Hello, have a good long weekend, and drive safely if you’re traveling by road. This time the weather is on our side and, from what I hear, occupancy rates are very high everywhere. It’s like what our president Alexis said at the beginning of his founding speech: “we created this political movement (the party) for those who are standing with a suitcase in hand…” meaning the people leaving the country for work as emigrants. But of course, if Alexis saw so many suitcases on the roads at this time of year, they’re probably for the holiday weekend, because since he left the country alone in 2019, unemployment has fallen from 17% to 7%. Anyway, I saw him yesterday at the Supreme Court looking just fine in his cream-colored jacket (although we probably also need a stylist — I know a few if introductions are needed) and… arm-in-arm with a former vice president of the Supreme Court. Now this thing of taking former senior judges and giving them positions in the party — Alexis has turned it into a system, and then he accuses others of doing the same. Meanwhile, the polls keep falling like… a rain of stones on our Nikos’s head. One after another, they place him third or fourth (I think Alco has one today on Flash.gr), and all the surveys currently “in progress” show the same thing. They’re already talking about a Mitsotakis–Tsipras bipolar contest again, even if there’s a gap of around 15 points. Same old story. By the way, Mitsotakis will spend the holiday weekend in Chania.

Nerves, lots of nerves

Back to PASOK, which is furious about the polling numbers, as Nikos believes — not exactly an unusual thing, right? — that “some strange plan is being orchestrated by the centers of the establishment to ‘cut PASOK down to size,’ because it is not a convenient opponent for New Democracy, while Tsipras is being boosted because he is more convenient for Mitsotakis.” That’s why yesterday Nikos also attacked the polling company Real Polls, accusing its head, Petros Allilomis, of coming from the inner circles of the SYRIZA government and serving an assigned mission. PASOK members recall that Allilomis was close to Giorgos Tsipras and more broadly to Nikos Pappas’s camp, but in reality Androulakis still holds a grudge against him from the internal party election period, when the polls had shown Haris Doukas ahead.

Karystianou vs. Toumasatou

Among yesterday’s other clashes, we should note the showdown initiated by our leader Maria — and it wasn’t her jab at Alexis. It was the jab Maria directed at actress Marianna Toumasatou, who mocked her at Alexis’s ELAS opening event by asking Aimilios Heilakis whether she should release a dove and upload an Instagram story, just as the leader had done before the Olympion. It’s obvious that the battle for second place isn’t just between Tsipras and PASOK, because Maria also sees herself as a candidate to lead the opposition — because sky is the limit.

Pierrakakis on Tsipras and Androulakis

Although Pierrakakis usually sticks strictly to matters related to his ministerial portfolio during television appearances, it’s well known that when he wants to, he can be venomous. That was confirmed again yesterday morning during his interview on SKAI TV. The Finance Minister was asked both about Tsipras’s new party and about PASOK’s performance — and he left neither untouched. Pierrakakis described the former prime minister’s speech as “a series of catchphrases,” speaking of “politics and mindsets from the day before yesterday,” and reminding viewers that “every time the country was divided, it paid for it in blood — literally in the past, metaphorically afterward.” As for PASOK, the president of the Eurogroup criticized the party’s “present” vote regarding the renewal of Yannis Stournaras’s term, joking that “in left-wing currents this used to be called revisionism.” Regarding party leader Androulakis, he said that “it’s as if he’s auditioning to become leader of the old SYRIZA — except that this particular role now has many suitors.”

Hatzidakis’s messages

Yesterday, government vice president Kostis Hatzidakis released a video marking the 47th anniversary of the signing of the EEC treaty. But I should point out that it was not an innocent commemorative video. It was a very clear political message directed internally within New Democracy, urging members “to resist populism and demagoguery” during a period when internal party pressures and temptations are many. Populism is our national “cancer,” Hatzidakis argues, and we need to leave it behind. “I am certain this is what Konstantinos Karamanlis would have wanted,” he says characteristically. As I’ve told you before, Hatzidakis has decided to intervene with an eye on internal party matters.

Dendias + Adonis = Love

A careful reader of the Ministry of Defense press releases drew my attention to the warm reference Dendias made yesterday to Adonis during their joint appearance at the inauguration of the new Short-Stay Hospitalization wing on the 4th floor of the Naval Hospital of Athens, donated by Panagiotis Laskaridis. Specifically, upon seeing Adonis in the audience, Dendias addressed him as the “dear” Minister of Health, saying that “I gratefully acknowledge your presence, so that we can support the personnel of the Armed Forces in carrying out their service to the Homeland.” Apparently, along with summer comes love.

Dendias–Takis

Staying with Dendias and yesterday’s activities, I also read about a very interesting meeting he had at the Pentagon with Development Minister Takis Theodorikakos. During the meeting they discussed the implementation progress of the “THORAX” information program, financed by the Ministry of Development with nearly €49 million from Recovery Fund resources. I’m told the discussion was detailed and that, in general, cooperation between the two is very close and excellent, as is their personal relationship. Now, could this also mean something for the electoral battlefield of the southern sector of Athens’ second district? I think it might — or at least good personal relations certainly help.

Chevron’s objective

Chevron’s entry into the Southern Ionian region, announced yesterday by the Ministry of Environment and Energy, is no random event, as it follows the exploratory drilling that the ExxonMobil–Energean–Helleniq Energy consortium will carry out in the Northwestern Ionian Sea in February. Practically speaking, the involvement means that the company sees serious indications in the Ionian area, with the value of its blocks being upgraded. Thus Chevron is expanding its foothold in the country, and the two American companies — the largest in the world — are investing in Greece.

Revoil and the scenarios regarding the listing of its subsidiary

Next week, Revoil shareholders expect the distribution of a dividend of €0.049 per share from the profits of fiscal year 2025. After the 5% withholding tax, the net dividend per share amounts to €0.04655. However, the discussion in brokerage offices these days is not about the dividend but about the possible listing of a Revoil subsidiary on Euronext Athens. Reports say that discussions have already taken place at the Roussos family headquarters in Vari, Attica, regarding the listing of REV Energy on the stock exchange board. Since the end of 2024, Revoil has consolidated all its renewable energy activities into a wholly owned single-member subsidiary, REV Energy Group. Initially its valuation exceeded €15 million, but after the acquisition of “Maltezos,” the subsidiary’s value is now estimated at over €30 million. Therefore, the subsidiary’s value reaches around 80% of the total value of the parent company. Group EBITDA for 2025 amounted to €14.87 million, with renewables contributing €975,000 from 15.34 MW photovoltaic parks. The energy portfolio is growing, pre-tax profits jumped by 85.28% to €3.71 million in 2025, and management has every reason to want to crystallize that value. The commercial fuel sector, with its marginal profit margins, “covers up” the growth-oriented renewables sector, which has high profitability coefficients. Therefore, the spin-off appears to have a logical basis. There is also another subsidiary, REV Maritime, which manages ships, and this is a sector that appears to greatly interest the new management of Euronext Athens.

Packing bags for London

In the coming days, a group of executives from Bally’s Intralot will depart for London as we enter the final stretch of the Evoke case. There is a deadline until June 8 to submit — or not submit — an offer for Evoke, owner of William Hill and 888, in a deal which, if completed, would raise the group’s revenues to €3 billion and EBITDA above €1 billion. The market is waiting to see how BYLOT will handle the major issue of Evoke’s capital structure. After the acquisition of William Hill, which was carried out mainly through borrowing, leverage spiraled, and by the end of 2025 Evoke’s net debt stood at £1.8 billion, leading to discussions about selling the company in the form of a distress deal.

Who ADMIE will push out

The atmosphere in the excessively hot London market is extremely positive regarding ADMIE’s capital increase. Once everything is completed and the €1 billion capital increase is entered into ADMIE’s books, one of either EYDAP or Lamda Development will inevitably be “thrown out” of the FTSE25 Index. Today EYDAP has a market capitalization of €1.109 billion and Lamda €1.101 billion. But it is characteristic of the overall evolution of our stock market that the FTSE25 now consists solely of “billionaires,” meaning companies with market capitalizations above €1 billion.

They got confused

The share of Alpha Trust Andromeda, the only listed portfolio investment company on the Athens Stock Exchange, started yesterday’s session strongly, reaching a high of €10.80, showing a rise of 29.81% compared to Wednesday’s close. As the session progressed, the picture cooled off as sell orders appeared, causing the stock to return to the €8.7–€8.5 range. Since the intrinsic value of the Andromeda share at the end of April was €9.9 per share, there was probably some… misunderstanding in reading the announcement. Some people likely got confused after reading the announcement about the launch of the Public Offer by Alpha Trust Holdings at €20.20 by Alpha Bank and rushed to buy, believing the offer price also concerned Andromeda SAIC.

New FTSE Russell regulations aimed at blocking the wave of migration

FTSE Russell approved the implementation of a “Fast Entry” rule, allowing IPOs with market capitalization above the Russell Top 500 threshold to enter major indexes just five trading sessions after listing. The new process bypasses the previous requirement to wait until quarterly index reviews. To qualify, an IPO must have underwriters, while direct listings and “best efforts” listings are excluded. FTSE Russell also set the minimum free-float requirement for UK-based and non-UK-based companies at 10%, down from the previous 25% applicable to foreign companies. The change takes effect from the June 2026 review and abolishes the distinction between British and non-British companies, aiming for indexes to more accurately reflect the market’s real economic exposure. All this is being done to address the wave of companies migrating toward U.S. stock exchanges, as well as the trend driven by AI company underwritings, which are expected to debut at valuations of hundreds of billions and receive immediate inclusion in major U.S. stock indexes.

Greek shipowners are buying and selling ships at the same time

Activity in the secondhand market may have been restrained this week, but Greek shipowners still managed to send their own message. They are buying selectively, selling strategically, and renewing fleets. In the tanker market, Greek interests reportedly added the MR tanker “VIALLI,” a 52,422 dwt vessel built in 2012 by Guangzhou Shipyard International in China, for $27 million. According to market players, this clearly shows a focus on flexible tonnage with commercial specifications. In bulkers, interest shifted to Ultramax vessels, with Greek buyers acquiring in a package deal the “QIAN DAO HU” (2017) and “MO GAN SHAN” (2014), worth nearly $50 million combined. The same sources note that purchases via online bidding are not accidental, but reflect the new “digital” reality of the market, where speed and information make the difference. At the same time, sales were also being booked. Greek interests are reportedly divesting from “PANAGIA FORCE” (81,791 dwt, 2007) for $13.5 million, as well as from “ELPIDA GR” (2003) for close to $8 million. Market participants comment that these moves clearly indicate a willingness to “offload” older fleets before the next waves of regulation. And while the secondhand market is playing cautiously, the picture at the shipyards is entirely different. There, the Greeks are “playing offense.” Eurodry ordered two 82,000 dwt bulkers at Hengli in China for delivery in 2029, while Navios MLP raised the stakes by ordering up to eight VLCCs (4+4) of 319,000 dwt at Wuhu, in a move heavily discussed in shipping circles. Along the same lines, United Overseas Group closed deals for up to ten VLCCs (6+4) at Wison New Energies, at prices approaching $125 million per ship, while Thenamaris strengthened its position with three new 113,300 dwt units. In the gas segment, Ciner Shipping made its presence felt with six VLACs in South Korea, while Global Ship Lease “locked in” eight 6,200 teu containerships in China, showing that interest in containers remains alive despite fluctuations. The broader picture, however, is where the real interest lies. In just one year, Greece has moved ahead with 292 newbuild orders, 234 secondhand purchases, and 318 sales.

Why Frangou went to the markets now — the background of the move

Navios Maritime Partners’ decision to proceed with a supplementary $30 million bond issue may officially be linked to general corporate purposes, but in shipping circles it is interpreted as a carefully calculated move to strengthen its position. Sources familiar with the market speak of a strategic exploitation of favorable financing conditions. “When there is demand and you can secure good terms, you move immediately,” one market executive characteristically notes, pointing out that pricing at 102.75% of nominal value reflects strong investor interest in Navios. The move is linked to the creation of additional liquidity during a period when volatility remains, but opportunities are also present. With a diversified fleet across bulkers, containerships, and tankers, the company retains flexibility to move aggressively should attractive investments arise, either in the secondhand market or in other strategic placements. At the same time, the debt-management aspect has not gone unnoticed. Banking circles point out that such moves fit into a strategy of locking in favorable financing terms before any possible deterioration of the environment. “You prefer to strengthen your liquidity when conditions are positive, not when you’re under pressure,” they say. The company’s strong revenue base also plays an important role. With an average charter duration of 2.2 years and secured revenues amounting to hundreds of millions over the coming years, Navios possesses the necessary visibility to move proactively rather than under pressure. According to market sources, Angeliki Frangou is once again confirming her strategy: maintaining high liquidity, ensuring access to capital under competitive terms, and positioning herself early for the next moves in a rapidly changing market.

7%–8% of GDP from a sector nobody talks about enough

Public discussion may revolve around tourism and investments, but the figures from the Union of Greek Shipowners illuminate a different, less publicized but absolutely crucial reality. Shipping remains the most outward-looking and strategic pillar of the Greek economy. The numbers are revealing and difficult to dispute. Receipts from maritime transport account on average for 57% of total goods exports over the last five years. In other words, more than half of the country’s export footprint depends on a sector operating mainly beyond national borders, decisively strengthening the balance of payments. Shipping’s contribution is not limited to foreign exchange inflows. Directly and indirectly, it represents 7% to 8% of Gross Domestic Product, confirming its role as a key growth engine. Its reach extends far beyond ship ownership, influencing services, port activities, financing, and a series of related sectors, as well as investments in many areas of the economy unrelated to shipping itself. At the same time, the impact on the labor market is equally significant. Around 160,000 to 200,000 jobs are connected to shipping, while an estimated 6% of total private-sector employment depends on it. This highlights that shipping is not only an export “champion,” but also one of the country’s principal employers.

CENERGY Is Waiting for Peace

The management of Cenergy Holdings avoided giving analysts forecasts for this year’s figures, saying it is better to wait for the second-quarter results as well. However, it reassured them that its performance is not being affected by the war and the bombings. By the end of 2026, the first machines will have been installed at the production unit in Maryland, and by the last quarter of 2027 the facility will be fully operational. A key target for 2026 remains securing the first commercial contract in the United States, in a market where cable delivery times reach 12 months, compared with 15–16 weeks in Europe. The order backlog stood at €3.3 billion at the end of March. Peace, whenever it comes, will find CENERGY with a major factory in America.

PPC, Helsinki, and the Data Center

Next week, within the framework of Euroelectric, the management of PPC S.A. will travel to Helsinki and hold discussions with Europe’s largest energy groups. From last Friday until today, PPC’s stock has delivered a return of +11% to those who trusted it at €18.63. At the same time, in Western Macedonia, there are still “Luddites” nostalgic for the era and the “security” of lignite. On the site that until recently housed the lignite yard of the Agios Dimitrios power plant, PPC is building a 300 MW mega data center. The final agreement with the American hyperscaler will require up to six months to complete, as the contract will be extremely detailed and exhaustive regarding responsibilities, liabilities, investments, and timelines for each side. Local stakeholders in the region are “concerned” about the jobs and disruption the new agreement will bring — naturally, because change always creates insecurity — but investments of this kind create hundreds of new jobs, bring high specialization useful for other projects, and of course substantial money. The total investment is estimated at €3.5 billion, with PPC covering €1.2 billion, and the project is scheduled for completion in 2028. At a later stage, the project could scale up to 1 GW, with total investment reaching €8 billion. The data center will be supported by PPC’s natural gas, hydroelectric, and photovoltaic units in the region. This is PPC’s great advantage. It stands behind every energy source, at a time when energy supply is the main concern in other similar projects.

50% of Trading Volume in PPC — Stock at 2008 Levels

And since the discussion is about PPC, it should be added that during yesterday’s stock market session — which saw a correction after a six-day rally — PPC’s stock acted as a “counterweight.” The company erected strong defenses against generalized market pressure, recording an impressive jump of 4.7% to close at €21.98, while intraday it touched the psychological €22 threshold for the first time since July 2008. PPC monopolized market interest. Out of the total turnover of €436.91 million, €220.57 million concerned PPC, accounting for more than 50% of total transactions. More than 10.1 million shares changed hands on the board, while net block trades exceeded €122.8 million, confirming that strategic moves by major players are fully underway. Analysts attribute the intense activity to portfolio rebalancing. Following the completion of the landmark €4.25 billion share capital increase, PPC’s weighting in international indices, especially MSCI, is increasing. This forces large passive and active institutional funds to immediately adjust their positions, creating unprecedented buying pressure that absorbs all supply. With yesterday’s close, PPC achieved another historic milestone, breaking through the €13 billion barrier, with its market capitalization now standing at €13.1 billion, within touching distance of National Bank of Greece, which is valued at €13.4 billion.

Sarantis: Flirting with Historic Highs Despite Removal from FTSE 25

Sarantis Group stock is moving on a positive trajectory, closing at an eight-year high of €15.64 (levels last seen in January 2018). The company is now within striking distance of its all-time high of €15.9, recorded on January 24, 2018. Its market capitalization is approaching the €1 billion milestone, currently standing at €996 million. This excellent stock market performance is taking place during a period of significant reshuffling for the stock. The semiannual FTSE index review brought about Sarantis’ “demotion” from the large-cap index (FTSE Large Cap / FTSE 25) to make room for Credia Bank. Although leaving the FTSE 25 traditionally entails portfolio restructuring and possible outflows from passive funds, the market may instead be focusing on the group’s strong fundamentals, while the limited free float is also supporting the stock.

Bitcoin in a Tight Spot (Again)

The day before yesterday, within a 24-hour period, total liquidations in the cryptocurrency market exceeded $290 million. Some believed this represented a major investment opportunity, and long positions absorbed more than 90% of the liquidations. Bitcoin fell below $73,000, and those who bought are hoping for a similarly powerful rebound upward. The total cryptocurrency market capitalization has dropped to $2.45 trillion, while Bitcoin and Ethereum ETFs recorded outflows exceeding $800 million on Wednesday alone, as the market prices in geopolitical risks and interest-rate developments. Spot Bitcoin ETFs lost $733 million in a single day — the largest daily outflow in recent months. For the whole of May, outflows exceeded $2 billion, reversing gains of $2.9 billion and $1.32 billion from the previous two months. When the new American bombings in southern Iran began, Bitcoin also started collapsing below $77,000. This is a pattern repeated throughout the duration of the conflicts. Technically, Bitcoin is going through a critical convergence phase, with a strong support zone between $73,000 and $75,000. If that level breaks, the road opens toward $70,000 and below. Usually, when military operations escalate, investors seek refuge in gold. Apparently this does not apply to the “digital gold,” as Bitcoin likes to call itself.

But Gold Is Not Feeling Very Well Either

Gold reached a historic high in January 2026 at $5,589 per ounce. Since then, it has lost more than 18% of its value. Inflation in the United States remains steadily more than one percentage point above the Federal Reserve’s 2% target. In this environment, Morgan Stanley proposed a modified 60/20/20 portfolio model: 60% equities, 20% short-term bonds, and 20% gold. In this way, it upgraded gold into a central component of investment strategy. BlackRock went even further, classifying gold as a “structural holding,” meaning a foundational element of every investment portfolio. The stock-bond correlation reached thirty-year highs during the post-pandemic inflationary cycle, overturning the logic of the classic 60/40 portfolio. In today’s landscape, gold is not merely protection against uncertainty. It is the answer to an investment architecture that is shaking. These days, according to technical analysts, the price of gold is moving marginally above the critical 200-day moving average, located near $4,377 per ounce. If this technical level is breached, they say, the road opens for a correction toward $4,075. If that also happens, the investment world will lose yet another support — one of the few that remain.

A $250 Banknote with Trump’s Face

This year, America is celebrating 250 years since the Declaration of Independence (July 4, 1776). President Donald Trump’s new ambition is reportedly to see his face on a high-value American banknote. The Washington Post reported that officials in the Trump administration are pressuring the Bureau of Engraving and Printing — the agency that prints U.S. banknotes — to design a $250 bill featuring the President’s portrait. It would be the first time a living person has appeared on American currency in the last 150 years. The director of the Bureau of Engraving and Printing resisted the pressure and was transferred to another office last month. Back in February, the “Donald J. Trump $250 Bill Act” was introduced in the House of Representatives, a bill amending Federal Reserve law and introducing an exception to 19th-century legislation prohibiting living persons from appearing on banknotes. The bill is pending before the Financial Services Committee. Treasury Secretary Scott Bessent announced in March that the President’s signature would appear on all banknotes in honor of America’s 250th anniversary. The signature does not require a congressional vote; it falls under the Treasury Department’s authority. Therefore, America is waiting for the circulation of the first “Trump bills,” naturally before July 4.

The Forint Is Dying, Long Live the Euro

Hungary’s new finance minister, András Kármán, pledged that his country would fulfill all criteria for adopting the euro within four years. This marks a truly “radical” shift in economic policy after the Viktor Orbán era. The victory of the Tisza party led by Péter Magyar in the April 12, 2026 elections ended the country’s long-running Eurosceptic government. Hungary had billions of euros in European funds frozen due to disputes with Brussels over the rule of law. The new government is moving in the opposite direction, with Magyar promising to unlock those funds “within months.” Central bank governor Mihály Varga promised that “the central bank will be a constructive partner,” while quickly emphasizing that careful preparation is required. Hungary remains far from euro adoption. The deficit is projected to widen to 6.2% of GDP in 2026, while the debt-to-GDP ratio is expected to reach 76.8% by 2027. The Maastricht criteria still apply — even if eurozone member states themselves violate them — requiring a deficit below 3% and debt below 60%. Hungary lags behind in three critical indicators: public debt, fiscal deficit, and inflation convergence. Capital Economics estimates that the 2030 target appears rather optimistic. Nevertheless, even the path toward the euro has value. If the government sets a credible timetable and simultaneously reduces the deficit, interest rates could fall quickly, even before formal accession. That is Magyar’s real wager. Not the euro of 2030, but today’s credibility.