Hello. Before I move on to government matters, a comment on the “new opposition” born a few days ago with Tsipras’s party, the one our Alexis is rightly boasting about by saying, “as soon as we appeared, we became the main opposition.” The truth, however, is that with this PASOK opposite them, it was not exactly difficult. Since 2019, citizens and voters have quite literally forgotten the word taxes, and when Mitsotakis announces measures, it is not to squeeze people by raising taxes or contributions. On the contrary, it is only to reduce them.

Now all sorts of unlikely types are appearing, PASOK people or new-Tsipras types, and every day they announce a… new idea, meaning a new tax or something negative for certain people, which is usually an enormous piece of nonsense. The latest to appear is a certain Haris Athanasiadis, an executive at the Tsipras Institute, who told us that a Tsipras government would raise €600 million by taxing luxury living.

When journalists on Mega asked him about it, after he hesitated a little and thought about it, he said they would tax yachts and large-engine cars, drawing ridicule from those present, since they replied that luxury vessels, not inflatables or small boats, are registered under foreign flags or owned by offshore companies, and in general everyone knows that, globally, yachts, like ships, are subject to a special tax regime.

Now, whether Tsipras wants, 10 years later, to start hammering large-engine private cars with taxes again, or whether everyone will keep popping up and saying nonsense as they did in 2023, I do not know. From what I read, this particular gentleman is a history professor at Panteion University, but from what I understand he does not know the basics, just as the person who spoke about the 1,500 tax registration numbers that ELAS-Alexis would tax in order to collect €3-4 billion clearly did not know the basics either.

Conclusion: if they keep handing out tax nonsense, they will soon meet Nikos A. in the opinion-poll percentages and gift Mitsotakis a relatively easy election campaign. Because, as I repeat, people are not in a state of rage and resentment towards their neighbour. They have serious problems because of high prices, but I do not think they believe those problems can be solved by taxing boat owners or people with a 3,000 cc car.

I also have the impression that some serious people, such as Antonis Liakos, who is close to Tsipras, have already started saying this publicly. A few days ago, Liakos said that “the main problem of the Left is credibility,” on the occasion of what ELAS said about free public transport. I do not want to… disappoint anyone, but credibility and the Left, at least over the past 15 years, are somewhat incompatible, perhaps because the Left started getting involved in governing.

First places and percentages in Attica

As we move closer to the ballot box, opinion polls are multiplying, and not only from parties but also from candidates. I hear about a large survey of 4,000 respondents in Attica, from which it emerges that, roughly speaking, New Democracy is at its European election levels, with Western Attica and Piraeus B being the more difficult areas for it. Of course, New Democracy has always been weaker in both these working-class districts.

In average terms, in other words, the governing party is at around 29% in the estimate, Tsipras is clearly second here too at about 15%, and then PASOK and President Maria are fighting between 8.5% and 10%, depending on the constituency. From New Democracy, Pierrakakis, Dendias, Chrysochoidis and Zacharaki are first by a large margin over those in second place.

The new… favourite topic: Adonis, Stefanos, Tyler

You may have seen Kasselakis’s post with Tyler three days ago, in which both of them said nice things, not that they have become friends, about Adonis. In any case, Tyler in particular said that he had wanted to meet him, to tell him his opinion about the National Health System and so on.

Well, as soon as Adonis read the post, with us, I learned that he picked up the phone and arranged to go on Kasselakis’s online show tonight to speak, and afterwards he intends to invite the couple to a little dinner, together with Evgenia of course. The man is something else, isn’t he?

Pierr in Hungary for the euro

Hungary is attempting an impressive European comeback in the post-Orbán era, and Prime Minister Magyar’s plans even include joining the euro. So the visit Pierr is making to Budapest on Thursday is very interesting, and I hear that the Hungarian government also views it as highly significant, since it will formally express Hungary’s will to become the 22nd member of the euro family, after Bulgaria joined at the start of the year.

Pierrakakis, as president of the Eurogroup, is the first European official to go to Budapest following an invitation from his Hungarian counterpart and from Magyar, with whom he will also have an extensive scheduled one-to-one meeting. On the matter, I should tell you that the Hungarian prime minister also discussed it with K.M. during their first introductory meeting on Thursday afternoon in Brussels.

Obviously, the “euro” exercise for Budapest is not easy, since it requires a structural adjustment of the economy to the demands of the eurozone, but the new government is signalling that it is ready to travel the path that corresponds to it.

Parliamentary hysteria over deputy regional governors

The “blue” psychodrama until the elections will have quite a few episodes, as several MPs are worried about their seats. A new source of concern is the prospect of deputy regional governors, who are strong locally because they attract many preference votes, entering the electoral lists.

Regional elections are also in 2028, so many are thinking that the 2027 national election will be a good opportunity for them, without having anything to lose, since if they are not elected at least they will have had a good warm-up for local government. The New Democracy party also wants them on the lists, as they bring preference votes, unlike in 2023, when they had been “cut” by a central decision because MPs were complaining.

And now the problems are beginning, as various… legally minded MPs from the regions are thinking of bringing an amendment to the Interior Ministry bill on the Local Government Code, so that the office of deputy regional governor is made incompatible with that of parliamentary candidate.

Pieria and Livanios’s answer

The source of the problem is the region of Pieria. There, former deputy minister Anna Mani-Papadimitriou, unforgettable from her time at the Development Ministry, and MP Koulkoudinas are leading the reactions and have dragged along several other MPs from regions where deputy regional governors are moving, for example Achaia, Aetolia-Acarnania, Boeotia and Serres, towards the ballot paper.

In Pieria in particular, there is the eternal deputy regional governor Sofia Mavridou, who wanted to run in 2023 but could not because of the party incompatibility rule. Now, I do not know what these people are thinking, but if they are leaning towards an amendment they are plainly clueless. And I hear that the competent minister, Livanios, has conveyed this in an elegant way, since electoral incompatibilities are set only on the basis of Article 56 of the Constitution. Therefore, changes can be made only through constitutional revision and not through legislation.

Besides, politically, such an amendment would bring MPs into direct conflict with Maximos Mansion, while in 2023, when things were going better, they did not have similar concerns about incompatibilities.

Mitsotakis-Dendias

Mitsotakis and Dendias have several events together this week. The start is today at the Cyber Command Centre at the Pentagon, donated by Athanasios Laskaridis. Most likely on Thursday, the two will be at the Hellenic Naval Academy, where MIT professor Mr Triantafyllou is conducting training seminars on maritime drones.

It should be noted that Mitsotakis said Greece and Ukraine will proceed with the co-production scheme for maritime drones that had been announced during Zelensky’s previous visit to Athens.

Hard rock on the Athens Stock Exchange and a major move by Aktor

And now we move on to the market news, which is interesting because a hard-rock week began today for the Stock Exchange. First of all, the column believes that we are on the verge of spectacular developments at AKTOR. There appears to be an A. Exarchou move with strong American participation that changes the facts for the listed group. There is no further information about the deal, but we are already in the countdown. Barring the unexpected, more within the week.

Stassinopoulos stocks

As we also write below, all eyes on the Stock Exchange have turned to ELVALHALCOR because of the forthcoming capital increase, but the group is in a general state of alert and news on the so-called Stassinopoulos stocks will come sooner from another direction.

Insurers: buckle up, there will be turbulence

Serious problems are emerging in the insurance market, and it remains to be seen what all this upheaval will bring. This was confirmed by the most responsible lips, those of Ethniki Insurance CEO D. Mazarakis, who, speaking at his company’s insurance agents’ conference, referred to major problems that NN and Ergo will face once their cooperation with Piraeus Bank ends.

Piraeus Bank has a cooperation agreement with NN until 2032 and with Ergo until 2030. The bank has not yet begun negotiations with them, but from the end of next December, when the umbilical cord with National Bank is finally cut, the matter must be clarified, because Piraeus Bank cannot simultaneously give contracts to its subsidiary and to its competitors.

NN has other storms too, because it is facing lawsuits from policyholders over large increases in premiums. In addition, Generali, with a strong cash position, is looking around the market. Others are waiting to do better this year so they can sell at a higher price, and in general the market is boiling.

A “parade” at Conrad “The Conrad Athens – The Ilissian”

On the one hand, the Growthfund is holding its annual investor summit today. This year’s conference focuses on investments, and given that the new National Investment Fund that has been formed aims to mobilise co-investments in various sectors, perhaps even the first investment it will make will finally be announced. The fact that people from major foreign asset-management companies have been invited to speak, such as Nikos Stathopoulos of BC Partners, Stelios Theodosiou of HIG Capital and PPC chief executive George Stassis, heightens interest in possible investment and business ferment currently under way.

On the other hand, Lambros Papakonstantinou with the Ideal Holdings team and the management of Attica Department Stores will present to investors the public offering for the chain’s listing on the Athens Stock Exchange. Based on the prospectus, the company’s valuation may reach €230 million at the upper offer price of €3.20 per share, with the transaction reaching up to €57.6 million.

The public offering concerns up to 18 million existing shares, while the subscription period will run from 24 to 26 June. The final offer price and allocation of shares are expected to be announced on 29 June.

Who is selling down Prodea

Until the cut-off of the high dividend, Prodea was one of the two companies in the REIC sector whose valuation was greater than the theoretical net asset value, or NAV, of its fixed assets. However, the picture has now completely reversed, with the company showing an 8% discount after making the relevant adjustments for the special dividend of €400.1 million distributed to shareholders.

Before all this, there had been a public offer for the acquisition of corporate bonds worth €50 million and their conversion into shares, which possibly pointed to a specific investor, the EBRD. With the conversion of the bonds, the offer increased, signalling the exit of that specific investor from the company, who has been firmly on the supply side, continuously liquidating his position.

Aktor’s record

Aktor continues to fly high on the board. After the “explosive” 12.5% rise the previous Tuesday, the share moved into a mini-correction of 1.8%. The continuation, however, was just as aggressive, with two successive “jumps” of 6% and 3.45%.

In this short period, the share recorded cumulative gains of 21.2%, breaking away from the fringes of €10 to “climb” to €12, a new record level. Aktor also benefited from the broader activity caused by the recent reshuffles in international indices, significantly increasing its trading activity.

The winners at ADMIE and the rebranding

The case of ADMIE can be described as a clear victory for existing shareholders. Those who already held a position in the company and participated in the capital increase appear to be the big winners, as investors who came solely to claim unallocated shares are estimated to receive zero or extremely limited allocation.

This development gives existing shareholders a significant advantage, as they not only maintained their participation percentage but already see capital gains of close to 15% in relation to the offer price of the new shares.

The day after tomorrow, Wednesday, at Euronext Athens, ADMIE’s management, with Holdings head Ioannis Karampelas and Manos Manousakis, and with the presence of Minister St. Papastavrou and banker Fokion Karavias, will not only ring the bell for the opening of the stock-market session but also launch the second phase of ADMIE’s rebranding.

ADMIE Holdings, now a billionaire of the Athens Stock Exchange, is changing its name and will now be known internationally as IPTO Holding, fully in line with its international peers. With the admission of the new shares on Wednesday, its market capitalisation will exceed €1.5 billion.

The shareholder base has already become international. Beyond Capital Group, which came in as a cornerstone investor with €70 million, the combined offer attracted strong demand from international institutional and long-term funds. Heavyweight names such as Norges Bank Investment, Atlas Infrastructures and Covalis now have a visible participation.

The €530 million raised by IPTO Holding will finance its participation in the forthcoming €1 billion capital increase of ADMIE itself and, through that, the major investment programme in interconnections.

Eyes on ELVALHALCOR

The planned capital increase by ELVALHALCOR provides for similar preferential treatment of existing shareholders in the allocation of new shares, creating expectations that those who maintain or increase their positions before the process is completed may reap a similar benefit.

The offer price, according to market information, will be set considerably below the current price of €5.30, with a market capitalisation of €1.99 billion, and this will be the price paid for the speed and success of the coverage. Goldman Sachs and UBS will be at the helm of the institutional offering as coordinators and bookrunners.

Beyond the capital strengthening, Viohalco, which today controls more than 82% of ELVALHALCOR, is seeking to reduce its stake, widening the free float that is suffocating at the 15% threshold.

ELVALHALCOR was at the centre of buying interest on Friday, recording an impressive 14.19% jump and closing at €5.31. This is the share’s strongest daily performance in the past seven years, reviving memories of the 17.06% rise on 11 April 2019.

This strong momentum was immediately transmitted to the other listed companies of the group, confirming the strong internal correlations. Parent company Viohalco followed with excellent reflexes, posting gains of 9.1% to €20.95, a level that brings it within striking distance of its historic record of €21. Cenergy moved along the same lines, rising by 3.4% to €25.46 and again approaching its own record levels of €26.

The background to a transition in Skouries

Tomorrow morning, the management of Hellas Gold, a subsidiary of Eldorado Gold, will announce that the major investment in Skouries, Halkidiki, has been completed. A visit by the prime minister has already been scheduled shortly afterwards for the relevant inauguration.

Behind the celebration, however, lies a story of patience, revisions and strategic transformation. The Skouries project had reached 94% as of 31 March. They were expecting first production in the third quarter and commercial operation by the end of the year. It was not that easy, given the difficulty in the Greek labour market, which is particularly acute in construction.

The project was delayed and the budget was burdened with an additional $143 million, reaching $1.06 billion. But there is also a small secret. The real bet at Skouries is not gold, but copper. The group reshaped its portfolio with an emphasis on copper, thus transforming itself into a producer of critical industrial metals beyond gold.

In the first quarter of 2026, revenue amounted to $532.4 million, while the company launched a dividend programme, with the first quarterly payment on 13 March 2026, a sign of a more mature corporate phase.

There is also a personal element. Chief executive George Burns will retire during the third quarter of 2026, after he has completed the preparation phase for commercial production. He is the man who saw the project unlock and begin to perform.

The investment by Hellas Gold in Skouries, Halkidiki, is one of the largest mining projects currently under way in Europe. It significantly strengthens domestic production of copper and gold, metals directly linked to the energy transition, electrical infrastructure and the technologies of the future.

GEK TERNA’s new “signing”

One of the most experienced executives in Greece’s concessions sector is preparing, according to information, to move to GEK TERNA. Panagiotis Papanikolas, one of VINCI’s most prominent executives in Greece, is leaving the French group after many years and taking on a role at Egnatia Odos, which belongs to the portfolio of the powerful infrastructure group that in recent years has attracted a series of experienced executives from the wider construction and concessions field.

Egnatia Odos is regarded by the market as the country’s most complex and demanding concession project. After about two decades of operation, without a comprehensive heavy-maintenance programme, the motorway requires extensive upgrade interventions to critical infrastructure along the axis.

It is no coincidence that GEK TERNA head George Peristeris, during the recent ordinary general meeting of shareholders, spoke of the need for a root-and-branch upgrade of Egnatia Odos, essentially describing the scale of the challenge facing the new concessionaire.

This development is particularly interesting, as Papanikolas was actively involved in the privatisation process of Egnatia Odos on VINCI’s side, which had teamed up with METKA and AVAX. The consortium did not prevail, as its bid fell significantly short of that submitted by GEK TERNA and Egis.

A few years later, the man who pursued the Egnatia Odos concession on behalf of VINCI is now being called back to the major motorway of northern Greece, this time on the concessionaire’s side. After all, Papanikolas is not unfamiliar with Egnatia Odos. He worked for four years in the 2000s as the company’s chief engineer, and therefore knows the project’s particularities.

However, his presence in Greece is entirely associated with the French multinational. For 12 years he served as chairman and chief executive of Olympia Odos, in which Vinci is the largest shareholder with 36%; for 16 years he was head of VINCI Concessions in Greece; and for 17 years he has held senior management posts at the Rio-Antirrio Bridge, linking his name with some of the country’s most important concession projects.

His departure also comes at a time of internal reshuffling for the French company in Greece. VINCI is the only major international concessions company with such a strong and long-standing presence in the Greek market. However, despite taking part in a series of major tenders in recent years, such as Egnatia Odos and Attiki Odos, it has not managed to add new major assets to its Greek portfolio, with market figures noting that the French expectations for a new generation of concessions in Greece were not confirmed to the degree they had expected.

Awakening at Thrace Plastics

The results of Thrace Plastics caused a stir, with a corresponding reflection in the share price on the board. The difference in profitability comes from the lower cost of raw plastic, which improved the gross margin from 19.6% to 24.4%, increasing gross profits by 29.7%, or €4.9 million.

The timing finds the group’s warehouses full of cheap raw material, as throughout the previous period polypropylene prices were at historic lows. Despite the significant recovery in polypropylene margins in recent months, the sector’s picture continues to be affected by conditions of oversupply internationally and relatively sluggish industrial demand in Europe.

Major investments in new production capacity in China, the Middle East and the United States have compressed producers’ profit margins in recent years, limiting the contribution of petrochemicals to company results.

The new regulatory framework favours EYDAP

EYDAP has run a two-day rally of 6.5%, closing at €10.78, with an intraday high of €10.90, now setting course for the €11 milestone for the first time since June 2008.

Investor optimism is being fuelled by the new regulatory framework, which provides stability and increases permitted revenue by €78 million a year until 2029. This development ensures predictability for profitability and finances the company’s investment programme of more than €2.5 billion, with 181 projects over a decade.

In addition, the management is seeking recognition of under-recovered amounts from previous years, totalling €323 million. Although EYDAP will not distribute a dividend for the 2025 financial year because of accounting losses from pending legal cases, the market is looking ahead, as the management has already launched a study with an external consultant to shape a new transparent and stable dividend policy for the coming years.

Fafalios warns over the swollen newbuild order book

Those who read the annual report of the Greek Shipping Co-operation Committee, the City’s Greek shipowners, understood that re-elected chairman Charalambos Fafalios did not merely record the state of shipping. He sent messages in three different directions.

First to Brussels, directly questioning the logic that more taxes and more fees will bring greener shipping. Then to the IMO, reminding it that global rules cannot be written with regional logic and different speeds. And finally to Athens, where the reference to the bureaucracy of the Greek flag and the shortcomings of maritime education was not accidental.

What is interesting is that the report’s loudest phrase concerns neither wars nor the ETS. It is the warning over the swollen newbuild order book. The old hands in the market know that when a chairman of a Greek shipping body speaks publicly about the risk of oversupply, he is essentially reminding people that today’s golden eras for freight rates do not last for ever.

In other words, behind the optimism about Greek shipping’s leading position, Fafalios is already describing the battles of the next decade. And those who understood the hint probably did not dwell on the number of ships. They dwelt on the warnings.

Diana’s defeat in New York hides a dangerous trap for Genco

On Wall Street there is an unwritten rule: when you lose the vote battle but remain on the shareholder register with a full wallet, you have not lost the war. And that is exactly what happened in the Genco-Diana showdown.

The 90% in favour of John Wobensmith’s management is not simply a victory. It is a clear mandate from institutional investors to continue the course that has increased the company’s value through deleveraging, fleet renewal and generous capital returns. The message was clear: “we trust the management.”

But experienced New York dealmakers focused on another detail. Diana, owned by Semiramis Paliou, did not leave after the defeat. On the contrary, a few hours before the meeting it raised its offer. That is usually not the move of a defeated player, but of someone who believes time is working in their favour.

The poison pill buys time for Genco, it does not solve the problem, analysts estimate. Because the focus now shifts from the voting room to the company’s valuation. If dry-bulk markets remain weak and the share does not follow the value promised by the management, pressure on the board will increase.

By contrast, if Genco continues to generate cash and reward shareholders, Diana’s proposal may begin to look less attractive. The next act will be decided by a question that on Wall Street is always the only one that counts: who can create more value per share over the next three years?

The common bet by Greek shipowners that few noticed

There are times when shipping announcements look like standard corporate news. Newbuild vessels, naming ceremonies, deliveries and shipyard contracts. But when, within a few days, you see Kostas Delaportas, Aristides Pittas, Yiannis D. Prokopiou, Petros Pappas, Nikos V. Chatzioannou and Melina Travlos all making moves to expand and renew their fleets at the same time, then it is probably not a coincidence.

Behind the separate announcements, a common narrative appears to be taking shape. Greek shipowners will play a leading role in the market that will form by the end of the decade. Behind vessel deliveries, naming ceremonies and new orders, a common strategy is visible: positioning in modern tonnage and in markets with long-term prospects.

DryDel, owned by Kostas Delaportas, took delivery of the Capella and at the same time placed a new Ultramax order for delivery in 2030. Euroseas, owned by Aristides Pittas, essentially doubled its recent shipbuilding programme with two more feeder containerships, betting on a market where new orders remain limited and the global fleet continues to age.

In dry bulk, Yiannis D. Prokopiou proceeded with the naming of three new Kamsarmax vessels through Centrofin, while Petros Pappas strengthened Star Bulk with two eco-design Kamsarmax vessels, confirming that the sector’s major players continue to invest in more efficient and environmentally friendly ships.

At the same time, Nikos V. Chatzioannou took delivery of the Cymona Life, continuing the strategy of investing in quality newbuilds, while Melina Travlos saw the Neptune Pireas make its first call at a European port, as part of a wider plan linking shipping, ports and logistics.

What is interesting is that all these moves are taking place during a period of international uncertainty. And yet, the Greeks have already started building their position for the next day.

At the Phanar

At the Marasleios School, a few steps from the Ecumenical Patriarchate, the award ceremony for shipowner Thanasis Martinos and his wife was moving, and perhaps revealing of a new business alliance.

Ecumenical Patriarch Bartholomew presented Thanasis Martinos with the “Ecumenical Patriarch Bartholomew” Award, a distinction established by PeopleCert with the Patriarch’s blessing. The award institution belongs to Byron Nicolaides’s company, which chose to honour benefactor Martinos.

One project that unites the two men, who operate at entirely different business levels, is Halki. Almost 130 years after its construction, the Theological School will be handed over fully renovated in October, thanks to the donation by the Martinos couple.

The cost of money is rising across the planet

The tide is turning. The cost of money is rising. There is an index that tracks the latest move by the 52 largest central banks. For the first time, that index showed a tie in May. For the first time in two years, the banks easing their monetary policy are exactly equal in number to those tightening the reins and raising interest rates.

The last time this happened was at the start of 2021, and we all know that after that tie came three years of restrictive policy. The ECB’s interest-rate increase was the first by a major central bank in response to the energy shock. It took place in an environment of economic weakness, since growth in the eurozone does not reach 1%, only 0.8% for 2026, while inflation is running at 3%. Schnabel warned of inflation of up to 4%.

In Japan, the scene is even more complicated. Governor Ueda was absent, in hospital, unprecedented in the modern history of the Bank of Japan, while the bank raised interest rates to their highest level in 31 years.

The game is tough in New York, at the Federal Reserve. The Fed, under Kevin Warsh, remains the opposite pole, with the market still wavering over whether it will cut or hold. These are among the rare moments when central banks restrict the flow of money in an environment that is, if not recessionary, certainly one of very slow growth. Central bankers today are not chasing growth. They are trying to protect credibility and exchange rates.