Hello. The Cabinet is meeting today, and the agenda includes a topic that “supports” the argument of those who believe that Kyriakos Mitsotakis will go all the way to the end of his term and will not call elections in the autumn. Deputy Prime Minister Kostis Hatzidakis and Minister of State Akis Skertsos will present to ministers the central priorities of their portfolios for the second half of the year, meaning up to the end of December. In other words, the message to ministries is that there is work to be done. Examples of key priorities include the national baccalaureate, special spatial planning frameworks for tourism, industry and renewable energy sources (RES), and the transfer of urban planning departments from municipalities to the Land Registry.

Supermarket Deal: The Ball Moves to Tsangari

Yesterday’s meeting at the Maximos Mansion under Kyriakos Mitsotakis with Takis Theodorikakos, Kostis Hatzidakis and market stakeholders had a fairly predetermined framework. The government wanted to lift the price cap, but also wanted a strong commitment from supermarket operators that they would not increase prices for the July–August two-month period. The matter will now pass to the head of the Independent Authority for Consumer Protection, Despina Tsangari, who will work with supermarket representatives in an effort to find a common ground, involving standard discounts on a range of essential consumer goods.

Why Feggas Is Concerned About Same-Sex Marriage Policy

Considerable discussion arose yesterday following a letter sent by the Secretary for Strategic Planning of New Democracy and candidate in Aetolia-Acarnania, Vasilis Feggas, addressed to Kyriakos Mitsotakis. In it, he proposes that the government reverse the same-sex marriage law and also lift the expulsion of Antonis Samaras, so that New Democracy can reconnect with its “traditional” base. Feggas is not a hardline right-wing figure; he has been in Mitsotakis’ orbit for 20 years and had previously spoken very harshly about Samaras when he was expelled. So what changed? He sees electoral difficulties in Aetolia-Acarnania, where he is a candidate, and is attempting to attract former supporters of Marios Salmas, who is leaving the region, while also facing the entry of local government figures such as the Mayor of Agrinio, Giorgos Papanastasiou, or a regional deputy governor candidate onto the ballot. Feggas will not likely leave over a difference of opinion, but consistency in political positions is important, and it does not appear he is holding to that.

Samaras’ Candidate “Scouting” for Party Lists

A large number of people have been passing through the office of Antonis Samaras in recent days, while he is also personally calling candidates and party officials. According to a source familiar with his plans, should he activate his new party project, he has issued a clear instruction: “Bring whoever you have.” In other words, he wants many new faces, professionals and local government figures, not just the “old guard” of New Democracy, who may have a base but cannot be the sole public face. He has also assigned “scouting” responsibilities across regions to experienced figures: former minister Kostas Markopoulos has taken Central Greece, Manolis Angelakas has taken the Peloponnese, and so on. However, final selection and filtering is carried out by Samaras’ close associate Kostas Bouras, who also meets candidates and gives the final green light.

“Tsipras Stats” and Economic Claims

Meanwhile, I am observing various posts from the new party of Alexis Tsipras featuring statistics attempting to “prove” that the economy, investments, etc., have not improved since 2019. The only thing they achieve, in my view, is ridicule, with such “statistics” about stagnation in investment. Anyone who understands numbers knows them already and recognises that the new Tsipras party is talking nonsense. If they wish, they can stick to the usual and clichéd but true points about inflation, etc.

Dividend Tax: The Facts

Over recent months there has been extensive debate from the new party (!) of Alexis Tsipras as well as from PASOK regarding dividend taxation. Put simply, they are strongly advocating increasing the tax rate from 5% to 10% or 15%, arguing that “the wealthy should pay more,” as is allegedly the case in most countries. However, they omit to mention that before dividend taxation, corporate profits are already taxed at 22%, which is around the EU average. A brief historical overview of dividend taxation follows: In 2017, the dividend tax was increased by the government of Alexis Tsipras from 10% to 15% (for shipowners it remained at 10%). Revenue slightly fell from €196.2m in 2016 to €193.6m in 2017. In 2019, the tax was reduced again to 10%, revenues fell from €213m to €144m. In 2020 (COVID period), it was reduced to 5%. Declared income rose from €1.44bn to €5.48bn and tax revenues increased from €144m to €274m. Today revenues stand at €361m, compared to €144m in 2019. After the 2020 reduction, the number of individuals declaring over €1m in dividends increased from 126 to 741, and declared dividends from €299m to €2.45bn. The conclusions are left to the reader.

Insurance Companies, Hospitals and Premium Increases

A long-standing market puzzle has finally been resolved: who is responsible for major increases in long-term insurance premiums? Insurance companies blame private healthcare providers, private healthcare providers blame insurers, and so on. This cycle has continued for years. The Hellenic Statistical Authority, ELSTAT, has broken the cycle. The answer is that responsibility lies with insurance companies, particularly regarding provisions in contracts that allow substantial premium increases based on the age of each customer. In 2025, the government legislated (Law 5170) for ELSTAT to publish an annual Repricing Index (DEΑ) for long-term insurance contracts. This index separates healthcare cost increases from the effect of insured individuals ageing. According to ELSTAT, in 2024 the index rose by 6.24%. Healthcare cost increases accounted for only 1.24%, below the average inflation rate of 2.7%. The remainder of the increase came from age-related risk. Insurance companies, under pressure from capital requirements and fearing losses, significantly increase premiums as insured individuals age. The result is unaffordable premiums precisely when coverage is most needed. If you have money, all is well. If not, bad luck.

AKTOR–Motor Oil Alignment

We will not be getting much rest this week—and remember this—because a wave of announcements on major business moves is expected. For the second time, the AKTOR Group group surprised markets with a proposal to acquire 75% of HELECTOR and THALES. Such deals, once they enter exclusive negotiations, are generally considered effectively agreed. New data and balances are therefore emerging in the market. The first issue to watch is what the AKTOR–Motor Oil Hellas alignment actually means. As AKTOR announced yesterday regarding the FSRU project, “discussions are ongoing, including with Motor Oil Hellas, however there is currently no final decision or binding agreement.” The FSRU is imminent, and developments are only a matter of time, with more surprises expected. The second issue is how competitors will respond to AKTOR’s moves.

ADMIE: Shareholder Agreement and Strategic Outlook

The share price of the ADMIE Holding S.A. appears to be moving towards the €5 level following the recent capital increase. The increased investor interest is reportedly linked to ongoing developments and the future role of the transmission system operator. This does not imply any reduction in stakes or withdrawal by either of the two main shareholders—the Greek State and State Grid Corporation of China. However, as far as can be recalled, the shareholder agreement at ADMIE includes expiry dates for certain rights held by the two main shareholders. It is also understood that next year marks a key milestone at which some of the veto rights provided under the agreement are reduced. If that is indeed the case, it is assumed that shareholders will have greater flexibility in decision-making and strategy going forward.

Free Float Countdown Ends – 7 Listed Companies Fail to Comply

Today, the last day of the first half of the year, the countdown officially ends for listed companies with insufficient free float. The six-month adjustment period set by the Athens Stock Exchange has expired, with several companies still below the minimum required thresholds and facing possible transfer to the Surveillance Category. The regulation requires a free float of: 25% for companies valued under €200 million. 15% for larger companies. The relevant committee of the Athens Stock Exchange will meet within the week to examine each case individually, assessing efforts and intentions to comply. Possible penalties include suspension of trading or downgrade to the Alternative Market, where regulatory requirements are less strict. Despite a wave of capital increases and placements (including Trastor REIC, CrediaBank, ELTON Chemical Industry and Voyatzoglou Systems), seven listed companies remain non-compliant: Karelia Tobacco Company (free float ~4.5% vs 15% minimum). Varveris – Moda Bagno (12.09% vs 25%). Attica Group (13.3% vs 15%). Athens Medical Center (13.96% vs 25%). Alpha Real Estate Services (14.12% vs 25%). Daios Plastics (16.66% vs 25%). Attica Publications (19.95% vs 25%). In the case of Karelia, the stakes are particularly sensitive due to internal family balances, as it is a €1.17 billion listed company with 94.5% controlled by the Karelia family and foundation. Decisions from the committee of Euronext Athens are expected in the first half of July. From the Stock Exchange’s management, there is an atmosphere of consensus and coordination. Companies that have already initiated corrective actions—such as Trastor and Attica Group—are expected to be supported, while those remaining inactive are heading towards surveillance status. Over the longer term, the new European Listing Act provides more flexible thresholds (down to 10%, and in some cases below 25% with a minimum of 5%). However, the Athens Stock Exchange will proceed under the current framework. In a year of upgrades and foreign capital inflows, free float is becoming a key ticket for inclusion in international indices.

Dotsoft Deal: Diorama Paid €19.23 per Share

Significant discussion has taken place in the market regarding the recent transaction in which Diorama Investments acquired a 40% stake in Dotsoft. Due to the limited liquidity on the Alternative Market (EN.A.), the transaction reflected a significant discount. Specifically, with a trading price of €29, Diorama paid €19.23 per share.

Banks Move to a More Assertive Public Position

Banks are changing their communication strategy and have decided to respond to political criticism directed at them, believing that issues affecting financial system stability cannot be addressed through political confrontation or overly simplistic narratives. According to banking sources, this shift reflects a more active stance in public debate, as some statements are seen as creating misleading impressions about matters under ongoing regulatory supervision. Following recent remarks by Alexis Tsipras on deferred tax credits (DTC), the same sources stress that this is a well-known issue to supervisory authorities and is continuously monitored. They also emphasise that banks have already taken initiatives to gradually reduce reliance on deferred tax assets, supported by improved profitability and available corporate actions.

Stasinopoulos and His Interest in Tennis

A new company was established on Monday, 29 June, by Ippokratis Ioannis Stasinopoulos of the prominent business family controlling the Viohalco group. The company, “Stadion Performance S.A.”, is based in Marousi. Its corporate purpose includes, among others: Comprehensive representation, management of rights and career promotion of professional and amateur tennis athletes and other sports professionals in Greece and abroad. Representation before sports authorities, federations and negotiation of contracts. Financing and investment in athletes’ training, equipment and competition costs in exchange for a share of revenues. Mediation and negotiation of employment or cooperation agreements between athletes and sports organisations. Sponsorship acquisition, image rights and brand management. Consultancy in marketing, PR and strategic sports planning. Organisation of sporting events, tournaments, training programmes and seminars. Market research and athlete performance evaluation. The company’s initial share capital is €200,000, divided into 200,000 registered shares of €1 each, fully subscribed by the sole shareholder, Ippokratis-Ioannis Stasinopoulos. Alexandros Dimitrios Skarlatidis was appointed Managing Director, with Stasinopoulos serving as Deputy Managing Director. It is also noted that the earlier “Stadio 2020 Sports and Leisure Facilities S.A.” was the vehicle behind the agreement involving Stasinopoulos and TEMES, linked to the OAKA Sports Complex tennis centre lease until April 2057, covering the operation of 16 tennis courts. The Fais Group later entered the structure with a 15% stake.

Fais Group Expansion Plans in Retail, Tourism and Wellness

The Fais Group plans further acquisitions in retail until the end of the year, addition of new brands, investment in tourism and entry into the wellness sector, according to CEO Lousi Fais. Of particular interest is the development of a hotel unit on a privately owned 170-acre seaside plot in Agia Pelagia, Crete, scheduled for completion by 2030, as stated by Sami Fais. It was also announced that, following approval from the Ministry of Culture, a Kalogirou store will open in the historic Venetian mansion “Venieri Mansion” in Mykonos’ Matogiannia area in the coming days. According to general director Hasdai Capon, retail sales in the first half of the year grew by an impressive +13%, despite Middle East disruptions. He expressed optimism that 2026 will be a year of strong growth, improved profitability and further debt reduction, provided no new external shocks emerge.

New parcel fees reshape EU e-commerce landscape

A new European customs duty of €3 per product tariff category for shipments valued up to €150 is effectively abolishing the long-standing exemption from customs duties for low-value parcels. At the same time, a second measure is being developed: a unified European parcel handling fee, expected to come into force no later than November 2026. Unlike the temporary €3 duty, this fee is designed to cover the rising costs borne by customs authorities due to the explosive growth of e-commerce imports. The proposal was first presented by the European Commission in February 2025 as part of its strategy for safer and more sustainable e-commerce. It was later incorporated into the Council’s negotiating mandate for customs reform in June 2025. The fee will fund increasing customs control costs, including verification of information, risk analysis, document checks, and where necessary, physical inspections of imported goods. In Greece, the value of small parcels arriving from China is estimated at around €850–880 million annually. This development is expected to benefit retail networks such as Jumbo S.A., Max Stores, Moustakas Toys and Praktiker Hellas, while placing comparatively less advantage on brands such as Zara Home, JYSK and H&M Home, which are more exposed to competition from online platforms.

Surging demand for air conditioners and fans across Europe

Prolonged heatwaves across Europe are driving explosive demand for air conditioners and fans, marking a major shift in consumer behaviour in a continent traditionally characterised by limited cooling needs. In France, supermarket chain Carrefour sold more than 30,000 cooling devices—including fans and air conditioners—on 22 June alone, roughly 1,000 times the normal daily volume. In the United Kingdom, electronics retailer Currys reported a 3,000% increase in fan sales and a 330% rise in air conditioner sales. The surge has also triggered a wave of installation requests, with technicians in France reporting an inability to meet urgent demand levels. High temperatures are now affecting business operations more broadly. In Germany, DHL has equipped more than 111,000 postal delivery workers with heat-protection kits. In several European countries, construction and agriculture sectors are shifting working shifts to early morning or night hours to avoid extreme temperatures.

Why COSCO is a major US concern in Libya

The name causing the greatest concern in Washington over who controls North Africa’s entry points is neither that of Khalifa Haftar nor Abdul Hamid Dbeibah. It is COSCO Shipping. China’s presence at the port of Misrata is no longer viewed as a simple commercial investment. For the United States, it is part of a broader network being built by Beijing from the Indian Ocean to the Mediterranean, linking ports, supply chains and maritime corridors. The recent direct shipping connection between Misrata and a Chinese port is seen by Western strategic circles as highly significant. This is why the involvement of Donald Trump’s special envoy, Massad Boulos, carries broader geoeconomic implications. Libya’s political stabilisation could open the door to new energy and port agreements, but it also raises the question of who will control infrastructure assets. The US sees COSCO as having already established a strategic footprint in a region where Turkey maintains a strong military presence and Russia continues to retain influence. The real issue is not only Libya’s oil, but who controls the maritime highways between the Suez Canal, the Central Mediterranean and Africa. As long as COSCO remains in Misrata, every US initiative will face a competitor operating not with warships, but through commercial ports and multi-billion-dollar investments.

Strong demand for Navios debt instruments

Navios Maritime Partners continues to gain momentum in the market. The fact that its bonds are trading above par, and that supplementary issuances are being executed at lower borrowing costs, indicates strong investor confidence in the company’s strategy, risk management and prospects. The latest $30 million issuance, priced at 102.75% of nominal value, confirms demand for Navios securities even in a period of elevated global interest rates.

Andreas Martinos Jr: healthcare donation in Kalymnos

Andreas A. Martinos of Minerva Marine has donated a state-of-the-art Voluson Signature 18 ultrasound system by GE Healthcare, valued at €59,500, to the Kalymnos Hospital. This is another act of support for the “Vouvalio” hospital, which becomes the first in Greece to acquire this specific medical device. Kalymnos has long been at the center of this support due to its deep maritime heritage, which explains the ongoing initiatives by Minerva.

ASTAK dividend expectations and market speculation

An interesting expectation is building in the Athens Stock Exchange around Alpha Real Estate Services (formerly Alpha Astika Akinita, ASTAK), ahead of its annual general meeting on 17 July. The company has already announced a proposed gross dividend of €0.50 per share for FY2025. However, wording in the agenda referring to “distribution of profits from previous financial years” has fuelled speculation of a potentially higher extraordinary payout from accumulated reserves. There is precedent: in 2022, linked to the Project Skyline transaction, ASTAK distributed a dividend of €3.42 per share. Since then, payouts have returned to normalised levels of €0.26 for 2022, €0.26 for 2023, and €0.50 gross for 2024. Fundamentals also support expectations. In 2025, consolidated turnover rose to €24.92 million from €21.07 million, with net profit after tax of €7.52 million. With 14 million shares and a market capitalisation above €107 million, the proposed dividend implies a yield of around 6.5%, while any extraordinary distribution would significantly increase it.

Motor Oil rebound and return towards €40

Motor Oil Hellas is trading close to its historical highs. The stock has demonstrated strong demand and solid fundamentals, fully absorbing expected pressure from its dividend detachment. After closing at €39.40 on 25 June, it fell 3.2% to €38.14 on 26 June due to the ex-dividend adjustment, but quickly rebounded by 3.3% the following session, returning to €39.40 and erasing losses. This rapid recovery places the stock once again close to its all-time high of €40.66 recorded on 11 June. Motor Oil’s 2026 performance is strong, with annual gains of +25.5% and a market capitalisation of €4.36 billion. The initiation of exclusive negotiations between Motor Oil and AKTOR Group could act as an additional catalyst, potentially unlocking liquidity and value through divestments in the waste management segment.

Y/KNOT shift into shipping tanker investment

Y/KNOT Invest is reportedly moving further into deep-sea shipping, with plans to invest in a tanker vessel. The move is considered bold and high-risk, given historically high second-hand vessel prices and an uncertain geopolitical environment. The company began its transition in autumn 2025, following a general meeting decision to evolve into a diversified investment group spanning yachting, marinas, shipping, tourism and hospitality. A dry bulk vessel, “Federica,” marked its entry into deep-sea shipping, generating over $700,000 in revenue in 50 days, followed by additional chartering income estimated at $1.8–2.8 million over 4–6 months. A €22.8 million share capital increase was oversubscribed 1.5 times, generating €21.9 million in net proceeds allocated to vessel investments, debt repayment and working capital. The Tzortzis family increased its stake to 30%, while the Kyriakoulis family continues to reduce exposure, with holdings falling below 5%.