Greetings, I will begin with a rather interesting political topic that has been discussed and also written about in the media, quite justifiably, in recent times: the movements or possibly even the “under-the-table” discussions or contacts of the governing party with three individuals who are connected to… itself, since they come from its very own entrails. Lately there has been talk of an effort by New Democracy, with the agreement of Mitsotakis, to approach KKR (Kostas Karamanlis of Rafina). The rumor gained some momentum when Karamanlis did not sit next to Samaras at his latest public appearance, while K.M. made a reference to KKR in a speech in Aigaleo. I therefore put a few questions to the relevant sources, and the answer I received was: “there is nothing, neither does the prime minister want it, nor does Karamanlis.” I would simply add that Mitsotakis does not want to polarize the “blue” (ND) electorate with attacks on the former prime minister with the heavy surname. And of course Karamanlis is also careful about his public behavior toward ND, because Samaras will now, formally as well, be an opponent of the party. In any case, KKR has… been making nonstop phone calls to former party officials urging them to go to Samaras. I asked whether anything is going on between Samaras and Mitsotakis, whether the situation could be smoothed over and, through some kind of political deal, Samaras would not form a party, but I saw neither smoke nor fire of course. And finally, I have been hearing for months a discussion about Latinopoulou: ND would like Afroditi to return to the “blue embrace,” but she is not hearing it for now and is indeed also holding some talks with Samaras. But if she is going to go with Samaras over her head, I do not understand why she does not go to ND instead, where it is a sure thing she will be elected no matter where she runs, especially in Thessaloniki. Now all of this, as you understand, will evolve as time goes by, and if Mitsotakis is indeed aiming for 2027 and even towards late spring, then we are in for a “let’s wait forever” situation…

Relief over the AADE payments

The abolition of the “corrupt” OPEKEPE and the transfer of its responsibilities to AADE was met with strong skepticism in its early stages. That is why yesterday there was great relief in the Cabinet during the briefing given by Margaritis Schinas on the details of the correct payments made through AADE. Perhaps the first to be relieved was Mitsotakis himself, who decided on the reform in motion; perhaps second was Hatzidakis, who “took on” the agricultural reform as a project. The payments made to farmers these days (approximately 700 million euros) show that the government has won a key bet, and thus through AADE the country acquires a transparent and reliable system of controls and payments of agricultural subsidies. And the real producers are the winners, seeing more money already in their accounts—about 150 million euros are estimated to be the funds incorporated into this payment from the “cutting off” of beneficiaries who were not actually eligible. Today at 12:00 there will be a detailed briefing by Hatzidakis, Schinas, and Pitsilis at the AADE offices, while the next step is a new OSDDE application—the application for the basic farm subsidy—which opens in a few days and will be largely pre-filled. Since elections are coming, everyone understands how important it is for the government to “close” this front satisfactorily, as it has suffered a “blow” in agricultural constituencies.

The discussion about the directive

In a Cabinet meeting that was generally… lifeless, a more lively discussion took place about a directive brought by the Ministry of Social Cohesion and Family Affairs concerning the strengthening of the Equal Treatment Body, the effective implementation of the principle of equal treatment, and the incorporation of relevant European Directives. At the core of the discussion was the possible role that the bill assigns to the Ombudsman, as several ministers such as Plevris and Mendoni reacted, saying that we may end up in a situation of constant appeals by the Ombudsman against administrative decisions. Not to mention that the current Ombudsman, Andreas Pottakis, has remained in his position for years despite his term having expired, but he has not been replaced because no person has been found who can pass the parliamentary approval process. In any case, while the issue was discussed, by decision of Mitsotakis the bill is still being held for further processing.

Anger over Fevgas

Vassilis Fevgas may have found opportunities and radio stations to air his grievances about the letter he sent to Mitsotakis, urging him to withdraw the same-sex marriage law and Samaras’ expulsion, but keep one piece of information in mind: Mitsotakis was furious with his long-time close associate, who was rather an unexpected stab on the road to the ballot box. And I am sure this will not help Feugas in his effort to be elected in Aetolia-Acarnania.

A network in Rhodes

I am hearing about a network in Rhodes that distributes beaches and businesses in ultra-tourist areas, which will soon be caught by the authorities, with arrests and a lot of “black money” in the summer heat. I am waiting to see it.

The Spaniards who loved GEK TERNA

This morning we will also officially learn the details of the undoubtedly successful, lightning-fast capital increase of GEK TERNA. The information suggests that in the end 660 million euros were raised at a price of 42.5 euros, meaning that the capital increase was done with a small discount. What caught the column’s attention is that among the global coordinators and bookrunners, in addition to the usual suspects (Mediobanca, Morgan Stanley, AXIA Ventures), Banco Santander also participated. The presence of the Spanish bank in the scheme—which we have not seen in many investment banking deals in the Greek market—likely indicates increased Spain-made interest. Santander’s participation is particularly interesting because it was the bank that “discovered” GEK TERNA, initially giving a target price of 49 euros, then 53, and most recently 58 euros. As for Mediobanca, it sees the stock at 53 euros. According to information, investor interest was impressive from the very first minutes of the process. The order book was essentially covered within the first quarter hour of its opening, while within about two hours demand had reached approximately six times the size of the initial offering. Total bids are estimated to have reached around 3 billion euros, confirming strong international investor confidence in the group’s prospects, and this strong demand led management and underwriters to increase the size of the transaction. Thus, instead of the initial target of raising about 500 million euros, the issue was expanded and the final amount approached 660 million euros.

New listings and bonds bring July to the Athens Stock Exchange

Alpha Trust Holdings is exiting the Athens Stock Exchange after Alpha Bank acquired 96% and intends to delist the company. However, its place on the board will be replaced by Attica Department Stores, which will begin trading tomorrow, Thursday, with management ringing the opening bell at the ATHEX. The allocation to retail investors who did not hold shares of the parent Ideal reached 30% of requested shares (much better than the 6% of PPC and the… 0% of ADMIE), while institutional investors received about 20% of what they requested. Also, the month that begins “right away” includes four major corporate actions that will raise about 1.3 billion euros from the market. As cliché as it sounds, July will be a hot month for the Athens Stock Exchange.

The new battle of banks is not fought in interest rates

For years, banks competed mainly for customers. Today, the biggest competition concerns their people. The implementation, as of today, of the new corporate collective agreement of Alpha Bank, with a minimum salary of 1,600 euros, shows that the game has changed. Salaries are only part of the picture. Benefits for the family, housing support, education incentives, protection from interest rate increases, and the new savings program for children compose a different model. It is no coincidence that the market has already started moving in the same direction, with Piraeus Bank announcing a higher entry-level salary from 2027. The battle for top talent seems to have just begun.

Two meaningful moves by Allwyn

Allwyn proceeded with two moves that improve the picture of its balance sheet and strengthen its financial results. The most significant concerns the repricing of its Term Loan B maturing in 2032, reducing the interest margin by 50 basis points, from 3% to 2.5%. At the same time, the company proceeded with a private placement of new secured bonds worth 55 million euros, with a fixed interest rate of 4.625% and maturity in 2031. The proceeds will mainly be used for early repayment of part of the existing debt, without changing the group’s leverage. Overall, the immediate benefit is estimated at about 5 million euros annually from the reduction in interest expenses. Beyond the reduction in financial cost, Allwyn continues to strengthen its financial flexibility, something that is gradually being reflected in the market, with the stock having established a base around 14 euros, also supported by the share buyback program.

The major step of Theon in France

One of the largest moves ever carried out by the Greek group—since its listing on the Amsterdam Stock Exchange—is nearing completion: Theon’s agreement to acquire SAS Stéropès, the parent company of SAS HGH Systèmes Infrarouges, with an enterprise value of approximately €300 million. The transaction concerns 100% of the French company, will be financed through bank debt, and is expected to be completed in the fourth quarter of 2026, pending the required approvals. HGH, founded in 1982 in France, is a high-technology company specializing in electro-optical and infrared systems for defense and civilian applications. It owns proprietary artificial intelligence technologies for the detection of threats at long distances and a highly sought-after technology in the sector: a thermal camera capable of detecting unmanned aerial vehicles (drones) at very long ranges—up to several kilometers depending on the size of the target. In 2025 it recorded revenues of approximately €40 million, EBITDA margins above 40%, and an order backlog of about €70 million. For Theon, the acquisition broadens its portfolio beyond night-vision systems and strengthens its presence in the French defense industry, following the acquisition of Merio in cooperation with Safran.

National Development Fund: efforts are paying off

The efforts undertaken to restore the Superfund are paying off, as shown by the signing of the concession agreement for Kalamata Airport—a process that had been significantly delayed. The CEO of the National Development Fund (the new name of the Superfund), Giannis Papachristou, began his work by “recruiting” dozens of experienced executives who took positions on the boards of supervised entities. In this way, it became an active shareholder, systematically contributing to the transformation, modernization, and value creation of the companies in its portfolio. At the same time, through its four thematic funds—HIIF, Phaistos, ELKAK, and the Pharos AI Factory accelerator—it invests strategically in the new economy. With a portfolio of approximately €12.3 billion across eleven key sectors of the economy, the National Development Fund is now the largest investment organization in the country and, through its new role, aims to create value with both economic and social impact.

Aktor: 9-day rally and market cap above €2.8 billion

Aktor is on an impressive rally, recording nine consecutive upward sessions with cumulative gains of nearly 26%, while in a broader positive run of 12 out of 13 sessions it has gained over 42%. The stock closed at €13.78, a new record, and briefly approached €14 at intraday highs, bringing its market capitalization to €2.81 billion. Investors are pricing in the group’s development plan, which is preparing a €650 million capital increase and a €300 million bond issuance. These funds will support its expansion into the circular economy through the acquisition of 75% of HELLENiQ Energy’s subsidiaries HELECTOR and Thalis from Motor Oil. At the same time, the emerging cooperation between the two groups for the construction of the floating LNG terminal “Dioryga Gas” further strengthens investor interest, creating strong prospects in the energy and environmental infrastructure sectors.

A…Gerani in Marousi

A new company that appears to be linked to the Motor Oil group “bloomed” yesterday. The name “Gerani Advisory S.A.” is notable, while its registered office is located on Herodou Attikou Street in Marousi, where MOH’s headquarters are also located. Its initial share capital is €250,000, divided into an equal number of shares with a nominal value of €1 each, fully covered by the founding Cypriot company “Gerani Enterprises Limited.” Its stated purposes include business consulting, management and advisory services, HR restructuring consulting, public relations, corporate communication, administrative support services, call centers and telecom-related services, as well as the execution of technical projects of all kinds (construction, hydraulic, electrical, port, roadworks, etc.) for public or private entities in Greece or abroad. The first Board of Directors includes Niki Stoufi (non-executive member of the Motor Oil board) as Chairwoman, Maria-Evangelia Stavridakis as Vice Chairwoman, and Thomas Theodoroulakis, Spyridon Stamos, and Georgios Skordias as members. It is therefore a company where… women hold the upper hand in governance.

The Board of “Attikos Ilios”

A new Board of Directors was recently elected at “Attikos Ilios,” owned by the Mantonanakis family, which manages the Grand Resort Lagonissi complex. The General Assembly was held on June 10 and unsurprisingly there were no changes in composition. Thus, Pantelis Mantonanakis remains Chairman and CEO, Anna Mantonanakis is again Vice Chairwoman and Executive Director, and Nikolaos Tzimas remains a board member. The previous board’s term was set to expire on July 5, 2026, and has now been extended to July 10, 2031.

OL Piraeus: hope for peace and dividends keep it strong

The market capitalization of Piraeus Port Authority (OLP) remains above €1.1 billion, buoyed by comments made at the General Shareholders’ Meeting. The stock has posted a three-day rally with cumulative gains exceeding 10%, narrowing the gap from its all-time high of €49.7 recorded last June. With this move, the group is firmly established above the €1 billion threshold in market value. In the latest session, the stock surged 5.3% to close at €45.5. A strong driver of the rally was the dividend distribution—gross €1.896 and net €1.8012 after tax—approved with 83.40% quorum. This implies a net dividend yield exceeding 4% until the ex-dividend date of August 3. 2025 results showed revenues of €250.8 million, up 8.6%, marking the highest revenue and EBITDA performance in the company’s history for the fifth consecutive record year. The first quarter of 2026 was marked by war and geopolitical disruptions, causing cargo rerouting, spikes in war-risk insurance premiums, and broader supply chain friction. For a transshipment hub like Piraeus, hopes for peace in the Middle East act as a catalyst for investment expectations.

The Strait of Hormuz will define Greece’s new role

Ministries of Defense and Foreign Affairs are aware that the discussion about the Strait of Hormuz is not just another European naval mission. If Brussels decides to expand Operation “Aspides,” Greece will face a difficult equation: how to support an initiative that directly serves Greek shipping interests without increasing its geopolitical footprint in one of the world’s most sensitive regions. Behind the scenes, discussions go beyond the deployment of a frigate. The real question is who will bear the cost and responsibility for the next day in the Persian Gulf, especially if the United States gradually adopts a more discreet role in the region. For Athens, there are no easy answers. On one hand, the world’s largest merchant fleet cannot remain passive when freedom of navigation is threatened. On the other, Hormuz is not a place for symbolic gestures—every operational decision carries diplomatic weight. Thus, before any military move, a quieter battle will take place: consultations at European and regional level. Because ultimately, at stake is not only maritime security, but also Greece’s intended role in the new geopolitical balance of the Eastern Mediterranean and the Middle East.

Why Greek shipowners are selling ships now

It is no coincidence that an increasing number of Greek shipping companies are choosing at this moment to sell older vessels and immediately reinvest in newbuilds. High asset values in the second-hand market are creating a rare opportunity: they are monetizing assets at the top of the cycle and converting capital into investments that will provide a competitive advantage for years to come. Behind these moves lies not only optimism about shipping, but also preparation for stricter environmental regulations that are coming. J.H.I. Steamship, led by Giannis Igglessis, appears to be consistently following this strategy. The sale of its older LR2 tanker at a particularly high price is not merely a successful commercial transaction. It frees up significant capital at a time when the company is investing over half a billion dollars in newbuild tankers, showing that it is looking far beyond today’s market. At Safe Bulkers, Poly V. Hadjioannou is sending his own message. The launch of the first dual-fuel methanol Kamsarmax is not just a technical upgrade. It is a statement that decarbonization is no longer theory but investment, aimed at ensuring the fleet remains competitive when new IMO regulations become even stricter. The same logic is followed by Dorian LPG of the Hadjipateras family. It is selling three older VLGCs at attractive valuations while simultaneously ordering a new, state-of-the-art vessel. When freight rates remain strong and balance sheets are solid, companies choose to reinvest profits rather than stand still. The behind-the-scenes picture shows that the major players in Greek shipping believe the next decade will not be won by those with the most vessels, but by those with the most modern fleet.

Santorini, cruises, and emerging problems

Santorini is once again in the spotlight—not for its spectacular cruise ship arrivals, but for the first cancellations that are raising concern in the market. Behind the cruise industry, many believe that Viking Cruises’ decision to remove two calls of the Viking Star from its 2026 schedule is not a simple operational adjustment, but the first strong signal that something is not functioning properly in Greece’s most popular destination. Viking is not a company that easily changes its plans. With a strong presence in Greece, homeporting activity in Piraeus, and steady trust in the Greek market, every decision it makes is closely scrutinized by competitors. That is why some believe these two cancellations could become a reference point for how international companies evaluate Santorini in the coming years. At the center of the discussion is the 70%-30% model, which provides that 70% of cruise passengers are served through the port of Athinios and 30% through the old port of Fira, aiming at better distribution of visitor flows. However, industry representatives argue that the measure did not decongest the island but simply shifted the problem, creating long queues at the cable car, delays, and an overall experience that does not match cruise passengers’ expectations. At the same time, there are criticisms regarding how the new framework was implemented. Market executives speak of a lack of meaningful consultation with companies, noting that cruise itineraries are planned two to three years in advance. When rules change without timely communication and coordination, uncertainty quickly becomes business risk and ultimately leads to cancellations.

Greece used to have the most expensive electricity market in Europe. Now it is the 7th cheapest

In 2019, Greece had the highest wholesale electricity price in the European system. Today, it has the 7th lowest wholesale electricity price in Europe. This development is mainly due to the massive penetration of solar and wind energy, combined with investments in grid infrastructure. The average Day-Ahead Market price was €108.67/MWh in January and fell to €79.84/MWh in February. On days when renewables cover more than 90% of consumption, wholesale prices this year average €67/MWh, while on days with coverage below 60% they surge to €123/MWh. The more clean energy, the lower the price. The next step is storage. It is the only technology that can shift cheap midday energy into the evening, displacing expensive natural gas. The key point is that battery costs are steadily falling (by an estimated 32% in 2025 compared to 2021). A premature subsidy would have locked in much higher costs. Today Greece is running three storage energy auctions (€150 million from the Recovery Fund) and pumped hydro projects (€250 million), aiming to reduce curtailments of renewable energy, which nearly doubled in Q1 2026. Wholesale electricity in Greece has never been cheaper relative to Europe. Storage is the key to keeping it that way now that batteries are becoming cheaper.

The “thermometer” of supply chains

There is an index considered reliable for measuring pressure in global supply chains: the Global Supply Chain Pressure Index (GSCPI) of the New York Fed. It jumped to 1.82 in April from 0.68 in March, the highest level since 1.86 in July 2022. The monthly increase was among the largest outside the pandemic period. The war in Iran is the obvious cause. However, according to the New York Fed, the rise is mainly driven by longer delivery times and increased backlogs rather than just energy prices. The index has even exceeded the levels of the 2011 Fukushima crisis, although it remains well below pandemic peaks (record 4.47 in December 2021). Asian supply chains, particularly those supporting AI infrastructure, as well as petrochemicals, fertilizers, and sulfur, are heavily affected. For Europe and Greece, transmission occurs through fuels, transport, food, fertilizers, and imported raw materials. Attention now turns to what happens next. The May reading eased slightly to 1.77, while a ceasefire and gradual reopening of Hormuz could pave the way for de-escalation. However, as long as shipping companies remain cautious, trade bottlenecks will continue to fuel delays and price increases.

The yen makes history

The yen has been steadily weakening—and now systematically so. On the last day of the half-year, it fell to 162.27 per US dollar, the lowest level since 1986, a 40-year low. This marks the fourth consecutive quarterly decline, with the currency losing about 2% in Q2. The main reason is the interest rate gap. The Bank of Japan recently raised its policy rate to 1%, the highest in more than three decades, while the Fed remains near multi-year highs. As long as the interest differential persists, carry trade dynamics continue to pressure the yen, with speculators holding record short positions. Japan has already spent over 11.7 trillion yen (~$72 billion) to support the currency, slowing but not reversing its decline. The next move depends on Washington. Upcoming US jobs data (NFP) is expected to show 172,000 new jobs in June. Strong employment would keep US rates elevated, adding further pressure on the already weak yen.

Central banks are taking different paths

Over the past three years, major central banks moved in sync. Now the “orchestra” has broken apart. The same external shock—the energy disruption from the US–Iran war and the Hormuz closure—finds each economy in a different starting position, producing divergent policy responses. The European Central Bank signaled tightening, raising rates by 25 basis points on June 11, 2026, bringing the deposit rate to 2.25%, the first increase in three years.In contrast, the Bank of Japan is raising rates from ultra-low levels amid a 40-year low yen, while the Fed maintains high rates near 13-month highs. Greece sits in the middle, without its own monetary policy. Inflation runs higher than the eurozone average (4.6% in April). Banks benefit from higher euro rates, borrowers lose, while the state is relatively protected due to long debt maturities and a low average borrowing cost (2.18% in 2025). The transmission of monetary tightening is uneven: fast for households, slow for the state. The real defense against the crisis lies not in interest rates but in fiscal discipline, debt reduction, and structural reforms.

“Salt is the new oil,” says Morgan Stanley

Morgan Stanley argues that salt is becoming “the new oil,” driven by surging demand for sodium-ion batteries. The logic connects AI, data centers, and electric mobility. Sodium-ion batteries are expected to grow from 2% of global installations in 2027 to 20% in 2030 and 37% in 2035, offering 30–40% lower costs than LFP lithium batteries and better cold-weather performance. Unlike lithium, sodium is abundant and found in common salt, enabling supply chain independence and potential reshoring of production. Companies such as General Motors (via Peak Energy), CATL, and BYD are already active in development or mass production. However, sodium batteries have lower energy density (140–160 Wh/kg vs 250+ for lithium), meaning they are heavier and best suited for grid storage and urban mobility rather than long-range EVs. In short, sodium will not replace lithium—but will complement it where cost matters most, especially as Greece accelerates investment in energy storage.