Hello, it seems we’ve entered an early summer spell with higher-than-normal temperatures. Weekend traffic has also started picking up on the roads leading to nearby beaches. In the coming period, we also expect to see what all the turmoil from the Gulf war will mean for tourism. I’m turning now to an issue that I consider very important for the country and its development, even if it has come several years — or rather several decades — late. Today, the responsible ministers, Papastavrou and Kefalogiannis, are announcing the spatial planning framework for tourism. Within the week, the same will happen for renewable energy sources (RES), and afterward for industry. More important, in my opinion, is the issue of the Special Spatial Planning Framework for Tourism, because this way, even now, order and rules will finally be introduced — or at least let’s hope they will — regarding what we build and where. Both we and many other media outlets have referred dozens of times in reports to environmental distortions and absurdities that unfortunately occur all around us in Greece. Whenever we write about them, everyone agrees — until they themselves and their own interests are affected. Everyone asks why Mitsotakis, and in this case the responsible minister Papastavrou, doesn’t do something, but when they actually try to do something (as now), the difficult part and the complaints begin. But things cannot go on this way, because as long as the vacuum, excessive legislation, and ambiguity remain, environmental destruction keeps growing and… what’s written cannot simply be unwritten. As is well known, in Greece almost nothing ever gets demolished. So let rules be established for everyone to know them. Let people understand that you cannot turn the Cyclades into Corfu or Rhodes, nor all of Corfu into… Benitses. We will follow this issue with great interest throughout its course and development, and it is important for those making millions from all this — namely the big hotel owners and those representing them — to position themselves properly as well.

The scenarios about elections…

Aside from that, returning to everyday matters, the topic of discussion in political and business circles is the timing of the elections — whether Mitsotakis will do what he is indeed considering: see how the summer develops and, if everything goes well for him, push the button at the Thessaloniki International Fair (TIF) for elections at the end of September. Now, if you ask me, with the certainty of common sense, there is no answer to that today, since we are still in May and no one knows what will happen or how things will develop even in the near future. But the September scenario is both real and functioning effectively within his party because it gathers up complaints, creates cohesion, and mobilizes people — mainly MPs who want to get re-elected.

Who is second?

The other interesting discussion taking place in the same political-business circles is who will ultimately come second: our beloved Alexis or the angry Nikos, and where President Maria will ultimately “settle,” whom, incidentally, a pollster measured in Kilkis and found in second place at 19%, with New Democracy at 25%, PASOK at 10%, Tsipras at 12%, and everyone else in single digits. I don’t know whether these percentages apply generally to all of Central Macedonia, but for now they are impressive. We’ll see how long they hold once the pre-election game begins. I asked my source at the Maximos Mansion what they think about who will come second, and the reply was this: “It’s too early to say and predict, but from the qualitative data and focus groups we’re seeing, it seems to be leaning more toward Tsipras.” The source then concluded with a rhetorical question: “Come on, can’t you see that Tsipras is attacking PPC and the banks — which he himself almost shut down — but, however you look at it, it interests people, whereas Androulakis is stuck on the wiretapping issue, which sells absolutely nothing?”

Conference

These days the final preparations will also take place for the New Democracy conference, which will begin on Friday at Metropolitan Expo. The slogan will be “Together for Greece of 2030,” signaling in a way the ambition for a third four-year term. I’m told that on Saturday, which will be the main day of speeches, six thematic sections and two freer-form sessions will be organized, one of them dedicated to youth. Therefore, whoever wants to speak will do so in a more “specialized” environment, without this meaning there won’t also be sharper speeches. In general, the conference is not expected to face major turbulence, given that even scenarios of electoral readiness for autumn have heated up.

Dendias

Dendias’ appearance at the ND pre-conference in Thessaloniki may have been institutional, but at the conference itself, if he wants to differentiate himself within the framework of a possible future leadership bid, he will have to… say something regarding ND’s political strategy. In Thessaloniki he avoided picking up Adonis’ challenge, while the closing part of his speech — which had the character of an electoral stake-setting — also included a warm reference to Mitsotakis. It is obvious, however, that in the conference setting, where everyone speaks somewhat more freely, Dendias’ speech will be particularly interesting. Or so I think.

The shortlist for party secretary-MP

One decision by Mitsotakis that remains pending and may be announced at the conference — though not necessarily — concerns the new party secretary. According to information, Mitsotakis has concluded that the secretary should be an MP, but preferably from a constituency where cross-voting is not a problem. Or a case may be favored where the secretary position itself would give an electoral advantage in terms of preference votes. He has asked his associates for a shortlist, which includes around 10 names with party credentials and experience. The names of Giorgos Stylios and Vasilis Spanakis are being heard, though they are not the only options. Stelios Kontadakis — who assumed interim duties after Skrekas’ resignation — will step down after the conference, while some scenarios involving ONNED president Orfeas Georgiou are considered rather unrealistic.

PPC shakes up mobile telephony

As for the market, the week ahead will undoubtedly bear the stamp of PPC. Not only because the market is eagerly awaiting management’s answers regarding plans to enter mobile telephony during the presentation of first-quarter financial results tomorrow, Tuesday, May 12, but also because on the 14th of the month the extraordinary shareholders’ meeting is scheduled for the €4 billion share capital increase. However, analysts’ interest is focused on something broader than the financial figures: whether PPC is preparing to transform into a fully integrated telecommunications provider, claiming a role in mobile services as well. The discussion about PPC’s possible entry into telecommunications is not new. For several years, the company had been at the center of scenarios involving the acquisition of an existing player, with Nova being the most likely — though not the only — scenario, especially during the period when parent company United Group was exploring strategic options. However, the financial data, valuations, and asking prices appear to have led Stassis’ management in a different direction. Instead of an acquisition, PPC now seems to be considering an organic market entry, leveraging infrastructure it has already developed. The extensive fiber-optic network being built over the past two years, combined with the intention to provide integrated connectivity and voice services — something Giorgos Stassis had already foreshadowed at the London Investor Day — creates a picture of strategic expansion far beyond the core energy business. The most critical issue, however, concerns the mobile frequency spectrum auction expected in the autumn. Until now, spectrum allocation procedures took place in a relatively predictable environment, where existing providers moved cautiously and based on balances, avoiding extreme bidding conflicts. The market essentially operated with established correlations, since each side roughly knew which portion of spectrum it would pursue and how far it would go. PPC’s possible appearance changes this condition. The frequencies being reallocated are considered crucial for the further development of mobile networks. This means that any new claim will squeeze the available space for existing providers and force companies to move more aggressively to secure the necessary usage rights. At the same time, the entry of a financially powerful group into the process is expected to change valuation dynamics as well. The market believes that competition for the contested frequency bands could lead to significantly higher prices than in previous auctions, where procedures were completed quickly and without major upheavals. In such an environment, OTE, Vodafone, and Nova will not simply be called upon to defend their market shares, but to redefine their strategy against a player with strong financial capability that is already developing critical network infrastructure.

Tambakakis’ first deals

The EOS infrastructure fund has barely gotten started, yet I’m already hearing that it has reached an advanced stage regarding its first investments, having managed to gather “firepower” of €300 million. Specifically, four projects are already in the pipeline of Apostolos Tambakakis’ team, for which memoranda have been signed and due diligence is underway. One concerns recycling, two concern RES and energy storage, and one concerns water infrastructure. One of these emerging deals, as I learn, is not limited to the Greek market but also has international dimensions. The goal of the EOS Global team — as it has now been renamed — is to close at least three of them this year.

The Infrastructure Fund’s first deal is coming

And since we’re talking about infrastructure, it seems we will see quite a few projects in the coming period because, despite the completion of the Recovery Fund, capital appears to already be mobilizing. In this context, according to information, the first investment of the Hellenic Infrastructure Investment Fund (HIIF) of the Superfund under Mr. Stelios Frangos has also been finalized. It is recalled that the purpose of the Fund is to create investment partnerships that will trigger this kind of mobilization. Relevant announcements, I am told, are expected in the near future.

Ryanair, Fraport, and the next day in Thessaloniki

The Ryanair issue and the closure of its Thessaloniki base for the winter period of 2026–2027 may have dominated the news in recent days with considerable fanfare. However, in the remaining 14 regional airports across Greece managed by Fraport Greece, last week marked the beginning of the season, including flights from destinations never previously connected or to less-promoted areas of the country. In Thessaloniki, which was at the center of attention last week, Finnair inaugurated its first flight from Helsinki, representing an important addition to the city’s international network from Northern European markets and strengthening connectivity from those regions. Likewise, in Samos, British carriers jet2.com and Jet2holidays inaugurated their first flight from Manchester, strengthening a Greek island destination that is not in the front line like, for example, the Cyclades, while simultaneously offering British tourists — who together with Germans rank first in inbound tourism to Greece — a new holiday proposal. On a premier island destination such as Santorini, Air Serbia also launched direct connections last week with Belgrade. Serbia’s ambassador, Nikola Nedeljkovic, was also present. Incidentally, regarding Thessaloniki, information suggests that interest in new flights has also been expressed by other carriers, such as the Jet2 group.

New projects on the Athens Riviera

The Athens Riviera has become a magnet for new luxury residential complex projects seeking to share in the prestige the area is gaining from the landmark investment at Ellinikon. Morshedy Group and H. Morshedy Developments, owned by Egyptian businessman Hassan Morshedy, with a portfolio exceeding $6 billion and more than 20 major projects across the Middle East and Europe, could hardly stay absent from Greece. Thus, they are already present with the Elara project in Voula and Eden in Glyfada, while more are reportedly in the works. Accordingly, last Friday, May 8, a new company named “Kyprou I.K.E.” was established, headquartered on Poseidonos Avenue in Alimos. The company’s purpose includes construction work for residential buildings, passenger vehicle parking services, asset management services, luxury and A-category hotels, among others. The initial share capital amounts to €3,260,000 and was contributed equally (50%-50%) by Mohamed Hassan Mahmo Morsehdy and Hassan Morshedy, while company management has been assigned to Ibrahim Mokhtar Ezze Nassouf.

The tragic banking legacy of the “Go back” era

Earlier we were talking about the record of the SYRIZA/ANEL period regarding PPC, the banks, etc. I don’t know whether one can speak of rope in the house of the hanged man, but in the end it seems Mr. Tsipras can indeed do so, mentally rendering his not-so-distant past intangible, bodiless, and ethereal… The issue concerns the banks and everything that followed that dreadful first half of 2015, which began with the unforgettable “go back Madame Merkel” and ended with capital controls, as the result of a chaotic negotiation and an unexpected referendum that was not without consequences. We will not speak generally and vaguely about the unnecessary third memorandum and its consequences as the outcome of that dismal negotiation. However, regarding the banking balance sheet of that period — since it constitutes a central axis of Mr. Tsipras’ political planning — here is the record:

1. Between the end of 2014 and June 2015, deposits by businesses and households in the banking system decreased by €38.5 billion (that is, by 24%).
2. The banks underwent a third recapitalization: €5.3 billion mainly from private foreign investors and €2.7 billion from the HFSF, wiping out their stock market valuations and permanently changing the identity of our credit system.
3. Greek banks found themselves in a very difficult position during the first half of 2015 because they could not draw cheap liquidity from the ECB and were forced to rely on emergency liquidity assistance (ELA), which was much more expensive. This increased borrowing costs for the banks themselves, which in turn passed those costs on to customers, who paid extremely high prices for whatever lending remained available.
4. The mountain of red loans became enormous, leaving a large share of citizens and businesses in poverty and debt — a situation that continues to this day — especially those operating on the margins of the real economy and attempting gradually to reintegrate through a multitude of tools established over the last five years for that purpose.

All this, lest we forget…

Side by side at SEF, side by side at sea

Side by side at the Peace and Friendship Stadium (SEF), side by side on the great seas of global shipping. Panagiotis and Giorgos Angelopoulos and Nikos Tsakos are passionate Olympiacos supporters, but they are also united by something else very powerful: belief in Greek shipping and Greece’s constant presence at the top of global maritime trade. The recent oil transshipment operation off Houston confirmed exactly this role. The newly built Dr Irene Tsakos of Nikos Tsakos’ TEN and the Aegean Winner of Arcadia Shipmanagement, owned by the Angelopoulos brothers, participated in a demanding ship-to-ship transfer operation during a period when the energy market is changing rapidly. It was an operation with high technical requirements that highlighted the expertise, reliability, and quality of the Greek fleet. The explosive increase in oil production in the United States has created serious pressure on land-based storage facilities. Available onshore space is insufficient, and thus more and more modern tankers are being chartered as temporary cargo storage solutions. In this particular operation, the TEN vessel loaded oil from Arcadia’s tanker. And perhaps this is ultimately the bigger picture. From SEF to the Gulf of Mexico, Greek shipping continues to project strength, consistency, and international prestige, with Greek companies investing in modern vessels, new technology, and highly skilled personnel.

How Greek shipowners are keeping oil exports alive

In the Persian Gulf, it appears that a new and especially dangerous balancing game is underway, and once again Greek shipowners are at the center of it. Despite attacks, interference with tracking systems, and constant military tension in the Strait of Hormuz, major Greek shipping companies continue transporting United Arab Emirates oil on behalf of ADNOC. According to international maritime analyses, the company is working closely with powerful Greek shipping names such as Dynacom Tankers Management in order to maintain crude oil exports despite the dangers in the region. The background is especially interesting: VLCC and suezmax tankers reportedly pass through the Strait with AIS switched off — meaning without an active tracking system — a practice considered extremely sensitive during periods of military crisis. Information suggests that cargoes are being transported through a “chain” of vessels, with ship-to-ship transfers off Malaysia or storage in Oman, in order to reduce exposure to danger inside the Gulf. In shipping circles, people are already commenting that Greek shipowners are once again proving willing to operate where others withdraw. As market insiders say, “when risk rises, freight rates rise too,” and this has traditionally been an area where Greek companies possess enormous experience. At the same time, the situation in the region remains highly volatile. The presence of American warships, attacks on tankers, and increasing electronic interference are creating conditions that many analysts are already describing as the most serious shipping crisis since 2019.

Record sales reshape the map of Contships

Contships Logistics Corp, owned by Nikolaos Pateras, continues steadily along a path of restructuring and liquidity accumulation, with its moves resembling financial chess more than simple feeder fleet management. During the first quarter, the company sold five vessels, raising approximately $59 million, continuing a broader divestment program that since the beginning of 2025 has reached 20 ships and total revenues of $210 million. The result? A fleet reduced to 27 ships, but a treasury filling up for the next day. The liquidity picture is indicative: $229.1 million in available cash, only $12 million in bank debt, and 100% fleet utilization during the quarter. In practice, Contships appears to be “stockpiling ammunition” before its next investment move, with the market already anticipating a fleet renewal cycle. At the same time, charter agreements remain strong, with an average daily rate of $15,360 and projections for an increase to $17,000 during the remainder of the year. New deals with X-Press Feeders, Zim, and CMA CGM confirm that demand for feeder capacity remains strong despite fluctuations in global trade flows.

Cenergy’s two moves

Cenergy’s management appeared cautiously optimistic during last Friday’s presentation at the Institutional Investors Association. The company reiterated its estimate for operating profits of €370–400 million for fiscal year 2026. This estimate does not include the Maryland facilities in the United States or the Liberty Pipes Hartlepool unit, which was acquired for £10 million in March 2026. The Maryland facility will be operationally and commercially ready in the second half of 2027, while the UK pipe production facility is expected to be ready toward the end of this year. Regarding the UK investment, management stated that the facility is considered strategically important because it specializes in the production of large-diameter pipes for energy projects such as natural gas, hydrogen, carbon capture & storage (CCS), and offshore applications. With this acquisition, Corinth Pipeworks is effectively aiming to double its production capacity for LSAW pipes. These two moves are expected to strengthen operating profits by €100–120 million from 2028 onward. The group’s total backlog remains close to historic highs at €3.4 billion and continues trending upward, comfortably securing revenue for the next two fiscal years, while projects that had been in final-signature phase since 2025 are expected to be formally contracted. Not unjustifiably, the company’s market capitalization reached €5.2 billion, as the consistency of its projections and the steady growth of its figures have gradually attracted major investment portfolios.

The MSCI factor

Tomorrow late at night, close to midnight, we will learn MSCI’s announcement regarding the first quarterly index restructuring for 2026, which will take effect from June 1. Recently, much has been said — from a reduction in the weighting of the Greek market in the index to an increased weighting for Allwyn and the inclusion of GEK TERNA and TITAN. This will probably be the last “normal” restructuring under emerging-market status, because in May 2027 Greece joins the developed-market indices and the game changes permanently. The MSCI Greece Standard currently consists of eight stocks (National Bank, Eurobank, Piraeus, Alpha, PPC, OTE, OPAP, and Jumbo). When Greece joins the developed markets in May 2027, its relative weight will decline to around 0.30% in MSCI Europe and 0.05% in MSCI World. For this reason, many are already pricing in more outflows than inflows following tomorrow’s announcement.

JP Morgan’s Secret Dinner

Tomorrow at lunchtime in London, JPMorgan Chase is organizing one of the most exclusive events on the global economic calendar. It is a closed gathering of CEOs from around the world, hosted by Jamie Dimon and featuring former British Prime Minister Tony Blair as speaker. There will be no press release and no livestream broadcast. Chatham House rules apply: whatever is said stays in the room. That is precisely what makes this meeting special. Tony Blair chairs the JPMorgan International Council, a body that brings together leading CEOs of global groups and former heads of state to advise the bank on strategic and geopolitical matters. Every year the Council meets to assess the major risks and opportunities facing the global economy. The only public information available from this meeting is the report published by Jamie Dimon and Tony Blair last December. There, they described U.S.-China competition as “a new era without precedent” threatening countries and institutions that depended on the United States for security while simultaneously developing trade ties with China. They also called on Europe to integrate more deeply, otherwise it risks marginalization — becoming “irrelevant.” Since then, the world has changed dramatically: the war in Iran, the crisis in the Strait of Hormuz, Trump’s tariffs, the AI bubble, and the restructuring of global trade. JPMorgan has already announced a $1.5 trillion program to support sectors critical to the economic security of the U.S. and Europe, with explicit reference to supporting Britain.