in turn led to a significant drop in oil prices. The day before yesterday it recorded a jump of 10.9%; yesterday it continued with a rise of 3.5%; and over the last four trading sessions it has posted cumulative gains of 21.8%, climbing from €14.7 to €17.9, thereby continuously extending its historic high. Analysts stress that the stock’s strong rise is directly linked to the de-escalation of geopolitical uncertainty, which acts as a catalyst for major industrial groups with strong international exposure. The outperformance of Cenergy Holdings and ElvalHalcor adds further value to the parent company, while analysts also point out that the current valuation still incorporates a significant discount relative to the true value of its holdings. For its part, Cenergy has now recorded 9 consecutive positive trading sessions and reached €25.1, also a historic record. Meanwhile, ELHA has strengthened by more than 15% over the last four trading sessions and has risen to €4.6 from €3.98 previously.

Bank of Cyprus within touching distance of €10
Bank of Cyprus recorded a new historic high yesterday, having not seen negative territory for seven consecutive sessions. It closed at €9.955 and reached as high as €9.975 intraday, with €10 representing the next major target. The outperformance of the banking stock is fueled by high expectations within the investment community ahead of the announcement of first-quarter 2026 financial results, scheduled for Monday, May 11. Analysts are focusing on strong profitability and a healthy capital base, while interest also remains intense regarding the annual general meeting on May 15, where approval of the dividend distribution is expected (with an ex-dividend date of May 25). Bank of Cyprus’ valuation now exceeds €4.3 billion.

TITAN and the secrets of geography
An enthusiastic stock market pushed TITAN’s market capitalization above €4 billion, before it ultimately closed at €3.9 billion (€50.9, +2.7%). It was not only the net profits of €64.1 million (+29%), nor the profit margin that widened by 250 basis points and exceeded 21%. The “secret weapon” of the quarter was Egypt. This market, traditionally considered “high risk” because of currency instability, is now positively surprising investors. In the Eastern Mediterranean, targeted price increases were implemented at the beginning of the year, and demand for cement surged, possibly strengthened as well by shifts in construction flows caused by geopolitical turmoil in the Middle East. At the same time, in Greece, the strong recovery recorded in March, despite adverse weather conditions during the first two months, highlighted a consistently positive dynamic with sales better than expected. Weakness came from where no one expected trouble: the U.S. market. Not because the market is declining — comparable sales increased across all geographical regions — but because the impact of exchange rates “ate up” around €50 million from reported revenues. The strong euro against the dollar turned genuine operational successes into lower numbers in the European books. Geographic diversification is a profitability engine for TITAN.

The parallel universe of the markets
Kepler Cheuvreux is a well-known European equity research house, headquartered in Paris and present in 14 cities (London, Frankfurt, Milan, Stockholm, New York, etc.). It specializes in European equity coverage as well as “cross-asset strategy,” serving exclusively institutional investors. It is not aimed at the broad investing public. Yesterday, it published a 20-page analysis on the state of the markets. “If you only looked at Wall Street indices, you would think the global economy is thriving,” say Kepler’s analysts. The reality they present is different. First, they describe the energy shock that we all know about. Then they document the footprint of that shock on macroeconomic indicators. In the Eurozone, they confirm a combination of slowing growth and accelerating inflation. Classic stagflation. The labor market is showing signs of fatigue for the first time since the pandemic. In the U.S., first-quarter consumption was essentially financed by savings that are being exhausted. The household savings rate is at its lowest level since 2009, while real disposable incomes are already heading toward zero. And yet Wall Street is rising. The rally is being driven by a small group of large-cap technology stocks, with the S&P 500 far outperforming an equal-weight index. The sector’s hyperscalers (Microsoft, Alphabet, Meta, Amazon) have committed to investments exceeding $650 billion in 2026, with investments in Artificial Intelligence infrastructure surpassing $500 billion. It is a self-feeding cycle. The hyperscalers’ capital finances demand for chips, demand for chips fuels infrastructure buildouts, and analysts continuously raise their estimates. The critical question posed by Kepler Cheuvreux is how long the “AI boom” can remain disconnected from the grim reality facing consumers and the broader economy.

UBS: Markets are based on blind faith, not analysis
Paul Donovan is Chief Economist at UBS Global Wealth Management, which manages assets exceeding $3 trillion. He is very well known for his daily morning audio commentary — always brief, precise, and often sarcastic, with British dry humor directed at markets and politics. In yesterday’s commentary, he began with a phrase repeated like a mantra in the markets in recent weeks: “The U.S. and Iran are nearing a deal.” Axios first published it on April 15. It repeated it on April 17. It said it again on the 26th. It wrote it again the day before yesterday. The markets celebrate every time. Every time, reality confronts them with the same conclusion. Iran is negotiating the end of the war, not the nuclear issue, which it wants to discuss later. Trump threatens “even more intense” bombings if Iran does not accept the terms, while he himself admits that a deal remains “a big deal.” Donovan explains that investors have no real access to Tehran’s decision-making process. Market pricing is based on blind faith, not analysis. The same applies to the productivity narrative. Prospective Fed chair Kevin Warsh wants strong first-quarter productivity numbers because they imply disinflation, therefore lower interest rates, therefore a happy Trump. But Donovan himself describes these figures, using a characteristically British understated word, as “dodgy.” In British slang, “dodgy” means suspicious, unreliable, untrustworthy. Optimism about Artificial Intelligence’s impact on productivity should be received with “significant caution.” War, energy prices, and the Fed are all in a state of flux. Markets are betting on favorable outcomes in all of them simultaneously. History shows that this rarely happens.

After Australia, Norway also raised interest rates. The ECB’s turn is coming
The first central bank in Europe to raise interest rates, after 67 days of war in the Middle East, was Norges Bank, which yesterday lifted the cost of money to 4.25%, just days after the Reserve Bank of Australia. Norway’s central bank governor, Ida Wolden Bache, left no room for misinterpretation. “Inflation is too high and remains above target for a prolonged period.” Norges Bank’s move was not expected by the markets, which is why it is important. It sends another message to Frankfurt. Lagarde managed to keep rates unchanged at 2% at the April 30 meeting, while inflation in the Eurozone surged to 3% in April, the highest level since July 2024. ECB analysts revised upward their inflation forecasts to 2.7% for 2026 (an increase of nearly one percentage point), while downgrading growth to 1%. Slovak central banker and ECB Governing Council member Peter Kazimir now describes a June rate hike as “almost certain.” By striking first, Norges Bank makes life harder for Frankfurt’s “doves” and provides arguments to the “hawks.” In an environment where energy prices are rising, inflation persists, and wages are exerting pressure, waiting has a cost — and Norway simply reminded everyone of that.