Hello. If someone listened yesterday to Mitsotakis on Papachelas (SKAI), the motto of his interview could easily serve as a projection of where he himself intends to take things in about a year, when we’ll be heading into elections. “There is no Mitsotakis or chaos, but Mitsotakis or Androulakis, or Konstantopoulou or Velopoulos for prime minister.” And in a few months he will logically add to the question—the classic pre-election dilemma—the name of Tsipras and Karystianou as well. And I find this entirely logical, because first and foremost he himself knows that this is where the elections will be decided. Everything else about the constitutional obligation to go to exploratory talks, if he does not secure a parliamentary majority, is obvious and a given. I’ll mention a few scattered impressions. First of all, the interview was what we call “complete” from a journalistic standpoint, because Papachelas asked everything. From relations with the US, to the off-key episode with Olga. And he also got clear answers, including on the issue of the “Vertical Corridor,” which K.M. defended on the grounds that it benefits the country and its security. Also on the Kefalogiannis issue: while he defended the legislation, he also said that there is indeed an issue, which was first used by his own minister. Very detailed on national issues, conciliatory but with… difficulty in reconciling with Samaras and Karamanlis, unmoved on the electoral law.

The Constitution (not the square…)
Now, I told you since yesterday that if you find a person in this country from the entire opposition who will sit down and properly discuss with Mitsotakis not the Constitution, but even whether we should feed the pigeons in Syntagma Square, feel free to pierce my nose. Yesterday’s menu had everything, from Haritsis, who rushed early in the morning, as soon as Mitsotakis made his address, to declare “a cover-up even in the Constitution,” to Evangelos Venizelos who says… which Constitution, the country is not even governable, there is a deep crisis of institutions, etc. And basically, if you don’t ask Evangelos about the Constitution, it’s like not consulting Petretzikis about cooking. I do wonder, though, whether Evangelos, by repeating this “ungovernable country” line, is… somewhat exaggerating. The official PASOK positioned itself a bit better, saying it will submit its own proposal, but again, wait a bit longer, it’s the beginning; Nikos will certainly speak (he dropped one point in yesterday’s poll as well) and will start with the curses. And as the other comrade and spokesperson Tsoukalas said, PASOK will seek to reach an understanding with the parties of the “democratic opposition,” that is SYRIZA and New Left, regarding Article 86. He excludes Zoitsa, however, and that’s not nice—after all, they took so many initiatives together, such as the no-confidence motion. And of course, Nikos and President Zoe speak regularly on the phone; everyone knows that.

The old supporter of K.M.
In any case, if Mitsotakis has historically had a supporter on Article 86, that supporter is a… neighbor of his. We’re talking about the President of the Republic, Kostas Tasoulas, who was one of only eight MPs who supported the proposal of the then ND MP colleague to abolish the short statute of limitations provided for by Article 86 of the Constitution, during the 2008 constitutional revision process. Among the eight was also Andreas Loverdos, and the essence of the “proposal of the nine” was that the statute of limitations for offenses committed by ministers should not occur after the end of the second session of the next parliamentary term. In other words, it was proposed that the limitation period for ministers’ offenses be equal to that of ordinary citizens.

“Blue-helmeted” Hatzidakis and the Presentation of the Lord
You saw the celebrations for the Presentation of the Lord in Kalamata. Samaras, who was there with his people, was rather soft, while Karamanlis, who delivered a speech that under other circumstances no one would even remember after his being proclaimed an honorary citizen of the city, threw in a subtle jab for the audience, recommending that “we listen to the more experienced, instead of deleting them, literally or metaphorically,” provoking the cheers of the Samaras supporters below. In a somewhat awkward role, Vice President Hatzidakis went to Kalamata to represent the government. He has one basic quality: he hasn’t quarreled with anyone (if that’s a good thing…). He was an MEP together with Samaras and later his minister, as well as a minister under Karamanlis. That’s why, especially in church, there was a constant little huddle of Samaras with Hatzidakis discussing the… prevailing atmosphere. In any case, immediately after Karamanlis’s speech, Hatzidakis took the floor, spoke about Kalamata, and did not want to respond to the jab about expulsions, so as not to pour oil on the fire. He only reminded everyone that Mitsotakis’s ND is carrying out projects for Messinia and responds to criticism with those projects. What else could he do…

The Bishop and the dinners
The idea of honoring Karamanlis, however, is said not to have been that of the mayor of Kalamata, Thanasis Vasilopoulos, but of the Metropolitan of Messinia, Chrysostomos. Of course, such things don’t happen without Samaras’s approval, who was playing at home and had mobilized his own people accordingly. There were also two dinners: one the night before yesterday at a taverna with Samaras–Karamanlis, etc., and an official one yesterday at midday at the Elite Hotel, where all the officials were present. I’ll close the Kalamata matters with a remark from my source at M.M.: “My dear, did you see—there wasn’t a single woman, only men aged 65 and over.”

Mitsotakis at the cake-cutting
In general, this period is suitable for cutting New Year’s cakes, and K.M. plans to cut one more in mid-February, after the appearance he made at ND headquarters on the occasion of the 10th anniversary of his election to the ND presidency. More specifically, he will be present on February 16—and after returning from a series of trips—at the Organizational Committee’s cake-cutting of ND at the Grand Hyatt hotel.

Alexopoulou
Mitsotakis clearly distanced himself yesterday from ND MP Alexopoulou, who said the foolish things that “free rides are over” in a discussion about the income of substitute teachers. This came after spokesperson Marinakis had taken a somewhat more elegant position, saying that she was referring more to the opposition. In any case, to go from that to PASOK understanding that Marinakis praised Alexopoulou for what she said requires a lot of creative imagination, and I wonder whether those at Trikoupi Street envied SYRIZA.

Kefalogiannis’s praise
Yesterday, the Minister for Climate Crisis and Civil Protection, Giannis Kefalogiannis, congratulated the officers of the Arson Crimes Investigation Directorate at the Fire Service headquarters for the immediate, methodical, and well-documented investigation of the accident at the “Violanta” factory in Trikala. The speed (less than 48 hours from the incident) and the results of the investigation were catalytic and quickly led to identifying the causes. The central service of the Directorate will be reinforced with 35 regional units, as provided for in the ministry’s bill that will be submitted this week and is expected to be voted on in mid-February.

Market scenarios for PPC, NOVA, VODAFONE
NOVA yesterday denied reports claiming that due diligence by PPC is underway, adding that it remains focused on implementing its business plan and continuing its growth trajectory. Investigating the relevant information, the column found that there is indeed some buzz in the market. Specifically, market sources claim that PPC is conducting due diligence on NOVA, not to buy the company, but its infrastructure. NOVA, as a business entity, offers services based on infrastructure networks it owns. PPC’s due diligence—according to market rumors—concerns NOVA’s infrastructure networks, namely optical fibers. For PPC, which is rapidly developing its own optical fiber network, such investment interest seems logical. This is also because, according to the market, Vodafone simultaneously has similar intentions to sell its own network and, according to the… ill-tongued gossip of the street, is presenting it to funds. If what is rumored in the market is true, PPC could acquire the optical fiber networks of Nova and Vodafone, and in such a case, together with OTE, they would be the only two fiber-optic providers. Let us note in passing that this rumor aligns with the trend favoring institutional players in the infrastructure market. Generally, networks may be privatized, but they usually pass into specific hands that carry particular weight and a systemic role in the local market, such as, in our case, PPC and OTE.

PPC’s plan
Let us recall that the scenarios about the sale of NOVA to PPC had been officially denied months ago by PPC’s management. More generally regarding NOVA, note that there are different centers of influence, depending on who is talking to whom. The assessment is that the matter will have developments at some point, especially as PPC expands into optical fibers. PPC’s subsidiary FiberGrid now has the second-largest optical fiber network in Greece, having passed through 1.7 million households and businesses (homes passed) in 2.5 years, of which more than 1 million are already ready for immediate connection (ready for service). The strategic development plan foresees the FTTH network reaching 3.8 million households and businesses by 2028.

Rushing for Kastelli
In the spring, the international tender for the aeronautical equipment of the new Heraklion airport in Kastelli is expected to begin, following the assignment by the Civil Aviation Authority to DAHIK S.A. of the relevant process. The tender concerns the supply, installation, and commissioning of critical aeronautical systems (radar and air traffic control infrastructure) for the project being implemented by GEK TERNA and GMR, whose progress Prime Minister Kyriakos Mitsotakis had the opportunity to inspect up close last Friday. The timeline is very tight, and installation of the equipment is expected to take around 28 months. Regarding the project, and specifically the placement of the radar, there is an appeal by the Municipality of Minoa Pediada, however the Central Archaeological Council has issued a positive opinion. The start of the airport’s commercial operation has been set for 2028, and overall construction progress already exceeds 67%. Beyond the supply and installation of aeronautical systems, the most significant pending issues are the road connection to the Northern Road Axis of Crete (VOAK) and the airport’s electrical interconnection.

Autonomous Conference: the formalization of the obvious
Not that it wasn’t already known to us, but at the Autonomous online conference—which invited bank CFOs to discuss the Athens Exchange and the upcoming MSCI upgrade—we officially learned that National Bank’s management sees no regulatory cap on distributing 100% of its profits. Until now it was whispered, read in investment house reports as analysts’ estimates, but now it was stated by National Bank CFO Christos Christodoulou. The other obvious thing officially stated is that anyone looking at Bank of Cyprus would have to undergo foreign direct investment screening by the Cypriot government, as said by CFO Eliza Livadiotou and the bank’s treasury head Despina Kyriakidou.

Instructions to listed companies from the Capital Market Commission
Listed companies received two letters from the Capital Market Commission. In one, the supervisory authority points out that they must proceed with an evaluation of their internal control systems. This audit is conducted every three years, and listed companies must hire an external auditor who prepares the relevant report. The second letter was sent by the Capital Market Commission within the framework of preventive supervision—a practice systematically applied by President V. Lazarakou—and provides specific clarifications, recommendations, and instructions in view of the preparation of financial statements for fiscal year 2025.

Aegean’s “defensive” preparation
Gaining a significant market share in long-haul destinations of the East (India, etc.) is in itself a heavy and complex task that Aegean’s management must implement within very specific timelines to stay ahead of the competition. On the other hand, Europe is “re-arming” and spending large sums on actions, products, and services that serve its defensive shielding. In this context, Aegean’s acquisition of Apella is not at all coincidental—carried out not only through the acquisition of existing shares, but also through parallel participation in Apella’s share capital increase. The company of Dr. N. Kontogiannis specializes in the maintenance of aviation material and aircraft. At the same time, however, Apella operates “…as an approved partner of Lockheed Martin Aeronautics in the field of providing engineering services and flight support for military aircraft. It supports both the Viper upgrade program of the Hellenic Air Force’s F-16s and the global production of F-16s, programs implemented at Hellenic Aerospace Industry facilities.” This… defensive dimension of the acquisition creates conditions for Aegean’s participation in modern “dual-use” programs—military and civilian—in which our Ministry of National Defense is investing, with funds from SAFE and beyond.

Martinos plays chess in shipping
In the shipping gossip, the recent move by Ioannis K. Martinos—namely the strategic acquisition of AXSMarine by Signal Ocean—clearly shows that the game is no longer played only in ships and freight rates, but in data. And whoever controls the data also controls the timing of decisions. Put simply, Martinos is bringing under the same roof two worlds that until yesterday operated in parallel: pure analytics technology (Signal) and deep knowledge of the cargo and chartering market (AXSMarine). He is not just “buying” a strong brand, but locking in access to information that moves the market and turning it into a tool of power. The implications? First, it changes the balance. Brokers, charterers, and shipowners will have fewer and fewer excuses for “rough-guess” decisions. Second, Signal Ocean moves from the role of a technology provider to that of a hub in the shipping ecosystem. With more than 1,500 clients and alliances such as BRS, the message is clear: whoever wants to stay in the game will have to speak the language of data. On a political level—because shipping has its own politics—the Martinos move shows confidence and a long-term plan. He is not investing in the “now,” but in how the market will function five years from now.

Oikonomou sees the market cycle and gets in early
On Wall Street, you never look only at the transaction. You look at the timing and the signal it sends. Giorgos Oikonomou’s move via TMS to take the suezmax slots that Seatankers left on the table is read exactly that way: as a bet on the next round of the freight market cycle. From a purely financial perspective, Oikonomou is buying optionality. He is locking in capacity for 2029 in a market where the orderbook is indeed elevated, but the aging fleet is “screaming” for renewal. With about one quarter of suezmax vessels over 20 years old, the bet is not whether ships will head for demolition, but when and at what pace. The real interest lies elsewhere—in the geopolitical premium. In recent years, suezmaxes have become a tool of the Russian supply chain, both legal and shadow. If, as is intensely discussed in dealing rooms, the shadow fleet comes under serious pressure and flows to India and China “clean up,” then the big winners will be the traditional players with modern vessels and access to financing and top-tier charterers. Seatankers’ withdrawal from this specific deal is not necessarily a sign of weakness. It may simply be a different reading of risk. TMS, now with six suezmaxes in its orderbook, is positioning itself like a fund manager who buys before the consensus changes.

The Coast Guard is being reinforced by shipowners with vessels and vehicles
Developments in the Hellenic Coast Guard, as information suggests that within the month a barrage of deliveries will begin, clearly showing that the Greek Coast Guard is increasing speed and operational strength. The reinforcement is coming from everywhere: European funds, as well as targeted donations from the shipping world. First stop is Corinth, in mid-February, where one patrol vessel and four vehicles will be delivered, a donation from Motor Oil. A move with a clear footprint, in an area with increased surveillance needs. A few days later, in Vouliagmeni, the Alafouzos family will deliver another patrol boat to the Coast Guard, strengthening the fleet with modern means. And the “heavy card” comes a little later: 148 patrol vehicles, acquired through European funds, pass into the hands of the Corps’ leadership, providing relief and flexibility across the entire territory.

A package of strategic importance for Tzirakian
A discreet investment move, with a “strategic stamp,” took place yesterday on the Athens Stock Exchange, when early in the morning a block of 200,000 shares of Solinourgia Tzirakian Profil passed at a price of €1.40, with a total value of €280,000. The seller of the block was Aris Tzirakian, father of the current chairman and CEO Libaret Tzirakian, while the buyer—according to reliable information—was a Greek investment company. The transaction is of particular interest because the new partner is not entering merely as a financial investor, but—as a partner—will undertake to introduce Tzirakian to new markets, especially in the defense sector. With the European defense industry experiencing a renaissance and increased infrastructure needs, Tzirakian’s specialized steel pipes and profiles are identified as suitable for specific defense applications and military infrastructure. A little later, during the session, a smaller block of 40,000 shares was also traded at the same price. With Greece upgrading its defense infrastructure and the EU investing billions in defense, Greek participation in defense supply chains is acquiring critical importance. The share closed yesterday at €1.79 (+26%), valuing the company at around €5.45 million.

And the last shall be first
Yesterday’s session on the Athens Stock Exchange could be described as the “revenge of the damned.” Shares such as OPAP (+3.65% at €17.62), OTE (+1.97% at €16.08), and Jumbo (+2.16% at €25.5) gave their own answer to the coordinated and well-prepared reports that predicted… their destruction due to their… expulsion from the MSCI index when we become a “mature” market. The truth is that all these reports came to light almost simultaneously, as if long anticipated and with very well-structured argumentation. On the other hand, there are the real fundamentals of these companies and their prospects. OPAP at €6.5 billion is in reality… Allwyn at €14–15 billion. OTE has its own technological momentum and an extremely powerful major shareholder. As for Jumbo, it continues to grow its figures, provocatively ignoring the difficulties that might be caused, three years from now, by a company operating in Romania with 500-square-meter stores.

As we approach Monday
I return to OPAP to note that the listed company’s market capitalization returned to €6.5 billion, a size that obviously cannot be ignored in view of the upgrades, since, as mentioned earlier, the consolidated Allwyn–OPAP scheme will have a market value exceeding €14 billion and, based on the deal’s design, the new company will continue to meet the criteria for inclusion in the MSCI and FTSE emerging markets indices. With an eye, therefore, on the shareholding percentage that Allwyn will gather and the free float levels—which will become clear from next week—the share yesterday made an expected rebound and closed at €17.64, up 3.76%. As we approach the coming Monday, 9/2, when the deadline for exercising the exit right expires, corresponding adjustments in the screen price are expected, taking into account also the dividend of €0.80 per share that will be paid after completion of the transaction. It is noted that, based on information from brokerage firms to OPAP shareholders, the offered cash consideration of €19.04 per share is gross, and from it will be deducted the off-market transfer fees and the applicable sales tax.

For European oil refining companies, austerity is coming
According to the Financial Times, oil companies Shell, BP, Total Energies, Eni, and Equinor will announce in the coming weeks that they will cut share buybacks by 10% to 25%. The obvious cause is international oil prices, which are steadily sliding—down 20% last year and forecast to fall further in the first half of 2026. Over the past five years, the strategy of share buybacks had become something like a “religious tradition” for the sector, as these oil giants channeled more than 50% of their cash flow to reduce the number of shares freely traded on the market by 20%. Shell, which considered 40% to 50% of cash flow for dividends and buybacks a “holy grail,” is expected to cut quarterly buybacks from $3.5 billion to $3 billion. Equinor will cut from $5 billion to $2 billion annually. The immediate, obvious question is whether Greek oil companies will follow the new trend. So far, Motor Oil and HelleniQ Energy distribute significant dividends and have already implemented share buyback programs. Barclays analysts note that “cutting buybacks is a much better option than financing them with debt.” Brent is trading near $71, while Total Energies has already announced a reduction in buybacks of between $500 million and $1.25 billion when oil sells between $60 and $70 per barrel. US companies Exxon Mobil and Chevron, for now, are diverging from their European peers and will not announce cuts to shareholder returns, despite lower profits. A BofA analyst commented: “You can’t avoid it—it’s… fundamentals.”

When Artificial Intelligence “reads between the lines” of FED announcements
Bloomberg Economics used an artificial intelligence application that analyzes and translates into numbers the “natural language” (NLP) of the periodic statements and announcements of officials of the US Federal Reserve. This natural language processing (NLP) model, which analyzes statements by FOMC members, shows that the index has returned to 5.97, a level last seen in March–April 2025. Despite the careful wording and rhetorical devices used by members of the FED’s Board of Governors, their concern is obvious. Inflationary pressures are not easing, while the labor market remains surprisingly resilient. The Personal Consumption Expenditures Inflation (PCE) index remains above 2.5%, while wage increases in the private sector continue to exceed 4%. Everything suggests that the Fed is preparing for another inflationary shock. Expectations for aggressive interest rate cuts in 2026 are, for now, considered premature. Dollar interest rates will most likely remain above 4% until summer, and then we’ll see. Bloomberg’s linguistic analysis records keywords such as “vigilant,” “patient,” and “data-dependent” reappearing systematically in members’ statements. This vocabulary usually precedes any policy change by 2–3 months. In any case, the successor to Powell chosen by the President, if approved by Congress, will take the helm of the FED after May 15, 2026.

JP Morgan fires its advisors
JP Morgan Asset Management made a decision that will change the global asset management industry. It terminated its cooperation with external shareholder voting advisors (proxy advisors) for US companies and replaced them with an artificial intelligence platform. This is the first time a major institutional player has taken such a step. Proxy advisors are companies that advise funds on how to vote at thousands of annual general meetings, from board elections to environmental policies. Two firms, ISS and Glass Lewis, control 90% of the market, influencing companies worth trillions of dollars. JPMorgan, with $4.5 trillion under management, is introducing to the market the Proxy IQ platform, which analyzes data from 3,000 meetings using Artificial Intelligence. Officially, it took this decision to strengthen its technological superiority and independence. In practice, however, it is yet another concession to Trump. The Trump administration has declared war on proxy advisors, accusing them of promoting a “radical political agenda” on issues ranging from ESG to “inclusion.” JP Morgan did not spoil his favor…