Hello, holidays and festivities are over, patience now until February 21, which is the three-day Carnival break, luckily by then the farmers will certainly have… some work to do so we don’t end up with blockades on the roads. Yesterday, Epiphany passed calmly, but the echo of the extremely serious incident with the interference in aviation communications—which forced the competent state authorities to close the Athens FIR to prevent a disaster—remains. And this is both because the cause hasn’t been found yet, nor why it happened, and no clear timeline has been given for when the outdated airport equipment will be replaced. Minister Dimas went to Mitsotakis the day before yesterday and explained what he has done since taking office—about a year ago—and what the plan is to modernize the entire network, which hasn’t changed in roughly 15 years. Let me clarify, Dimas, citing the authorities, keeps saying there is no flight safety issue, but we heard the same with trains, so, without being able to compare due to ignorance, I don’t think the argument is particularly convincing. I wonder, then, if we will wait for the classic solution, which the minister planned for the gradual replacement of all these complex aviation communication systems and security tools with tenders, objections, Audit Boards, etc., or maybe, once the competent Committee concludes its government-mandated investigation into the blackout causes, we go ahead and install new ones everywhere as quickly as possible. In any case, to wrap up, let’s wait about 7–10 days to learn what happened from the Expert Committee report as well as the Athens Prosecutor’s Office. My source at the M.M told me that beyond the Greek experts, foreign specialists are also investigating the incident, and they will report directly to Mitsotakis, who will make the decision accordingly.

Maria is ready…

• Anyway, the topic of the day is different: the night before last, Maria Karystianou, with full formality, announced via a TV interview (Kontra Channel) her new party. She even said that a party runs to come first, and those “…I don’t know if I’ll be the leader” comments she made—I’m sorry, but I hear them on credit. Since this whole creation is based on the “Karystianou persona,” who else would be leader… Maria the Pentagiotissa? Maria (the real one) also took a swipe at Tsipras in the same interview, ambushing him from the Left over the memorandum he signed, thus opening the curtain of the new party for good. The interview was well-organized in the sense that she was asked about multiple current issues and answered consulting her notes, visibly, without just sneaking glances. I’ll wait to see when the catfight with Zoitsa starts, who will more convincingly express to the public the classic and timeless slogans “scoundrels, traitors, politicians, burn, burn the brothel that is Parliament,” etc. Now that I mentioned Tsipras, I asked a publishing house figure how many books our leader has sold so far, and he told me 30,000 copies, of which 10,000 were acquired by a source—I can’t swear about the info.

The pigeon at Fanari

• From Epiphany, I don’t have many snapshots to tell you about, but the tastiest I hear happened at Fanari, where Pierre, Zacharaki, and President Nikos went, who has a tradition there. Now, all of them didn’t have much contact with each other, but somewhere along the line, a… pigeon appeared. First, it landed on Pierre’s shoulder, then flew and sat on Androulakis’ head. Now, I’m not like the old lady of Karystianou interpreting omens, but this meant something.

The police preparation

• Today, after 10:00, the announcements for the agricultural package will be made, and then the countdown begins for the… whip on the farmers if they don’t take some last-minute surprise decision to negotiate with the government based on the announcements. Since, however, miracles don’t happen every day, I understand that Chrysochoidis will again take a tour of the M.M for police planning from now on, since the farmers want to shut everything down, and the government can’t simply threaten them with administrative fines.

The problematic channels with the farmers

• Anyway, to be fair, in this crisis the optimists at Maximos and the advocates of the “lao-lao” line I wrote to you about weeks ago were proven wrong. And this is because this time the farmers were hardline, and in this category also belong the ND trade unionists. To understand the farce at play, for days Minister Tsiaras has had an open line with KKE agricultural unionist Rizos Maroudas, who keeps saying off the record that farmers should enter dialogue, but when it comes time for meetings at the blockades, he supports escalation of protests.

Meeting on migration

• Let me tell you that last Monday a large and serious meeting on migration took place at Maximos, since flows may be lower than last year, but for December they are high and focused exclusively on Crete. At M.M were Gerapetritis, Plevris, Kikilias, Chief of Defense Houpis, EYP Director Demiris, and Coast Guard Chief Kontizas, discussing all operational and diplomatic data, as it is clear that the Libyans are “playing games” whenever weather allows. Let me tell you that by May at the latest, the two closed migrant detention centers in Heraklion and Chania will be ready, while gradually plans will proceed for a large facility, modeled on these, in the Northeast Aegean islands.

They approached Grimaldi for Attica Group

• The new behind-the-scenes deal, spotted by the column, comes from the ferry sector. According to information, naturally from before the holidays, a foreign bank, presumably acting for Strix Asset Management/Blantyre, approached the Grimaldi group with a business proposal for a merger with the Attica Group. The Grimaldi side has the necessary size for such a deal, and the idea of gaining control of Adriatic and Crete lines doesn’t leave them indifferent, especially after the control acquired at the ports of Igoumenitsa and Heraklion. Of course, there is no deal yet, it’s a discussion in progress that could, under the right conditions, bear fruit. The problem in such a deal is naturally the Competition Committee, but with political consent, it can be somewhat manageable. Also, according to the same sources, Grimaldi is not interested in most summer ferry lines, except for a few, like Rhodes, so they wouldn’t mind shedding routes to several islands. On the other hand, Strix/Blantyre have made four attempts for Attica Group without success. This is not an ordinary company, for anyone who remembers the incident where crew members threw a poor passenger into the sea, who died from the propeller waves that sent him flying onto the pier. In the past, giants like Goldman Sachs, Fortress, etc., came, saw, and left, while even the idea of a placement could not progress. The current oil prices help, so the approach to Grimaldi happened. As I said, it’s too early to say there’s light at the end of the tunnel. First, Grimaldi must agree on a framework (the current discussion), then the government must agree and find a way to overcome monopoly conditions a deal like this creates. Therefore, the venture may die before it is born, and the usual denials like “nonsense, not true, impossible, wouldn’t pass due to competition,” etc., may begin.

OPAP shares: Allwyn bought €190 million

• So the time for very critical OPAP decisions has come. Shareholders are called this morning to weigh in on the merger of Allwyn and OPAP, a deal that aims to create a group valued around €15 billion, the second largest listed in the gambling market. To get here, a long preparation period preceded, at least since last summer, and then, from the merger announcement last October until now, intense effort to help the market understand the plan and smooth some of the deal’s “rough edges.” Allwyn showed how much it wanted the deal in practice: since early December, it has bought over 5 million OPAP shares via the Stock Exchange, spending €95 million, nearly daily reaching 50% of daily trading volume on the stock. Additionally, a special agreement was made for another 5.5 million shares with Citigroup, worth €93.6 million, with payment due by end of March or earlier if the company wishes. These moves can tip the scales in favor of the deal, as these shares effectively come out of the equation and the pool of those who oppose it. It is estimated that through all purchases in recent weeks, Allwyn may now control 54.5% of OPAP’s share capital, a particularly critical percentage.

Balances and large margins to close the deal

• Beyond share purchases, Allwyn and its advisors also did very systematic work informing about the deal’s benefits, via the usual rebuttal letters to shareholders, continuous contacts with institutional investors, etc. The key question at today’s general assembly is whether opponents will exceed the 5% threshold set by Allwyn. Attention, though: even if that happens, the agreement’s structure allows that threshold to be redefined, with Allwyn’s written consent. From there, the “no” votes will allow Allwyn to gauge shareholders and market sentiment. But again, that doesn’t mean much. The most important is who will finally exercise their exit right, i.e., how many of those entitled to the €19.04 exit price will actually do so. If the share is near or above that level, they can easily sell via the Stock Exchange and save time and procedures… In short, today’s general assembly is critical, but there is time and (large) room for the two companies to merge. All this, of course, is before the assembly. The actual balance, the role of proxy advisors (ISS and Glass Lewis), and the stance of foreign and domestic institutional investors and other shareholders will be revealed in practice. In any case, we expect a… Ben-Hur assembly, since 10 topics regarding the merger, split plan, election of new board, etc., will be discussed and voted. It is certain that considerable time will be needed for official results, as the process requires careful attention to get everything exactly right.

Alpha overtakes Piraeus, next target Eurobank

• With the investment strategy of “Total Return Swap” (TRS), UniCredit proved in practice its trust in Alpha Bank management, raising its stake to 30%. Immediately, Alpha achieved a key goal, surpassing Piraeus Bank in capitalization. Today, on the Stock Exchange, Alpha is valued at €8.68 billion, slightly above Piraeus (€8.59 billion), taking third place in the sector. Eurobank remains first at €12.9 billion, while National Bank follows with €12.5 billion. UniCredit, with official 29.8% ownership, gains decisive influence, adding international prestige and credibility, without controlling Alpha. Alpha’s management seeks accelerated organic growth, leveraging improved credit rating and low NPEs ratio. The goal is to strengthen the loan portfolio, increase profitability to surpass Eurobank’s capitalization. In this context, new acquisitions are not excluded, and cooperation with UniCredit in cross-border Balkan projects is certain.

METLEN, hedging, and the aluminum rally

• Bullish on aluminum prices in 2026, Citi, Morgan Stanley, and BofA appear in their reports, with Citi forecasting (60% probability) $2,900 in Q1. The historically high prices particularly benefit METLEN, as experience shows. For many years, METLEN has followed long-term hedging to secure high prices 3–5 years ahead, yielding significant gains. This strategy allows METLEN to exploit market opportunities and differentiate from competitors, ensuring revenue stability and profit margin protection. Note also that now, in the FTSE 100, only Rio Tinto and METLEN have significant aluminum exposure, putting them in the investment spotlight for those wanting to benefit from rising metal prices.

Points and monsters in the war for control of PROODEFTIKI…

• The board of “Proodeftiki” called an extraordinary general assembly of shareholders on Monday, January 5, between the holiday breaks, hoping low turnout would allow bypassing reactions from major shareholder Chrysa-Lemonia Koutla (16.08%). Things didn’t go as planned, with the Proodeftiki board now under scrutiny for false statements and misleading shareholders. The extraordinary GA on January 5, which was supposed to decide the fate of a controversial capital increase (to pay LDA Capital Ltd for services never rendered), was postponed at the last minute. According to participation declarations submitted by the January 2 deadline, the board faced crushing defeat: about 37% of shareholders were ready to vote against the illegal increase, versus only 17% supporting management. Chrysa Koutla appeared to control 27% of shares with her proxies, while another 5.5% expressed support. All together, they form a new strong 32.5% minority. With additional shareholders appearing in person Monday morning, the “opposition” in the board is estimated at 37%.

They even dragged in the Stock Exchange to avoid losing control

• On Sunday, January 4, shareholders of the company began receiving SMS messages from the Board announcing the postponement of the general meeting due to “force majeure.” The official announcement that followed that evening accused the Athens Stock Exchange of failing to make the company’s shareholder registry available on the critical date of December 31, 2025. On Monday (1/5), the day the meeting was supposed to take place, shareholders representing more than 30% of the company’s capital showed up at the company offices demanding explanations. The Board Chairman, Georgios Kontolatis, and board member Alexandros Georgoulopoulos insisted that the meeting could not be held because the Stock Exchange had not provided the shareholder registry on December 31 and that they had unsuccessfully tried to obtain it by Saturday. The Head of the relevant Stock Exchange department, Mrs. Thanasiá, revealed a diametrically opposite picture: The Exchange had posted the registry on time, on December 31 at 6:30 a.m., and had informed the company. The Stock Exchange demanded an official correction, and the management of “PROODEFTIKI” issued a new announcement that same afternoon. They admitted that the Exchange had indeed provided the registry on time and apologized to the investing public. However, they failed to announce a new date for the General Meeting. The Proodeftiki saga continues…

The new businesses of Mouratoglou and Milionis

• With the “good morning” of the new year, several new companies were founded. Among them, two particularly caught my attention. One is “PM Management I.K.E.,” established on Monday, January 5, by Patrick Jean Andre Mouratoglou. This is the famous tennis coach Patrick Mouratoglou, son of the major entrepreneur (of Greek descent) Paris Mouratoglou, who, besides working with Tsitsipas, also runs the Mouratoglou Tennis Center in Costa Navarino. The renowned coach already has a company in Greece since December 2023, Mouratoglou International Development Greece, aimed at operating—or renting out—any equipment or sports complex necessary or useful for racket sports (tennis, padel, pickleball, etc.), as well as providing any sporting or recreational equipment and accessories. The new company, “PM Management,” also headquartered at the Mouratoglou family “headquarters” on Garibaldi Street, across from the Odeon and the Acropolis, has a different focus, including business consulting, real estate buying and management, holding company services, intellectual property licensing, advertising services, etc. The initial share capital is €30,000, fully paid by Patrick Mouratoglou, who also took on its management.
• A new company was also launched by Vasilis Milionis, who was involved in the initial phase of “Larissa Thermoelectric,” the company building a new natural gas unit in Thessaly, and in the Israeli-owned Tikum Olam Greece—where he is chairman—focused on medicinal cannabis. The new company, also established on Monday, January 5, is called “OikiesKea I.K.E.,” headquartered in Athens at 18 Voulkourestiou Street. Its purpose includes real estate trading, vacation accommodations, construction work, property management, etc. The initial share capital is €500,000, divided into 500,000 company shares of €1 each, fully paid by Vasilis Milionis, who also took on its management.

Ethniki Insurance: Rolling up their sleeves for €60 million

• This could have been an ordinary New Year’s staff event, but it’s more than that—it marks the start of management under the new shareholder, Piraeus Bank. On January 15, the management of Ethniki Insurance, under the… innocent title “Celebrating the New Year and the New Era,” calls the staff focusing on the new realities. Piraeus Bank has plans and high targets: In 2026, Ethniki Insurance must show €60 million in profits, and in 2027 just under €100 million. Easy? Time will tell, but Piraeus is optimistic, saying the targets might even be revised upwards in the near future. Also, note that in early March, Piraeus Bank is planning an investor day, where it will present a positive revision of the operational plan.

D. Diamantidis: New fleet addition on Christmas Eve

• Diamantis Diamantidis recently received two Suezmax tankers, added to the Propontis fleet, with the second officially entering management on December 23, 2025—Christmas Eve—a “quiet” date for a move that nonetheless makes sense in the market. The two vessels, each about 150,000 tons, built in Chinese yards, are in different international ports: one in Amsterdam and the other in Fujairah, UAE, reflecting the global strategy of this expansion. The purchase of these Suezmaxes—ships that play a key role in global crude oil transport—has a dual interpretation. On one hand, for Delta Tankers, it’s a clear investment in modern tonnage, as these are 2021-built ships with high standards and performance. On the other hand, it marks the end of a three-year absence from the second-hand market for D.D. METROSTAR Management, of Panagiotis and Dimitris Angelopoulos, completed its exit from the crude carriers market by selling the two ships, freeing up capital and possibly focusing on other business strategies. This move shows how Greek shipping balances global opportunities in a market sensitive to geopolitical and economic variables. Suezmaxes remain sought-after players, and the fact that Diamantidis added them right before the holidays shows he is thinking ahead—not just the next season, but the next phase of the tanker market. It signals that Greek shipowners continue to play on the big boards of energy transport.

Old Port of Spetses: The works and the message

• In Spetses, the Old Port is more than just infrastructure; it’s a microcosm of Greek island administration. For years, this “troubled” spot has balanced between the tourist showcase with hundreds of yachts, local… sensitivities, and a daily reality that in various phases included mistakes. The approval to include the project “Upgrade of the Port Facilities of the Old Port of Spetses” in the Ministry of Shipping’s Sectoral Development Program, with a public expense of €2.63 million, aims to bring order. The gossip-worthy aspect is not the amount—it’s the timing and the message. For years, the Old Port was an example of how small pending issues become major headaches: makeshift moorings, operational limits tested every summer, complaints from professionals, boat owners, and residents. The expansion of piers and construction of new port facilities doesn’t promise miracles, but promises something rarer: predictability. Behind the scenes, this move is also read as a political signal to high-profile islands: development cannot rely solely on appearances; infrastructure must withstand pressure. Spetses, with its historical weight and tourist value, often acts as a pilot. It’s no coincidence that simultaneously, the process to restore operational depths at Zakynthos port is moving forward, with local Port Fund resources. Different size, different funding, same goal: safety and uninterrupted operation. For those reading between the lines, the message is clear. Less tolerance for deterioration, more focus on core work. If that holds, the Old Port may stop being “troubled” and become simply functional.

TIME, TEN, and AI

• The fact that TIME chooses to include a Greek-listed shipping company in its narrative on the era of artificial intelligence and transition has not gone unnoticed on Wall Street. Not because the magazine “discovers” Tsakos Energy Navigation, but because it uses it as an example of a maturing industry that traditionally stayed far from major tech and ESG narratives. TEN, led by Dr. Nikos Tsakos, is presented, implicitly but clearly, as a case study in discipline: fleet dispersion, emphasis on long-term chartering, gradual fleet renewal, and careful adoption of new technologies. For an analyst, this translates into lower cash flow volatility in an industry usually driven by cycles. The political-gossip interest lies elsewhere. At a time when shipping is pressured by regulators, investors, and banks to “green” faster than the market can bear, TIME does not show a company promising leaps. It shows a company promising continuity. That may sound boring, but on Wall Street, continuity is valuable. For the Greek business scene, the message is twofold. First, international recognition comes not from flashy PR but from decades of consistent execution. Second, the new narrative of AI, data, and efficiency can “fit” even in heavy industry, as long as it isn’t sold as a miracle. Ultimately, TIME’s report does not place TEN on a podium. It puts it on the radar of investors looking less for noise and more for longevity.

New cash inflows for ADMIE

• The publication in the Government Gazette of the decision by the Regulatory Authority for Energy and Water, on the annual adjustment of System Usage Charges (SUC), brings ADMIE stock back into focus, seen by institutional portfolios as a “utility with upward potential.” The SUC increase is estimated at less than 1% on electricity bills and covers the cost of infrastructure implemented by the Operator for the energy transition. For investors, the critical factor is the ROI (Return on Investment) generated by the interconnections. The numbers are impressive: the Crete-Peloponnese interconnection has already saved over €700 million since 2021, while the Cyclades have contributed another €150 million. The new Crete-Attica interconnection, activated at the end of 2025, is expected to add €400–600 million annually until 2035—even after depreciation. All this means ADMIE’s Regulated Asset Base (RAB) continues to grow at a high rate, as each new interconnection project adds to the assets generating regulated returns. This translates into predictable, stable, and increasing revenue, appealing to long-term institutional investors. Meanwhile, ADMIE’s strategy to combine interconnections with renewables integration creates a “green premium” in valuation. Morgan Stanley estimates that European network operators with an “aggressive” renewables program enjoy multiples 10–15% higher than other comparable companies. A downside in the analyses remains the low daily trading value, since 51% remains held by the Greek State and another 20% by China’s State Grid. The limited free float does not allow spectacular stock moves, despite the consistent implementation of the €3.8 billion investment plan with a horizon to 2033.

Who really benefits from the big EU-Mercosur deal

• At the Mercosur Summit in Montevideo, Uruguay, European Commission President Ursula von der Leyen signs the major agreement with the South American trade bloc, aiming to create the world’s largest free trade zone with 700 million consumers. Weak and fragmented Europe signs a deal eliminating €4 billion in tariffs on European products and opening the markets of Brazil, Argentina, Uruguay, and Paraguay. European industry, especially automotive, pharmaceuticals, and machinery, gains access to emerging markets while avoiding high tariffs. Europe secures raw materials and critical metals for the green transition while limiting Chinese influence in Latin America. Farmers in Greece, France, Poland, and Ireland protest, fearing the influx of cheap agricultural products (mainly meat, soy, sugar) produced under looser environmental standards. Mercosur is not subject to EU regulations on pesticides, cultivation practices, and climate commitments. Greece could benefit from protecting PDO (Protected Designation of Origin) products and opening markets for olive oil, cheeses, and processed foods. A major beneficiary will certainly be Brazil, gaining easier access to large markets. Signing does not mean immediate implementation. Approval is required from the European Parliament and national parliaments, a process that may take months or years. France, Poland, and other countries threaten vetoes.

End of an era for US public broadcasting: CPB dissolved after 58 years

• The Trump-era government took another step in cutting public spending. The Board of the Corporation for Public Broadcasting (CPB) voted recently to dissolve the organization, which for nearly six decades funded PBS, NPR, and over 1,500 local public radio and TV stations across the United States. The decision came six months after federal funding of $1.1 billion was eliminated by the Trump administration and the Republican-controlled Congress in July 2025. CPB, founded in 1967 under the Public Broadcasting Act, supported programs such as Sesame Street and Mister Rogers’ Neighborhood and was the largest single source of public radio and TV funding in the U.S. Seventy percent of its budget went directly to local stations, many serving rural and poor areas with no commercial media. The Trump administration cut funding, calling public media “biased.” CPB will use the funds it currently holds for local stations and digitizing its historical archive through the American Archive of Public Broadcasting. The future of hundreds of local stations remains uncertain.

The world’s first $1 trillion bank

• On Monday, with the Wall Street rally, JPMorgan Chase’s market capitalization surpassed $900 billion for the first time. This makes it the 13th most valuable listed company in the world and certainly the largest bank globally. JPMorgan executives believe that during 2026, the Group’s market cap will exceed $1 trillion. In 2018, JPMorgan shares were worth $108. During the pandemic, the stock fell to $70–80. Today, the share is worth $334, and its market value reaches $918 billion.