Hello, the good news of the day (since midnight the day before yesterday) is the impending signing of a ceasefire and peace agreement in the Middle East, which, despite the problems and back-and-forth, seems closer than ever. If you read the serious and more objective international observers and the major foreign media outlets, it appears more like an almost unavoidable decision by the Americans and the Trump administration because of the midterm elections coming this autumn. It is hard to find any benefits for the American side from this frighteningly costly war, but let us wait a few days for the agreement to “cool down.” Turning to domestic matters, the fact that Mitsotakis is supposedly going to call elections next spring, yet since June 15—that is, 10 months earlier—has been touring areas where New Democracy is not doing particularly well in the polls: do you consider that a coincidence? Personally, I suspect that things may not be exactly as they seem regarding the timing of the elections, but time will tell. As for the rest of the day’s news, yesterday’s decision by the Supreme Court not to release Giotopoulos one year earlier than the 25-year threshold is more a matter of appearances, since I believe that someone who has already spent 24 years in prison can spend one more. As for the polling numbers, you can see them yourselves: the trend continues, and Tsipras’s second place has become established. I also think that our Nikos is heading for bronze, which means Europa League. Not bad at all—what more could he want? He’s making it onto the podium.

Alexis, Nikos, and Luxembourg

Out of professional curiosity, I went to Gemini and asked it in which European countries public transportation is provided free of charge by the state. I saw that this applies nationwide in Luxembourg and Malta (687,000 and 570,000 inhabitants respectively—roughly half a Thessaloniki each), in Belgrade, in Tallinn, and in a few small provincial French cities such as Montpellier (500,000 inhabitants) and Dunkirk (86,000), while in Lisbon free metro travel applies to those under 18. Even if you add together all the countries and cities where the measure exists in Europe, from what I can see they do not amount to even one Athens. It is probably easier for Nikos and Alexis to merge. “Pasokalex,” naturally…

Troubles and Protopapas

Since I mentioned PASOK, let me note that in the 2023 elections it came fourth in the Athens metropolitan area—except in the Eastern Attica district, where it did not exactly shine either, merely finishing third. Even the Communist Party (KKE), which is known to maintain “historically” stable support in the area, outperformed it there. Now the concern at Charilaou Trikoupi is linked to the scenario of finishing fifth, since Karystianou’s “Hope” movement is entering the equation as well. That is why they have started rushing around, somewhat panic-stricken, into every neighborhood of Attica. Miracles do not happen, but somehow they still hope to achieve something. As a result, they invited to Charilaou Trikoupi even party figures whose relationship with Androulakis had not been the best from the internal party elections until today. Christos Protopapas, for example, as a key member of Doukas’s team when the mayor was a candidate for PASOK leadership, may not have exchanged a single word with President Nikos from the internal disputes of 2024 over the leadership election until this year’s party congress.

Congress

The ice began to thaw around the time of the Congress, and a few days ago Protopapas started appearing more frequently at Charilaou Trikoupi. In fact, yesterday, Monday afternoon, he officially took over coordinating the electoral battle in Athens A constituency, intending to address all the party’s “factions” and ask them to pull together in pursuit of small pre-election miracles. Some people, understandably, are betting that Doukas probably was not particularly pleased with the idea of the experienced Protopapas returning to Charilaou Trikoupi.

The Tours

Mitsotakis changed plans with his aides yesterday and decided to tour Eastern rather than Western Attica today. The main reason is that he wants his visits to be connected to projects and deliverables, and in the case of Western Attica the procedures for signing the contracts related to the triple interchange at Skaramangas were not yet ready. This afternoon he will visit the flood-control works underway on Korbi Hill, then go to the health center in Vari, and later in the evening he is scheduled to speak at a café in Voula. Beyond the urban centers, New Democracy is placing particular emphasis on the provinces, where its support is lower. This week it is sending prominent figures on tours of prefectures in Western Greece, with Thursday’s political academy event in Agrinio serving as a milestone. In Aetolia-Acarnania, party secretary Kostas Kyranakis will go together with Vasilis Kikilias; in Achaia, Pierrakakis will go with deputy ministers Nikos Papaioannou and Stavros Kalafatis; and in Ilia, Michalis Chrysochoidis will be accompanied by Sevi Voloudaki. Indeed, on Wednesday Pierrakakis will also inaugurate the new offices of the New Democracy organization in Patras.

What Mitsotakis Tells MPs

At the same time, Mitsotakis has systematized his meetings with New Democracy MPs. Considerable discussion is taking place regarding the package of announcements expected at the Thessaloniki International Fair (TIF), where there may be interventions concerning the presumed-income system for self-employed professionals as well as corporate tax prepayments. This atmosphere was reportedly picked up, among others, by Thessaloniki MP Diamantis Golidakis, who visited the Prime Minister’s office a few days ago.

The Embassy Reception at the Niarchos Foundation

Invitations have begun going out from the U.S. Embassy for the traditional Fourth of July reception, which this year will take place on July 2 at 7:30 p.m. The venue will not be the courtyard of the ambassador’s residence in central Athens but the Stavros Niarchos Foundation Cultural Center, which is equally glamorous. The dress code specified on the invitation is cocktail attire.

Developments in the Medical Association

New Democracy managed to maintain its strength in the medical sector during a particularly difficult period. Patoulis’s faction comfortably came first in the elections of the Athens Medical Association, with a lead of nearly 30 percentage points over the second-place faction. The 10 points it lost compared with the previous election went to another faction composed once again of New Democracy supporters. Patoulis also had the clear backing of Adonis, who additionally worked to close various fronts that had opened up with prominent figures in the medical community. However, the larger plan that appears to be unfolding concerns the elections for the Panhellenic Medical Association, where the conflict between Adonis and current president Thanasis Exadaktylos is intensifying. One scenario under discussion envisions Giorgos Patoulis moving to the presidency of the Panhellenic Medical Association, while the presidency of the Athens Medical Association could be taken over by the well-known cardiologist Kostas Toutouzas from Patoulis’s faction.

A New Strong Investor for Chania Bank

Turning now to business news, developments are occurring on multiple fronts. First, at Chania Bank, where yesterday Executive Director Ioannis Michos resigned “for personal reasons,” according to the official statement. He was reportedly representing the Czech-owned Wenger fund, headquartered in Malta. It should be noted that the Bank of Greece is closely monitoring Chania Bank and has a full picture of developments, as new investment interest has emerged that is considered strong and substantial.

Th. Kyriakou’s Due Diligence on Attica Group

We have been highlighting Th. Kyriakou’s interest in acquiring the ferry operator Attica Group for several weeks in the Dark Room column. The latest information is that conditions are maturing, and both Kyriakou’s side and Piraeus Bank are discussing a potential agreement in a positive atmosphere. The two sides are currently in the due diligence process, which means that a proposed purchase price has already been placed on the negotiating table and has been deemed, at least initially, satisfactory. We are not yet at the point where the agreement should be considered certain because, as you can imagine, such a major deal cannot be completed either in the middle of summer or during an election period. So, further developments are expected from September onward.

Ferry Transport: The U.S.–Iran Agreement Halted Fare Increases (Update)

And while we are on the subject of ferry transport, let me add that while island residents and businesses are trying to get through the summer amid soaring costs, ferry companies—which are under financial pressure and are expected to face an additional €26 million in costs in June due to higher fuel prices—formally notified stakeholders on the 10th of the month that freight-truck fares would increase by 12% starting June 16. Just six days’ notice. The increases officially concern freight trucks, but in practice everyone knows that additional costs do not remain with the transport companies. They travel along with the goods, are passed on to store shelves, and ultimately end up being paid by consumers. (Update) At the very last moment, the increases scheduled to take effect today were frozen because of the U.S.–Iran agreement, following a “wait and see” approach.

Bookbuilding Opens Today for ADMIE

The bookbuilding process opens today, Tuesday, for the share capital increase of ADMIE Holdings, worth up to €530 million. According to information, the offering price is expected to be set at €3.80–€3.90 per share, while initial indications from pre-marketing point to substantial oversubscription of the capital increase. Today, through investor orders, the market is being asked to absorb approximately €250 million, corresponding to the free-float portion (48.9%) of the listed company.

Signatures for Kalamata Airport

Next Monday, June 22, will be a milestone for Kalamata Airport, as the concession agreement will be signed during the Growthfund Investor Summit 2026 organized by the Hellenic Corporation of Assets and Participations (HCAP). The concession will be awarded to the consortium Fraport AG – Delta Airport Investments (DAI) – PILEAS S.A. The concession agreement runs for 40 years. The consortium consists of Fraport (51% participation), DAI of the Kopelouzos Group (24.5%), and Pileas of the Konstantakopoulos Group (24.5%). It has committed to carrying out investments totaling €28.3 million during the first three years of the concession. These investments include renovation and modernization of existing facilities, expansion and modernization of the terminal, construction of a new aircraft parking apron, investments in technological infrastructure, and new duty-free and food-service facilities. The consortium’s financial offer amounted to €45.2 million in total.

Dual-Purpose Financing at the Airport

Since we have opened the topic of airports, it is worth mentioning that the new seven-story parking structure at Athens International Airport (“Eleftherios Venizelos”) is designed to accommodate 3,365 parking spaces. This is the most visible and tangible element of a major expansion project worth billions of euros, and one of the reasons why Athens International Airport entered the debt markets yesterday with a bond that will trade on Euronext Dublin. Officially, the bond proceeds will be used for refinancing existing debt and for general corporate purposes. In practice, by refinancing older loans with investment-grade borrowing costs, the airport is freeing up financial capacity for its substantial capital investment program. The first major expansion phase is budgeted at €1.28 billion and aims to increase capacity to 40 million passengers by 2032. In 2025, the airport set a record with 34 million passengers, representing growth of 6.7%. An airport with an investment-grade rating, record passenger traffic, and a bond issue that can easily be oversubscribed does not borrow because it has to. It borrows because it can—and because the inexpensive money of 2033 is preferable to the expensive money of today. The 3,365 parking spaces are the showcase. The refinancing is the real transaction. Airport management appointed Goldman Sachs and Morgan Stanley as Joint Global Coordinators, together with AXIA, Bank of America, Deutsche Bank, HSBC, J.P. Morgan, and the National Bank of Greece, for the issuance of a €500 million senior unsecured seven-year bond maturing in 2033. The bonds are expected to receive ratings of BBB from S&P and Baa2 from Moody’s.

Between Scylla (Insurance Companies) and Charybdis (Private Healthcare)

In 2025, the Ministry of Development announced a new and supposedly fairer mechanism for adjusting insurance premiums. The mechanism was scheduled to come into force at the beginning of 2026, but the ELSTAT index on which it is based has still not been published. Insurance companies did not wait. They began applying their own calculation methods. For thousands of holders of private health insurance policies, the pricing landscape has become extremely difficult to understand. The consumer organization EKPOIZO describes the increases as opaque and abusive, noting that insurers are invoking an Annual Adjustment Index (EDA) that has not yet been established by ELSTAT. Premium increases have reached as high as 14%. Insurance companies cite their own figures, claiming that average increases for all of 2026 do not exceed 7.6%, attributing the increases to the sharp rise in healthcare costs. In 2024, insurers’ claims payouts increased by €150 million compared with 2023, a rise of 21%. The average annual increase in healthcare claims between 2022 and 2024 was 18.9%. If premiums had been capped at a 7% increase, the capital required to maintain Solvency II capital adequacy standards would have exceeded €5 billion. That figure is larger than the total equity of the entire insurance sector (€4.1 billion). According to insurers, the problem lies in the structure of the healthcare market itself: private hospitals with costs comparable to those in the United States, no unified pricing system, and a 24% VAT on private healthcare services. Insurance companies do not create these costs, they argue—they merely cover them. The absence of the Annual Adjustment Index (EDA) appears not to be a bureaucratic oversight but rather because some parties are unwilling to reveal the true scale of the figures involved.

Who Will Take This Racecourse? – New Tender Extension

HCAP has announced another revision to the timetable for the tender concerning the development of the property known as the “Olympic Equestrian Center of Markopoulo, Attica.” The development process involves the establishment and transfer of a surface-right concession. Under the revised schedule: The final Surface Rights Contract will be uploaded to the Virtual Data Room (VDR) on July 24, 2026. Site visits may continue until August 7, 2026. Questions regarding the tender may be submitted until August 21, 2026. The deadline for uploading documents to the VDR is August 28, 2026. The new deadline for submitting binding offers is September 2, 2026.

Flexibility

Today, GEK TERNA holds its Annual General Meeting. According to the agenda, item 10 concerns authorization of the Board of Directors to increase the company’s share capital and/or issue a convertible bond loan, including the authority to restrict or abolish existing shareholders’ preemptive rights. According to stock market analysts, this approval gives the group flexibility to take advantage of favorable financing opportunities while maintaining investment-grade status and following its recent inclusion in the MSCI Standard Greece Index. Indeed, the explanatory report accompanying the General Meeting agenda states that granting this authority to the Board is intended to ensure the necessary flexibility for the company to capitalize promptly and effectively on investment opportunities arising within its sectors of activity.

Bobolas Exits

The departure of Leonidas Bobolas from the Board of Directors of Helector could be described as the end of an era. On May 14, the company held a General Assembly that elected a new Board. The new board consists of: Ioannis Vardinogiannis, Chairman, Dimitrios Kontaxis, Vice Chairman, Nikolaos Stathakis, Chief Executive Officer, Emmanouil Christeas, Board Member, Georgios Skouteropoulos, Board Member. The composition is identical to the previous board except for one difference: Leonidas Bobolas is no longer a member. For Bobolas, Helector was considered something of a business “child,” as it was the company within the former Ellaktor Group whose development and expansion he personally oversaw. For a period, he also served as its CEO. As is known, Motor Oil acquired 94.4% of Helector. Bobolas remained on the board after the acquisition while retaining 5.56% of the shares. After those shares were transferred to the new shareholder, he also departed from the board.

Now Being Offered at a Lower Price

One of the oldest and most recognizable office properties on Kifisou Avenue is being auctioned by PQH at a price €2 million lower than its valuation five years ago. The property is the office complex located at 92 Kifisou Avenue in Rentis, which is being offered for sale at €4.96 million. The building, which in the early 2000s housed the offices of the listed Alfa Alfa Holdings Group, later came into the possession of ATE Leasing and for a period also accommodated offices of Agricultural Bank subsidiaries. PQH, acting as special liquidator of ATE Leasing, is now conducting the sale process, with bids due on September 18. The complex consists of horizontal property units across four buildings and includes 92 parking spaces, with a total floor area of 5,859 square meters on a 7,238-square-meter plot. Back in 2021, the corresponding auction price was €6.95 million.

The Karnesis Family Shipping Civil War

Twelve years after the sudden death of shipping magnate Prokopis Karnesis, known internationally in maritime circles as “Paul,” one of the most discussed family sagas in Greek shipping is entering a new phase, as Dark Room revealed at the end of last May. Today, I can provide more details. Immediately after Paul’s death, his wife and son sought to claim their inheritance and property rights from the family shipping group. However, they encountered resistance from the deceased’s siblings—identified as D.K., S.K., and M.K.—who categorically denied that Paul had any substantial ownership stake in the group, arguing that he had been nothing more than an ordinary employee of the family business. For more than a decade, Paul’s heirs remained effectively excluded from developments, alleging that crucial documents were systematically concealed and that every attempt to assert their rights met determined opposition. At the same time, a different and even fiercer conflict was brewing within the family itself. An internal struggle among the siblings over control of the enormous fortune built up over decades through the shipping group.

The 1994 Family Memorandum

The dispute reached its peak when D.K., the sister of M.K., and D.K.’s husband, A.B., filed lawsuits against S.K., seeking hundreds of millions of euros as well as shares in the family group that, according to their claims, rightfully belonged to them. According to people who closely followed the case, a vast amount of financial and corporate evidence was submitted during the litigation, including records of shipping dividends, twenty years of financial statements, banking transactions, and, most importantly, a crucial family memorandum from 1994. This document was reportedly handwritten by S.K. himself and recorded each sibling’s ownership percentage in the group. According to the plaintiffs, these materials demonstrated that all of the siblings participated as shareholders in the group’s companies. The case, however, was not destined to be resolved solely in courtrooms. A murder that shocked the shipping community intervened. Two of the three principal figures in the dispute, M.K. and A.B., were brutally murdered. Just one month after the killings, the surviving D.K. and the heirs of the victims signed a Heads of Agreement before a notary with S.K. The agreement effectively provided for a division of the family fortune and the transfer of group shares, while the parties simultaneously withdrew the lawsuits that had been filed in 2023. This development appears to have reactivated the widow and son of “Paul.” Following the disclosure of financial and corporate records that emerged through the family dispute, Paul’s heirs initiated new legal proceedings and reportedly obtained court documents that appear to confirm that the group operated as a family business in which the deceased also held an interest. As a result, in March 2026, Paul’s widow and son filed a new lawsuit before the courts of Piraeus, bringing back into the spotlight a case that combines family conflict, enormous financial interests, legal battles, and a crime that continues to haunt one of the country’s best-known shipping groups.

Petros Pappas and Yiannis D. Prokopiou Invest in the Same Strategy

Almost simultaneously, Petros Pappas of the NYSE-listed Star Bulk and Yiannis Prokopiou of Centrofin are investing in the same strategy. The focus is on modern, energy-efficient Kamsarmax bulk carriers built in China and designed for a new era of regulatory compliance and operational efficiency. Despite concerns about the global economy, trade wars, and freight-rate volatility, neither Pappas nor Prokopiou—the son of Dimitris Prokopiou—appears inclined to slow down. On the contrary, both are strengthening their positions in one of the most versatile segments of the dry bulk market, where many believe the next chapter of the industry will unfold. Industry observers have noted that the two Greek shipping groups are adding new capacity at a time when many international competitors remain on the sidelines. Some interpret this as a vote of confidence not only in dry bulk shipping but also in the ability of Greek shipowners to read market cycles earlier than their peers.

Titan: Double-Digit Rally and Heading Toward Record Highs

Titan is currently experiencing a period of strong momentum, having recorded three consecutive sessions of significant gains. Since June 10, the stock has risen by an impressive cumulative 11.15%, climbing from €48.72 to €54.15. This move has significantly reduced the gap between the stock and its all-time high of €59, reached at the end of last January. The strong upward movement is mainly attributed to the group’s underlying fundamentals. Titan continues to benefit from the construction boom in Greece and strong demand in both the United States and Southeastern Europe. Operational profitability and resilient margins, combined with the company’s strategic focus on the green transition, are encouraging investment portfolios to increase their exposure, anticipating new highs in the near future. Recently, both domestic and international brokerage houses have repeatedly raised their target prices for the stock, with several analyses placing fair value above €60 per share and encouraging fresh buying interest. At the same time, investors increasingly expect the group to achieve ahead of schedule the ambitious targets of its “Titan Forward 2029” strategic plan, which calls for €1 billion in EBITDA. Finally, the ongoing share buyback program serves as a reliable safety net, supporting the stock’s upward momentum.

Coca-Cola HBC Within Reach of €20 Billion Market Capitalization

Coca-Cola HBC is moving toward its historical highs, with the stock closing above the €53 threshold at €53.20. Following this latest increase, the multinational group’s market capitalization has risen to approximately €19.85 billion, placing it within touching distance of the symbolic €20 billion milestone. The stock is now focused on its all-time high of €55.35, reached last February. The impressive climb toward record highs and the €20 billion valuation threshold is being driven by strong growth momentum and strategic initiatives throughout 2026. The primary catalyst behind the rally has been record financial results. The company reported an outstanding first quarter in 2026, with organic revenue growth of 11.6% and a 9.6% increase in sales volume. Particularly supportive were the double-digit growth in energy drinks (+27%) and strong performance in the Greek market. In addition, this year’s FIFA World Cup is acting as a significant catalyst for consumption, boosting expectations for the second and third quarters. Investors are also positively pricing in the anticipated completion of the acquisition of Coca-Cola Beverages Africa during the second half of 2026, a move expected to open substantial opportunities in fast-growing emerging markets. The company’s guidance for 2026 remains unchanged, projecting organic revenue growth of 6–7% and EBIT growth of 7–10%, reinforcing confidence in the group’s resilience and continuing to attract institutional capital.

Hundreds of Billions for Artificial Intelligence—Funded by Debt, Not Equity

Wall Street has found its preferred method. The enormous financing requirements of artificial intelligence companies are increasingly being met through special-purpose vehicles, structured bonds, residual-value guarantees, and low-security debt instruments. Wall Street prefers debt to equity. Perhaps because debt shares risk, but not control. Ten days ago, a transaction was completed that has few precedents in capital markets history. Apollo Global Management and Blackstone finalized a $35 billion financing package for Anthropic. It ranks among the largest private-credit transactions ever completed. This is not a traditional equity investment involving the purchase of an ownership stake. Instead, it is a structured debt-financing arrangement through a special-purpose vehicle that enables Anthropic to lease Google TPUs rather than purchase them outright, thereby avoiding a major equipment expenditure on its balance sheet. The geography of capital is being rewritten. Approximately 50% of the $35 billion package has already been distributed among institutional investors. Broadcom provides residual-value guarantees on the chips, reducing lender risk, while Morgan Stanley advised Broadcom and helped structure the transaction. Anthropic had already completed another funding round in May 2026 worth $65 billion, raising its valuation to $965 billion. Global capital markets have already absorbed $4.7 trillion in equity, bond, and loan issuance since the start of 2026—a record figure representing annual growth of 7%. At the same time, private credit is experiencing an unprecedented boom. Debt issuances linked to artificial intelligence alone had already reached $236 billion by the end of May 2026, four times the level recorded a year earlier. Morgan Stanley estimates the total for 2026 could reach $570 billion. The five major cloud-service providers have planned investments exceeding $580 billion for 2026, compared with $240 billion in 2024. Artificial intelligence is now viewed as heavy industrial infrastructure, and Wall Street increasingly prefers to finance it through debt instruments rather than equity issuance.

The Cost of Energy for Industry

Oil powers automobiles. Natural gas powers factories—and interest rates. Oil generates headlines. Gas keeps industry running. The most important price decline today is not only in Brent crude oil but, above all, in the TTF natural-gas benchmark. The Dutch TTF index, Europe’s principal gas benchmark, fell yesterday to €44.43/MWh, a drop of more than 5% in a single day and its lowest level in five weeks. The United States and Iran reportedly reached a preliminary framework agreement to end their conflict, with formal signing expected in Switzerland on June 19 and the reopening of the Strait of Hormuz. The price decline is real, but relative. Despite a monthly decline of 11.6%, TTF remains 17.3% higher than a year ago. The easing of the crisis does not signal a return to normality but rather a retreat from the panic that drove prices almost 60% higher in March. The physical supply problem remains. The reopening of the Strait restores shipping flows, but damage to facilities in Qatar—the world’s largest LNG producer—cannot be repaired by a signature alone. Analysts believe it will take years. Supply will return gradually, not instantly. For Greek and European industry, however, even this partial easing matters enormously. Lower energy costs mean reduced inflationary pressure, which in turn creates more room for flexibility by the European Central Bank. Natural gas is not merely a fuel. It is Europe’s hidden inflation indicator.