Hello, and congratulations to little Maria on her new party: comrade Avgerinos in the heavy Russian literature T-shirt (Dostoevsky, Tolstoy, Chekhov); an actress-singer, Katerina Moutsatsou, who became known from a video shouting at the memoranda “I am not Greek, I am Helene”; and Batman, otherwise known as Panagiotis Psomiadis, in the audience as Thessaloniki’s only recognizable political persona. We listened to a couple of nice revolutionary songs by Theodorakis, Xylouris, and the like, and little by little we got to the main course, which was Maria’s speech, after she had… left us starving for about an hour waiting through statements from various migrants, farmers, mothers, so we wouldn’t lose the branding of the “mother of Tempi.” Now, Karystianou read a speech containing everything any politician anywhere in the world would say, as they say: “change,” “corruption,” “clean hands,” “better public healthcare and education,” “rule of law,” etc. Maria delivered them with an air as if she were presenting the freshest, newest, most radical idea or proposal in the world, while in reality she was saying something completely ordinary and boringly cliché. The sort of thing you’ve heard (and still hear) from politicians for the last 50 years, whether speaking in Syntagma Square or in Kato Panagia. Still, she had good stage presence, was dressed elegantly (the shirt was by fashion designer Zoulias), was well-groomed and radiant. I also noticed below the stage that Moisidis fellow, with whom she reportedly shares a small company, as we had written before, though nobody has yet told us what business they actually do. If any. In the speech I also noticed she took a swipe at our Alexis, courtesy of her former comrade Avgerinos (“we do branding, not rebranding…”). If you ask me where her party belongs, right or left, I would say that her audience and references — the mixed grill of people attending yesterday — leaned more to the right, though not necessarily; one could also say that on the road she’ll mainly try to fish for votes from conspiracy-minded or apolitical crowds. What’s certain is that if Maria Karystianou had dreamed of something like the Tempi rally in Syntagma, where around a million people gathered about 15 months ago, she probably came crashing down to earth yesterday. And it’s only the beginning…

The brave rapporteur and Voridis

Today the spotlight may be on the Final Four battle (best of luck), but in Parliament the discussion on the wiretapping scandal and PASOK’s request for a new investigative committee will be taking place. So far the government has very carefully avoided revealing its stance, although no information has leaked suggesting it intends to reject the committee’s formation on grounds of national security and therefore require a majority of 151 MPs. The role of the brave majority rapporteur (who will take quite a beating from the opposition) will be undertaken by Andreas Nikolakopoulos, while Voridis will serve as parliamentary representative. From the weekend onward we may also see PASOK table a motion of no confidence against the government — first let the basketball finish. Besides, next week there’s also Tsipras’s party.

The “11” at the European Prosecutor’s Office

Today as well, the eleven figures involved in OPEKEPE 2 have been summoned by the European Public Prosecutor’s Office to provide explanations regarding the case concerning them. Most MPs and former ministers are expected to submit memoranda, or their lawyers may appear requesting additional time. Two, however, are expected to appear before the cameras around 11:00 a.m.: Kostas Tsiaras and Notis Mitarakis, accompanied by their lawyer Michalis Dimitrakopoulos.

The battle for the Final Four

Since I mentioned the Final Four above, there was absolute chaos over the previous days as many officials tried to secure invitations, since the Euroleague strictly controls how many tickets are distributed and to whom. Characteristic was the case of a minister who, I was told, wanted to bring seven security police officers with him into the arena — obviously not because he felt unsafe, but because the people wanted to watch the game. That was shut down immediately, while most officials will enter OAKA without their security details, and their cars will drop them outside the VIP entrance. As for Mitsotakis, I don’t think he’ll surprise anyone by attending today, though he may very well attend the final.

Super Mario at Maximos Mansion

An interesting meeting taking place today was revealed yesterday by K.M., as he is set to receive AEK’s championship-winning president Mario Iliopoulos. Mitsotakis revealed it yesterday in Sparta when he ran into an AEK supporter wearing the team’s jersey and told him he’d be meeting “Super Mario” today, asking whether he wanted him to pass on a message. “Only AEK,” the fan replied, though I imagine the conversation won’t be only about the title celebrations.

A Varoufakis wing inside PASOK

After yesterday’s second round of PASOK’s expansion, the party now officially and legally has a “Varoufakis wing,” having absorbed several former members and MPs from MeRA25. Yesterday it was announced that former MP Angeliki Adamopoulou is joining, along with political candidate Eva Abazi. Earlier, former MP Maria Apatzidi, active in Eastern Attica, had also joined the party.

Tsipras and the MPs

Yesterday the first MP openly willing to go over to Tsipras emerged — and he won’t hide it; he’ll go openly to Thiseio. The person in question is Andreas Panagiotopoulos from Patras. Some others who have openly expressed support for Tsipras, such as Symeon Kedikoglou or Alexandros Meikopoulos, are expected to restrain themselves, since I don’t see them resigning as MPs anytime soon (their salary would drop, after all). Among well-known figures, Dionysis Teboneras is certain to be there, though obviously others will too. As for the organized SYRIZA apparatus, they don’t really know what exactly to do beyond showing patience. It’s not as if Famellos can expel them all too and remain by himself…

Mytilineos takes aim at short sellers and warns of a short squeeze

Evangelos Mytilineos sent a clear message to short sellers while answering a shareholder’s question during yesterday’s annual general meeting regarding the stance of the “shorters” toward the company’s stock. Describing short selling as a “game for powerful players,” he focused especially on the high risk undertaken by those betting against a stock, pointing out that unlike a long position, where losses are limited, in a short position exposure can theoretically be unlimited. His most characteristic remark was that “the one who laughs last laughs best,” interpreted as an indirect but clear jab suggesting that the final judgment on a company is shaped by results, execution, and fundamentals — not by short-term market pressure or speculative bets. In the same context, he referred to the possibility of a short squeeze, explaining that if the company confirms strong performance or accelerates its growth trajectory, short sellers may be forced to close positions by buying shares “at any price,” further intensifying upward pressure. Mytilineos’s remarks, made in response to a shareholder, were not confrontational in tone but rather a clear display of confidence toward the market, while simultaneously sending pointed signals to those maintaining bearish positions in the stock. Responding to another shareholder question about PPC, the Metlen chief adopted a much more diplomatic tone, noting that although the two sides compete in certain market segments, cooperation remains “excellent.” He also hinted that PPC’s broad geographic footprint and strong presence create room for further synergies and new collaborations where there is shared business interest. Hearing these comments about PPC reminded me of what a banking source told me in recent days: according to them, Evangelos Mytilineos had been preparing to participate with around €10 million in the company’s share capital increase. However, according to the same source, the move did not proceed because at the last moment it was judged that competition rules would not allow such participation.

Aluminum propels ELVALHALCOR and Metlen

With the European Union’s ambitious target of reducing automobile CO² emissions by 55% by 2030, aluminum is expected to continue playing a decisive role in the materials mix used by automakers to achieve sustainability goals. Average aluminum content per vehicle is estimated to rise from 205 kilograms in 2022 to 237 kilograms by 2026 (+15.6%) and to 256 kilograms per vehicle by 2030 (+24.9%). The two listed companies expected to benefit most from this development are ELVALHALCOR and Metlen, which will see demand for their products increase steadily over the next five years from this trend alone. Citi also highlighted this point, assigning a target price of €52 for Metlen, while its analysts place the bar at €80 (!) under the optimistic scenario. Citi is now turning its attention mainly to the medium-term prospects of the aluminum market after 2027, estimating that supply disruptions from the Middle East have already begun boosting international prices and premiums. According to the bank, this environment creates favorable conditions for a significant increase in profitability for European producers over the coming years.

Tourism: Athens is doing well — Four Seasons and Fouquet’s open in Mykonos

The pleasant news of the day is that tourism in Athens has not been hurt, and traffic remains satisfactory, unaffected by the war in the Middle East and the broader instability prevailing in the region. Meanwhile, the Greek tourism product continues to upgrade itself with the arrival of new luxury hotels, especially in the showcase destination of the sector, Mykonos. At the beginning of July, with only 20 rooms initially, the second Four Seasons unit in Greece will begin operating at Kalo Livadi. It will open according to the chain’s planned timetable, while efforts are being made to prepare another 10 rooms in time. Once fully operational, the Four Seasons in Mykonos will feature 94 rooms, suites, and villas. The second arrival is the five-star Fouquet’s, the top-tier line of Barriere Hotels, located in the Paraga area, opening on June 27 with 61 suites/rooms, three villas, and prices (according to booking.com) starting from €2,000.

The “Europe Holdings” helicopter flight from Hydra

The conference of the Hellenic Association of Insurance Companies in Hydra was underway when Nikolaos Makropoulos, president of Europe Holdings, left the discussions and boarded a helicopter bound for Athens. On Kifisias Avenue, the final details of an agreement with many side benefits for many people were finalized. The original plan was for the official announcement to come after the close of the stock market session. However, the news had already leaked (it had been foreshadowed by Dark Room), so the staffs of the two companies decided to accelerate the announcement to avoid suspension of the stock’s trading. The details of the deal are interesting. The exchange ratio is 1.446 new CrediaBank shares for each Europe share. In addition, before completion of the merger, Europe will return €45.55 million to shareholders (€0.31 per share) through a capital reduction funded by property liquidations. This is where the backstage story begins. One year ago, in April 2025, Europe Holdings had carried out a €68.3 million capital increase, with a subscription price of €1.20 per share. At the time, many prominent friends close to Sokratis Kokkalis participated willingly in the increase to support the venture. Today, based on CrediaBank’s current price, the exchange ratio values Europe shares at €1.787 each, plus an additional €0.31 capital return bonus. Total: around €2.10 per share. Return versus the capital increase price: +75% in less than 13 months. Intracom Holdings has agreed to a six-month lock-up on the CrediaBank shares it will receive — a move showing confidence in the new structure. The “friends” from the capital increase, however, have no such commitment. The exit door is open for them. Moreover, Europe’s stock has posted gains of +25% over the past year. Those in a hurry to cash out are leaving, while those buying now (and trading data suggest there are many) will receive the capital return together with the bonus offered by Credia. It should also be noted that the deal comes with a heavy dowry: besides the €45.5 million return Europe Holdings is making from property disposals, Credia Bank gains an insurance company with the extraordinary solvency ratio of 366%. On the positive side, Europe’s successful management remains firmly in place to run the bancassurance arm of the new structure. The bigger picture, however, concerns Intracom, which from this deal records a net capital gain approaching €60 million.

Bonuses at Quest

Bonuses in the form of free treasury shares were granted to senior executives at Quest as part of the incentive program approved by the shareholders’ general assembly. Specifically, CEO Apostolos Georgantzis received 66,802 shares, deputy CEO Markos Bitsakos received 33,401 shares, while another 78,489 shares were distributed to members of the senior management teams of the group’s companies. The board of directors approved the allocation with a decision on April 30, 2026, and the company proceeded with the distribution on May 13, 2026. The total value of the distributed shares amounted to approximately €1.25 million, based on the closing price of €6.98 on the day of the transaction.

A Greek candidacy

For the first time, there was a Greek candidacy for the presidency of the European Securities and Markets Authority (ESMA). The candidate was the chair of the Hellenic Capital Market Commission, V. Lazarakou, who managed to reach the shortlist for the ESMA presidency. She was not elected in the subsequent process, but the fact that a Greek candidacy made the shortlist shows that perceptions of our country, its institutions, etc., have changed for the better. ESMA is an independent European Union authority headquartered in Paris. The heads of supervisory authorities from all member states participate in it, and its goal is to protect investors and promote stable, orderly financial markets within the EU.

Historic session for PPC — 18-year record for the stock

The trading session of May 21, 2026, will go down as a historic milestone in PPC’s stock market trajectory, in the wake of the listed company’s “mega” share capital increase. The stock posted an impressive jump of 7.23%, closing at €21.36. This price marks an 18-year high, levels the stock had not approached since July 2008. This historic rise was accompanied by unprecedented trading activity, with the stock’s combined turnover soaring to €422.19 million, serving as the primary driver behind the market’s total turnover of €704.52 million. Of the total trading volume in PPC shares, €278.48 million was traded through 22 pre-arranged block trades. Of particular significance were eight of these deals, executed during the auction process and involving the disposal of 13.4 million treasury shares, of which 13.1 million shares were allocated to satisfy excess demand. This process took place at a price of €18.63 per treasury share in order to meet the high demand expressed in the book-building process of the combined offering. The group is raising €4.25 billion from the capital increase and an additional €250 million from the disposal of treasury shares, bringing total capital raised to €4.5 billion. After the official listing of the new shares for trading, PPC’s market capitalization is expected to approach €12 billion compared to €7.88 billion today. This development will make PPC the fourth-largest listed company by market capitalization on the Euronext Athens board.

ADMIE at an 8-month high with eyes on June’s capital increase

PPC’s impressive trajectory created a strong wave of optimism that also lifted ADMIE’s stock. Contributing to the positive climate is the countdown toward its own share capital increase, scheduled for June and expected to reach €1 billion, with ADMIE Holdings preparing for its own portion exceeding €500 million. On the mid-cap board, ADMIE Holdings shares surged +3.83% and closed at €3.385, recording an 8-month high (levels last seen in September 2025). Investors are already beginning to price in the operator’s next strategic moves, recognizing that the new capital raised will strengthen its balance sheet and finance the major electrical interconnection program. PPC’s success opened the way for the international investment community, making ADMIE the next major attraction in the domestic energy sector.

Petros Pappas’s financing strategy

Petros Pappas’s Star Bulk continues strengthening its position on Wall Street, taking advantage of favorable conditions in the dry bulk market while emphasizing shareholder returns. First-quarter results confirmed the strategy, as the company recorded its 23rd consecutive profitable quarter and significant profit growth compared with last year. Management’s decision to increase the dividend again shows that P.P. is attempting to maintain a strong investment profile during a period in which American markets place particular importance on cash distributions. At the same time, the company maintains a balance between capital returns and fleet renewal, taking delivery of new vessels while phasing out older units. Particular interest also surrounds the group’s financing strategy. New loan agreements with international and Greek banks, combined with early repayment of older debt, show an effort to improve financing costs and achieve greater flexibility for future steps. In the New York market, Star Bulk is now regarded as one of the most stable listed companies in the dry bulk sector. The stock’s rise and the company’s valuation reflect investor confidence in Petros Pappas’s management and in the company’s ability to maintain high profitability in coming quarters as well.

Giorgos Youroukos changes course

Global Ship Lease’s decision under Giorgos Youroukos to proceed, for the first time, with orders for newly built containerships in China is being interpreted on Wall Street as a strategic shift by the Greek shipowner. Until now, the company had based its growth primarily on purchases of secondhand vessels. The decision to invest now in eight newbuilds indicates that management believes the containership market is entering a more stable phase with a multi-year horizon. Reports that the vessels may already come with time-charter agreements reinforce the perception of a carefully planned move rather than an aggressive high-risk bet. In New York, GSL is viewed as a company focused on stable cash flows rather than flashy moves. That is why analysts see behind the order an effort by Youroukos to “lock in” long-term returns before shipbuilding prices rise further and availability at Asian shipyards becomes more limited. Particularly interesting is the choice of the Chinese shipyard Taizhou Sanfu. It is a yard gradually climbing into the ranks of more competitive Chinese builders, offering lower costs compared with the major state-owned shipyards. The move shows that GSL seeks to maintain a balance between fleet expansion and capital discipline. For Wall Street, Giorgos Youroukos is now trying to transform GSL into a company with a more predictable growth model and longer-duration contracts with leading liner companies.

How the Greeks generate capital gains before even taking delivery of their newbuild ships

This week too, Greek shipowners showed they continue to move aggressively, whether buying or selling, in a market where ownership and balances are changing hands rapidly. The buying side had a strong Greek flavor. Attention first turned to the MR tanker EASTERLY JUPITER, which passed into Greek hands for $20 million, while an even stronger presence came from Sea Pioneer SA, which acquired CS HOUSTON and CS SINGAPORE, two next-generation MR tankers from China’s Chengxi shipyards, at $49.5 million each. The en bloc deal for CS FUJAIRAH and CS ROTTERDAM, also at $49.5 million apiece, drew significant comment, confirming that Greek groups continue “loading up” on tonnage despite international uncertainty and pressure in freight markets. On the other side, the Greeks were not only buying but selling as well. Cosmoship Management appeared behind the sale of KAMARES and NEFELI C, with the market clearly seeing an attempt at portfolio restructuring and fleet renewal. The biggest backstage buzz, however, came from Atlas Maritime, owned by Leon Patitsas, which sold the newbuild suezmax vessels OLYMPIC STAR and DAEHAN 5118 at $95 million each. The fact that OLYMPIC STAR ended up with Teekay Tankers was heavily discussed in shipbroking circles, with many noting that Greeks continue generating capital gains even before taking delivery of their newbuild vessels. And while secondhand market activity remains constant, the Greek footprint in shipyards is equally strong. Safe Bulkers of Poly V. Hadjioannou placed new bulker orders in Japan, TMS Cardiff Gas of Giorgos Economou proceeded with two LNG carriers at Samsung Heavy Industries in South Korea, while JHI Steamship of Giannis Inglesis moved into the tanker market with a new order at Imabari.

2.39% of MERIT Securities up for sale

According to an announcement, Dionysios Levtakis, son of Iakovos, holder of 153,928 common registered shares of “MERIT Securities S.A.” representing 2.39662% of its share capital, “declares his intention to sell them.” The minimum sale price was set at €3.5 per share, and the sale period was defined as June 1, 2026 through August 31, 2026.

The message about the Superfund via…buses

The choice of venue was no accident. The prime minister spoke from the Sepolia Bus Depot, where for decades buses no one bought were left rotting, at an event titled “Public transportation is changing Athens.” Among announcements concerning the bus fleet, the prime minister found the opportunity to reposition the Superfund in public discourse. He spoke about the close cooperation between the Superfund and the Ministry of Infrastructure, about “modern principles of corporate governance,” “financially sustainable high-level services,” and sent a double message. He addressed those who still view the Superfund as a remnant of the bailout memoranda and a “foreign” mechanism — a stereotype the institution itself has long tried to shake off. He emphasized the strategic transformation plan for public enterprises through private-sector practices and sound corporate governance so they can provide better services and sustainable financial results. In reality, the Superfund, staffed by Greek technocrats, is doing what has always proved difficult in our country: managing public companies with a results-oriented mentality.

Posidonia 2026

Posidonia is the world’s premier shipping exhibition, where the global maritime community meets Greek shipowners to close major deals. This year it takes place from June 1 to June 5. Participants will even miss the Holy Spirit holiday. Ten days before the gates open, the sector finds itself in a particular psychological condition. Everyone has earned a lot; no one feels the need to prove it anymore. In past Posidonia exhibitions, many tried to showcase their success — large yachts, glamorous parties, impressive displays with extravagant décor attempting to describe success. This year things are different. Even shipbrokers, the sector that traditionally fed on the crumbs from shipowners’ tables, are going through an exceptionally profitable period. Prosperity has spread so broadly that ostentation has lost its meaning. The real backstage action is found at the private dinners organized by major banks. There, the agenda is substantive, speakers are selected based on the weight of their ideas rather than the weight of their wallets. Piraeus opened the cycle with a dinner for 200 guests at the Lighthouse of the Stavros Niarchos Foundation Cultural Center, featuring Gideon Rachman, Financial Times foreign affairs columnist and award-winning geopolitical author, as keynote speaker. Next week the baton passes to dinners hosted by Alpha Bank and UBS, followed immediately by Eurobank and National Bank. Each bank has its own guest list, its own speaker, and its own way of highlighting its role in maritime financing.

The bond called Bank of Cyprus

Next Monday, Bank of Cyprus goes ex-dividend for fiscal year 2025. Shareholders will receive €0.50 per share as the final dividend, and together with the interim dividend of €0.20 paid in October, the total dividend from 2025 profits amounts to €0.70 per share — €305 million overall, up +25% year-on-year. And this is only the beginning. For 2026, management targets a total payout ratio of 90%, with an additional 20% dividend on top of the standard 70% distribution. For 2027–2028, the target reaches 100%, resulting in cumulative distributions over the three-year period exceeding 30% of current market capitalization. In simple terms: more than €1.2 billion into shareholders’ hands. Dividend yield is estimated at 8% to 10% for this year and 2027. The company’s first-quarter results, announced this year, would in other times have been considered a major corporate event: net profits of €121 million, ROTE of 18%, cost-to-income ratio of 37%, and NPE ratio at 1.1%. Bank of Cyprus operates in a country with public debt below 50% of GDP and growth at 3.1%, almost triple the eurozone average. In this environment, the stock resembles a high-yield bond one might find on a regulated market.

Suddenly Turkey dumped its U.S. bonds

Turkey’s investment position in U.S. Treasury bonds has almost vanished. Official figures show that from $15.7 billion in U.S. bonds in February, holdings fell to $1.78 billion in March. In other words, Turkey reduced its position by 89% in a single month. Between February 28 and April 8, the Turkish central bank was forced to use around $50 billion in foreign exchange reserves to defend the lira’s exchange rate against massive carry-trade outflows triggered by the war in Iran. After the U.S.-Israeli strikes on Iran, the central bank sold $8 billion in a single day, while the lira reached 43.99 per dollar, a historic low at the time. In 2019, six Turkish lira were enough to buy one dollar. Today at least 45 are needed, perhaps more. A depreciation of -87% over seven years is something Turkish citizens feel in their daily lives. The truth is Turkey was not alone. Seven of the ten largest holders of U.S. Treasuries reduced their holdings in March — Japan, China, Saudi Arabia, the UAE, each for its own reasons. Total foreign holdings of U.S. Treasuries fell to $9.348 trillion. Turkey today is just another “emerging economy” without a monetary shield, trapped in the dilemma between monetary stability to keep inflation from spiraling out of control or currency independence.

IMF instructions to governments

The day before yesterday, the IMF published on its blog a text resembling a… first-aid manual for governments under severe pressure. The title describes the problem: “Responding to energy and food price shocks: the right policy at the right dose.” It is signed by IMF chief economist Pierre-Olivier Gourinchas together with three leading fiscal policy analysts. After describing the geopolitical situation, the text concludes that the global economy is facing a classic negative supply shock, with inflation, slowing growth, and central banks simultaneously trapped in a deadlock. According to the IMF, fiscal measures should be temporary, targeted, timely, and tailored. Domestic energy prices should reflect international prices, vulnerable households should be protected through targeted transfers, and viable small businesses should be supported with liquidity rather than price controls. Broad-based subsidies should be reserved only for extremely severe conditions. There is also a chart accompanying the text illustrating the strategy. The more severe the shock becomes, the broader the intervention toolkit grows — from simply strengthening existing programs for the most vulnerable to direct price subsidies in emergency conditions. Poorer households spend two to three times more of their income on energy and food than wealthier households, while lacking precautionary savings, and protecting them is critical for maintaining social cohesion, the authors write. The unanswered question remains how long the shock will last. If the duration stays within historical norms, governments should allow domestic prices to adjust freely to international levels.