Hello, some first comments about the new party of our beloved Alexis, starting first of all with its name, Greek Left Alliance. So, Tsipras is telling himself: rebranding is nice, the French guys from Publicis, the effects, the cute little girl (like something from an old Andreas rally), the idyllic Acropolis backdrop (which Mitsotakis found), but where am I supposed to look for people now? My shop is already there, fully set up — I’ll just renovate it a bit, some touch-ups, get rid of the Polakis types, and declare that it is “under new management.” And at worst I’ll get the same percentages; hell, even if I get 15%, I’ll still be second. Because, as you surely understand, a centrist name with the word “Left” in it is a no-go, and Tsipras knows that very well. If he didn’t want to win back the same audience, the SYRIZA crowd at least, he would have named it something else. In any case, he would not have included the word “Left.”

In high spirits…
Apart from that, Tsipras was upbeat, smiling, and as always communicative and… sweet. A regular actor at the end with the little girl. As for substance, don’t go looking for it… a bit of everything thrown in. There wasn’t much he didn’t say in terms of vague generalities. I noted the words corruption and oligarchs several times, with special mention even of energy oligarchs! (Come on, Alex, people are watching us.)

Organization
Good organization with plenty of people, lacking enthusiasm but with a packed square. The technical discordance was the autocue screens positioned below instead of “two mirrors” to the right and left of him. People below… the usual SYRIZA faces, with some face control at the front so they wouldn’t provoke reactions.

Conclusion
As a political persona, he eats poor Nikos for breakfast, and all his former allies are lined up for him to choose from. The rest we’ll see in practice, but people definitely mocked the name. ELAS-ELAS Antonis Samaras, Chrysochoidis’ ELAS, grandpa’s EAM-ELAS, etc. So then, bon voyage to the leader and enjoy the show.

PASOK polls
Yesterday we had the first poll (Interview) after Karystianou and before Alexis, showing PASOK in third place, slightly below Tsipras, but I hear some polling companies aren’t waiting for the dust from the announcements to settle before releasing surveys. I’m told there’s one today showing New Democracy at 29%, Tsipras at 16%, Maria K. at 13.5%, and our Nikos below 10%. I predict PASOK will be singing the timely Lioliou song in paraphrased form: “our home has been rented to Alexis”!

Peloponnesian War by PASOK’s own hand
This thing with term limits and the “you leave-I come” approach in PASOK is not going to end well. And it already seems not to be going well, because Androulakis’ “measure” is proving, on the one hand, to be pretextual (see the case of Kastanidis being excluded from the Thessaloniki ballot through the new regulation), and on the other hand it ends up turning even the… exceptions against the rule. The reason is George Papandreou, who has served 20-plus years as an MP, but as a former prime minister was exempted from Androulakis’ “cutoff,” and therefore can again be a candidate (without preference votes) in Achaia. Papandreou’s candidacy is of course backed by loyal Papandreou supporters (who are by no means a negligible force in Achaia), but not by the Androulakis camp and the other allies of President Nikos, who have raised the flag of rebellion near… Kalentzi, the Papandreou family birthplace. One of PASOK’s parliamentary candidates in the prefecture in 2023, Giorgos Beskos, who is also president of the Aigio Bar Association, publicly opposed Papandreou’s candidacy. Beskos must have seen the polls, must have concluded that PASOK will most likely again elect only one seat in Achaia, and so he started the war. He talked about “political dynasties,” denounced “political flowerpots,” caused an uproar. And if the rumors are true, he also made phone calls to his “comrades” at Charilaou Trikoupi, asking them to put an end to Papandreou’s candidacy, in hopes that (as he says) the candidates competing with preference votes might finally get moving and the needle in Achaia might shift. Many other things were heard in the region between presidential loyalists and Androulakis supporters — some predict a… mini Peloponnesian War with Patras as its “capital” very soon, unless Charilaou Trikoupi decides to clear things up in time. Unless those rallying against Papandreou are indirectly but clearly expressing the mood prevailing in the leadership circle at Charilaou Trikoupi toward the former prime minister… If so, haven’t they thought about possible mass defections of Papandreou supporters to Tsipras’ party? Huh?

The difficult Cabinet meeting on labor issues
While Cabinet meetings lately have generally passed without many disturbances, yesterday’s one had trouble from the start, and this became obvious when Kerameos’ bill concerning equal pay for men and women for the same position or work came up for discussion. The mechanism provides that if there is a 5% discrepancy without sufficient justification, the Ombudsman and the Labor Inspectorate intervene. Now, the text obviously concerns the adoption of a European Directive, but many ministers became furious and strong arguments were heard. Adonis said the regulation had a Soviet flavor and that the government was in reality moving toward over-regulation of the labor market. Plevris was also very harsh, while Floridis, who spoke as well, said the provision was unworkable and that the government had no need to adopt the directive. It was also said that the distorted practices of the public sector should not be transferred to the private sector. One way or another, other ministers also spoke against the regulation, such as Gerapetritis and Domna, while Mitsotakis said something along the lines of “let’s look at it again,” and now the regulation is heading for “calibration” at the General Secretariat of the Government. In fact, I’m told that K.M. even joked to Kerameos that she was wearing… a red jacket. Honestly, where do they come up with these things, guys?

Pierr and the taxation of crypto products
Let me also reveal to you that Pierr said during the Cabinet meeting that he is preparing a tax framework for crypto products, such as Bitcoin and other cryptocurrencies traded on the market. The framework will resemble that for assets such as stocks, while the announcement is not unrelated to Binance preparing to become active in Greece, “playing ball” in this huge and generally unregulated market.

ygeiamou.gr conference
Today at the Grande Bretagne Hotel the customary annual conference of the website ygeiamou.gr is taking place, under the theme “Health in a changing world: resilience, access, trust.” Participants include Prime Minister K. Mitsotakis, Health Minister Adonis Georgiadis, Deputy Minister Eirini Agapidaki, businesspeople from the health and pharmaceutical sectors, as well as distinguished scientists and university professors.

The Commission’s “rejection” of Kovesi
Laura Kovesi may have adopted a combative stance against the government over the regulation for the faster adjudication of cases involving political figures and may be sending letters here and there, but I should tell you that the European Commission does not seem ready to adopt her zeal. Thus, the various scenarios suggesting proceedings for violation of European regulations are rather laughable, while yesterday a Commission spokesperson also chose to lower the tone, saying that the Commission is in full cooperation with Greece and that there is generally communication in order for the 2026 rule-of-law report to be drafted appropriately.

Mitropoulos’ daughter and Karystianou
Quite a few people are trying to secure a seat beside Karystianou these days, estimating that her party will win several seats. A source familiar with these circles told me yesterday that the well-known labor lawyer Alexis Mitropoulos is also following developments around her party, mainly because he is interested in having his daughter — and fellow lawyer — Angeliki Mitropoulou enter politics. In 2019 she had unsuccessfully run on Varoufakis’ ballot in Eastern Attica.

“Forget the trips, focus on Recovery”
I’ll stay with yesterday’s Cabinet meeting because, as is customary through August, the pending issues of the Recovery Fund are being discussed, and Nikos Papathanasis gave an update. Given that only one quarter remains before the RRF reaches the end of its life, Mitsotakis reportedly once again urged his ministers to stop traveling and focus on the Fund’s milestones so that money is not lost.

Wave of Greek shipping listings on the stock exchange
Today the board of the Hellenic Capital Market Commission will discuss Safe Bulkers Inc.’s application for approval of its prospectus for listing all common shares on the Main Market of Euronext Athens. This is an important development, since it is the first shipping company to enter our stock exchange. A discreet but systematic effort has preceded this, both personally by Bouznas and by the Capital Market Commission (to avoid problems with the institutional framework), and now the efforts are bearing fruit. It matters that the Greek stock exchange was chosen instead of Oslo’s, which until now had monopolized the interest of shipping companies. But the most interesting thing is that Safe Bulkers is opening the way with dual listing, because more dynamic developments are to follow. Very soon Euronext Athens will have a sector of Greek shipping companies with rich and high-quality representation from major shipping names.

Safe Bulkers on Euronext Athens
So the beginning is being made by the shipping company of shipowner Polys Haji-Ioannou, which is already familiar to the stock exchange since four years ago it raised €100 million by issuing bonds traded in the relevant category of the Athens Exchange. It owns 45 dry-bulk vessels and is listed on the New York Stock Exchange (NYSE). As part of its fleet renewal strategy, it recently sold older Kamsarmax and Post-Panamax vessels, while it also announced the acquisition of four newly built Japanese dry-bulk vessels, with deliveries through 2029. The agreement includes three Kamsarmax vessels of 82,000 dwt and one Capesize vessel of 182,000 dwt.

Lamda Development–ION Group agreement by end of July
Lamda Development’s bond prospectus sheds full and detailed light on developments concerning the binding offer it accepted from the ION Group in August 2025. As Lamda states on page 65 of the prospectus, the ION Group’s Research and Innovation Center will be developed in two separate areas of Ellinikon, and the total transaction value that Lamda will receive amounts to €450 million. “The transaction is subject to the completion of legal, technical, and financial due diligence, as well as the finalization and signing of contractual documents, which is estimated to be completed by the end of July 2026.”

Metlen rebounds
Metlen is also showing strong momentum, recording five consecutive rising sessions in Athens. The stock has posted cumulative gains exceeding 10% since May 19, jumping from €37.2 to €41.04. This movement marked the return of the share above the psychological threshold of €40, bringing the group’s valuation very close to €6 billion. The five-day streak established Metlen at the highest levels of the last quarter, specifically since early last February. At the same time, it confirms the stock’s full technical and fundamental recovery from the recent lows of €32. The stock also rebounded dynamically in London, where it closed up 6.46% at €41.5. Analysts point out that Metlen is recovering thanks to the group’s international orientation and strong financial results. Meanwhile, short positions in the stock are gradually decreasing.

ADMIE in London — 10 meetings with Infrastructure Funds
The management of ADMIE Holdings is today in London promoting a share capital increase of up to €530 million, aimed at financing its participation in ADMIE’s own €1 billion capital increase, which will support the strategic investment program for 2026–2029 worth around €6 billion. In London, 10 meetings with Infrastructure Funds have already been finalized by the lead underwriters Goldman Sachs and Morgan Stanley. The difficulty of the presentations lies in the complex corporate structure, since three business entities with different functions and profiles coexist: ADMIE SA, which executes the projects; DES ADMIE, the Public Power Transmission Company Holdings acting as the state representative/shareholder holding 51% of ADMIE SA on behalf of the Greek state; and of course the listed ADMIE Holdings. This complexity is at the same time ADMIE’s strong advantage, since it can guarantee lower exposure to energy prices, regulated returns, and a long-term project pipeline. This is exactly the type of corporate profile European Infrastructure Investment Funds are seeking today. The “catalyst” for the process is PPC’s success in raising impressive amounts of capital. ADMIE Holdings’ share is just below €4, having gained 17.8% over the past week, with market capitalization at €915.2 million.

Panteliadis vs. Theodorikakos, with Masoutis in the background
The differing views (sic) of Aristotelis Panteliadis and Takis Theodorikakos are beginning to reveal that even within the Supermarket Union there is strong disagreement (again sic) about how the Union should react to what the sector claims are the government’s “unfair” measures, especially the profit cap. This perhaps also explains the recent leadership change in the Union, with I. Masoutis becoming president and Aristotelis Panteliadis moving to the vice-presidency. Rumors have circulated for quite some time in the market that the two businessmen differ in their views on sector issues, especially regarding relations with the government. The disagreement is also reflected in the leak from the Development Ministry undermining Panteliadis’ complaints that there is no communication between the Union and the ministry, since it was announced that a meeting between Theodorikakos and Masoutis will take place today.

Piraeus Bank and Posidonia
The shipping market is entering Posidonia mode, with the exhibition officially beginning next Monday, and Piraeus Bank opened the cycle of events. It hosted a dinner for its shipping clients at “Faros” in the Stavros Niarchos Foundation Cultural Center. Guest speaker was Financial Times columnist and author Gideon Rachman, who spoke about geopolitical developments and their impact on global trade and growth. He emphasized the two wars, in Ukraine and in the Gulf, noting that in the first case the situation is finely balanced and in recent months has “turned” in Ukraine’s favor due to the drone technology it has developed, allowing it to carry the war into the Russian interior. Regarding developments in the Gulf, he noted that even if an agreement is reached, it will take several months for the situation to normalize. Guests were addressed by the head of the Group’s Corporate and Investment Banking division, Thodoris Tzouros, while the event was introduced by Piraeus CEO Christos Megalou, who after Rachman’s speech had an interesting discussion with him. The event concluded with the FT columnist answering guests’ questions in a lively discussion that maintained strong interest among attendees.

Vakakis’ cooperation with Samir Mane
The commercial deal was finally concluded, and Jumbo granted the BALFIN Group the franchise for expanding the brand into Ukraine, Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan, while a central logistics hub will be created in China to serve the expanded network. Behind BALFIN stands Samir Mane, considered the first Albanian to enter Forbes’ billionaire list, with a fortune estimated at close to $1.5 billion. He began his entrepreneurial journey in the early 1990s trading electrical appliances from Austria to the Balkans. Based in Vienna, the group today operates in 11 countries, employing more than 5,500 people, and has evolved into an investment group active in retail, shopping centers, real estate, banking, energy, logistics, and tourism.

New regulatory framework for EYATH
The Regulatory Authority for Waste, Energy and Water (RAAEY) approved the new regulatory framework for EYATH for the 2025–2029 period, determining the permitted financial cost, return on capital, and the new water supply and sewage charges. The decision sets the operating foundations for the company over the next five years, providing for increased permitted costs but also stricter control over returns and operating expenses. Specifically, RAAEY approved a total financial cost increasing gradually from approximately €80.4 million in 2025 to €95.1 million in 2029, including operating expenses, depreciation, and return on employed capital. However, the Authority did not fully adopt EYATH’s proposal and determined a lower permitted return on capital (WACC 6.24%), thus limiting the level of permitted profitability compared to the company’s initial target of 7.0%.

Adjustments to water tariffs
At the same time, RAAEY proceeded with interventions in operating costs, judging that certain expenses either are not sufficiently documented or should not be fully passed on to consumers through tariffs. Among other things, expenses for third-party services, personnel, compensation, and other operating costs were examined, with the aim of limiting unnecessary or non-reciprocal burdens. The decision is also accompanied by adjustments to water tariffs. Under the general household tariff, increases are foreseen in most consumption brackets, with the price for consumption up to 10 cubic meters rising from €0.42 to €0.49 per cubic meter, while corresponding increases are also recorded in higher consumption brackets. Revisions were also approved for professional, industrial, and special tariffs for large customers. At the same time, RAAEY maintains social provisions for vulnerable households through special social tariffs with reduced charges, while fixed water supply fees remain essentially unchanged.

DEI: New 18-year record
The debut of the new shares of PPC from the recent share capital increase unfolded as a show of strength on the Euronext Athens board. Despite initial nervousness, which pushed the share to an intraday low of €20.66, buyers quickly appeared, “sweeping up” the increased supply with ease and driving the stock up to €21.96 at the day’s high, just a breath away from the psychological €22 level. The share closed the session at €21.48, up 1.32%, recording a new 18-year high (levels last seen in July 2008). The enormous momentum was reflected in trading volume, which exceeded 5.27 million shares, with turnover reaching €112.77 million. With the listing of the new shares, PPC’s market capitalization soared to €12.8 billion, now approaching the €13 billion milestone. The group is now firmly established as the fourth-largest listed company on the Greek stock exchange by market capitalization, significantly narrowing the gap with National Bank of Greece, whose valuation is close to €13.5 billion.

Aristidis Pittas’ “master move” before ship prices surge further
At a time when prices for modern second-hand bulk carriers have skyrocketed, Aristidis Pittas decided to shift “levels” and turn to newbuildings. EuroDry struck a deal for two new 82,000 dwt Kamsarmax bulk carriers at China’s Hengli shipyards in Dalian, for about $74 million, with deliveries in 2028. According to market insiders, the strategy behind this move is clear. The head of EuroDry believes that the overheating in second-hand vessel values has created a rare situation where newbuildings are now cheaper than modern second-hand ships. In other words, Pittas sees value where most others see risk. It is no coincidence that the new vessels will be eco-design and compliant with the strict EEDI Phase 3 standards, at a time when the green transition is increasingly pressuring the global fleet. In shipping circles, it is said that the EuroDry chief is already building the fleet of the next decade, betting on more efficient and commercially competitive assets. And the timing is far from random. EuroDry is showing markedly improved performance, with Q1 revenues up 39% to $12.8 million and average daily fleet earnings nearly doubled compared to last year. The company has returned to profitability after last year’s losses, while continuing its $10 million share buyback program. Behind the scenes, many see Pittas as doing more than just renewing his fleet. With carefully calibrated moves, he is balancing growth, financial discipline, and an investment message to Wall Street. And in a volatile market, that does not go unnoticed.

Vafias bets on the “next day” of the Gulf
In the tanker market, most players were used to profiting from tensions in the Middle East. Now, however, several funds are beginning to consider a different scenario: that even de-escalation could prove equally profitable. This is essentially what Imperial Petroleum, controlled by Harry Vafias, suggested in its quarterly results, implying that a definitive end to hostilities and the full reopening of the Strait of Hormuz could further boost tanker demand. It did not go unnoticed on the New York Stock Exchange that Imperial kept almost its entire fleet in the spot market during the crisis period. It was a pure bet on freight rate volatility — and so far, it paid off. Profit of $28 million was the second-highest in the company’s history since 2021, with management directly linking performance to exposure to high spot rates. At the same time, shipping brokerage circles increasingly highlight the company’s unusual position: zero bank debt, high liquidity, and continuous fleet expansion. At a time when many listed companies are pressured by expensive financing and refinancing needs, Imperial is effectively moving in the opposite direction. Harry Vafias continues to argue that the stock remains undervalued relative to cash holdings and fleet value. That is why share buybacks are increasingly seen not as a cosmetic move, but as a signal that management believes Wall Street is still applying a “risk discount” to shipping. What is interesting is that this debate is unfolding at a time when major U.S. trading desks are trying to understand the next equilibrium in the oil market after the crisis. And many now believe that the biggest opportunity for tankers may not lie in peak tension — but in the recovery of flows once the market returns to normal operations.

Greeks hit the accelerator with new ships, billions in investments, and future fleets
At a time when the global economy is navigating uncertainty and shipping must balance geopolitical tensions, new environmental regulations, and higher financing costs, Greek shipowners continue to invest at the right moment and build the fleet of the next decade. Recent vessel deliveries from major Greek-owned groups are part of a broader strategy of renewal, technological upgrade, and long-term dominance in a rapidly evolving market. Angeliki Frangou, through Navios Maritime Partners, sent a clear message with the delivery of “Nave Equator” and “Nave Hina.” The “Nave Equator,” a new Aframax/LR2 product tanker of 117,059 dwt, reflects the new philosophy of Greek shipping: high-capacity vessels designed for the green transition era, LNG-ready, methanol-ready, and equipped for Alternative Maritime Power. Alassia NewShips Management, led by Nikolaos V. Hadjioannou, with the naming ceremony of “Cymona Life,” confirmed that fleet renewal is not limited to major players but spans the entire Greek shipping landscape. The new vessel, built with Japanese shipbuilding expertise and high specifications, symbolizes continued investment in quality and long-term competitiveness. The same message was echoed by Dynacom with the delivery of “Leros,” a modern LRII product tanker of 115,000 dwt, delivered 164 days ahead of schedule. And so, Greeks continue to prove they remain not only masters of the seas, but also among the few global players with the financial strength, strategic foresight, and boldness to invest aggressively even in uncertain times.

A new move from the Kertsikoff family
A new company was established yesterday by members of the younger generation of the well-known shipping family Kertsikoff, linked to Eletson as well as the landmark Angsana Corfu Resort & Spa in Benitses, Corfu. The new entity is named “Argo Benitses” and is based on Vasilissis Sofias Avenue in Athens. Its corporate purpose includes property acquisition, management, and leasing, as well as construction and development activities. The initial share capital is set at €1 million, fully paid in cash upon incorporation by Kerkyra Capital, represented by Erichos Thomas Kertsikoff. The three-member board includes the children of Vassilis Kertsikoff: Erichos Thomas Kertsikoff as Chairman and CEO, Amalia Kertsikoff as member, and Ioannis Makris as board member.

The 4 waves of war
The Financial Times describes how the war in the Middle East is hitting the global economy in four successive waves, concluding that today wealthy countries are beginning to feel the weight of the third. The first wave is purely energy-related: the largest supply disruption ever recorded in the oil market, with an initial reduction of about 10 million barrels per day in global production. The second wave is inflation: first through higher energy prices, then food prices, and finally higher interest rates making debt more expensive. Every 10% increase in oil prices, if sustained, raises global inflation by 0.4 percentage points and reduces global output by up to 0.2%. Today the global economy is facing the third wave: demand collapse. Households pay more for energy and food, real incomes shrink, and discretionary spending falls. The FT headline is clear: “War squeezes real wages even in rich countries.” The situation resembles the 1970s, with supply shortages, monetary instability, inflation, and risks of stagflation. Central banks are trapped: they cannot cut rates due to inflation, nor raise them due to recession risk. The gap between the third and fourth wave is small: financial instability, falling equity markets, and bond sell-offs in a high-debt world with limited fiscal space.

Investment risk in equities and bonds
Professional investors often use the equity risk premium (ERP), which measures the extra return expected from equities over government bonds. Today, that premium has nearly disappeared. A 10-year U.S. Treasury yields about 4.5%, while S&P 500 expected earnings also imply roughly a 4.5% return. This parity has not been seen since the dot-com bubble era. Rising bond yields, driven by inflation fears and geopolitical shocks, have reshaped expectations. Since the 2000 bubble, ERP initially surged, stayed elevated for years, and has now returned to zero. The traditional logic — bonds for safety, equities for return — is being challenged. In a world where “safe” assets yield as much as “risky” ones, portfolio construction becomes significantly more complex.

Ferrari Luce disappoints investors
Ferrari has made a major strategic decision, breaking with 70 years of tradition. On Monday night in Rome, it unveiled its first electric model, the Ferrari Luce (“Light”), featuring four electric motors, over 1,000 horsepower, a 122 kWh battery, and over 500 km of range. Designed partly by former Apple design chief Sir Jony Ive, the car was presented with a dramatic light show featuring five versions in different colors. CEO Benedetto Vigna said it represents “five years of hard work.” Immediately after the presentation, Ferrari’s stock fell 6% in Milan to €290.80, about 25% below its peak of €440. Analysts worry that the EV strategy will sharply increase R&D costs and reduce shareholder returns. Rivals like Lamborghini have already canceled EV plans due to weak demand, while Porsche has scaled back its own electric strategy. Ferrari plans deliveries of the Luce starting Q4 2026, with a starting price of €550,000. Investors remain skeptical.