Greetings. Europe—and in the broader sense the entire civilized Western world—is at this moment facing a major and unprecedented test. The outrageous demand by President Trump to conquer or “buy” a country such as Greenland, which in fact is under the “European umbrella” of an EU member state, Denmark, is not a matter for discussion or negotiation. It bears no resemblance to what happened in the dictatorship of Venezuela, nor to how the United States might influence the fall of a regime such as the mullahs of Iran. Consequently, this is the moment when Europeans—and of course we as well—must resist Trump in a united, methodical, and determined manner. Mitsotakis, partly because of timing and partly because of the common European stance, did not go to Davos and will fly straight to the Summit in Brussels for the major issue of Greenland. Athens’ forecast is that no one other than Orbán will sign Trump’s “peace pact,” Meloni included.

One shot, three birds

I should of course tell you that nevertheless in Athens they are studying very carefully Donald’s proposal for the so-called Peace Council, which is truly… astonishing. I am told that on Monday Gerapetritis will travel to New York and take part in the UN Security Council, which will assess the well-known Resolution 2803 that lays the foundations for the day after in Gaza. As a serious diplomatic source was telling me, Donald’s Council is essentially different from what is proposed in the UN Resolution, since the corresponding council envisaged there has a fixed term, whereas Donald’s is “open-ended” and may start with Gaza but deal with any other conflict field. Moreover, it is unclear where the funds requested as participation contributions will go, while it is foreseen that Trump would be president for life. “If this passes, it is a simultaneous ramming of the UN, NATO, and the European Union,” a serious diplomatic source told me, explaining the reluctance of Europeans—apart from Orbán—to capitulate to Trump’s idea. And I learn that Athens has already conveyed this message to Washington.

The Ankara meeting is being finalized

It is a matter of days before announcements regarding the Supreme Cooperation Council in Ankara, which will take place in the first half of February. I understand that the second week of February is more likely, specifically by February 13. Gerapetritis and Fidan have 4–5 dates and are examining them based on the schedules of Mitsotakis and Erdoğan, but Athens is sending the message that the SCC must take place.

PASOK quarrels for nothing

“A bad village, few houses,” says the proverb, and it seems to apply perfectly in the case of PASOK, where the top figures are at each other’s throats with leader Nikos, who is trying to tidy up the shop and is leaking various scenarios, such as the possibility of running in Athens A, where Geroulanos is elected. Geroulanos gathered about 2,000 people at his cake-cutting event at the Caravel, and when Androulakis appeared he was received with lukewarm applause. “All right, it’s not exactly his crowd,” a senior PASOK figure told me, acknowledging nonetheless that whenever the leader is outside his own mechanism he fails to excite. I also understand that there is some… difficulty in relations between Androulakis and Diamantopoulou. Anna feels stifled because the program “isn’t moving,” as the shop isn’t pulling, while Androulakis may now be “loading” her with any shortcomings for the poor reception of the programmatic positions in society. Thus the shop will limp along until the elections, where “we won’t get more than 11–12%,” as a PASOK MP was saying.

A potluck congress

Otherwise, various parties are holding congresses in the coming days. For example, the New Left, where things are generally rather sad, and also President Stefanos, who announced a congress for the Democracy Movement on February 7–8 at the Peace and Friendship Stadium (SEF). Let me tell you that Vice President Zakri is already opening a discussion about cooperation with Karystianou; I imagine it will also be raised at the congress. In any case, the congress is something of a potluck affair, and the president even asked SEF for a discount for the “Melina Mercouri” hall, while there was also coordination with Olympiacos BC, because the congress ends Sunday at noon and on Sunday at noon Olympiacos basketball plays Kolossos Rhodes. In any case, the party is not providing buses or hotels for cadres coming from the provinces, and generally a proposal has been made as to whether they can… be hosted by friends from Athens.

Rain–schools–Aris

Now, regarding yesterday’s severe bad weather and rainfall in Attica, which manifested mainly from 5 p.m. onwards, I would say the following. Initially, in the morning, because the phenomena were mild, we all thought that closing the schools was an excessive reaction by the Region. In the end, it wasn’t so, because from early afternoon the weather worsened and the rain that fell was probably one of the heaviest in the history of Attica, during which unfortunately an unlucky woman lost her life. It is estimated that daily the Region of Attica alone transports about 32,000 students with 1,900 routes of public schools, special education, etc. Closed schools “lighten” traffic in Attica by about 7,000 cars per day, studies say. Therefore, the… “scientists” who started criticism early on social media (Aris Spiliotopoulos, Antonaros, etc.) simply rushed. What does Aris with the mustache, who butchers everything and knows everything—from the weather to President Maria—tell you?

February 4 for the VOAK

We were saying a few days ago about the official start of the VOAK concession within the first half of February. Although there were thoughts to do it earlier, the date has now been definitively locked for February 4. The duration of the concession contract is 35 years, and GEK TERNA has undertaken the largest part of the VOAK, the Chania–Heraklion section. In view of further strengthening the company’s concessions portfolio, Piraeus Securities proceeded with a significant upgrade of its investment recommendation, raising the target price of the share to €40 from €31 previously, following Santander, which a few days ago raised the bar to €49. The share closed yesterday at €30.84.

Meetings of A. Exarchou with Eric Trump and the Saudi Minister of Investment

Highly active at the Davos Forum was the President and CEO of the AKTOR Group, Alexandros Exarchou, as he had a series of important meetings of business interest. Among others, he met with the Saudi Minister of Investment, Khalid A. Al-Falih, with whom potential opportunities for investments in the energy sector were discussed, and with the Executive Vice President of the Trump Organization, Eric Trump, with whom he discussed investment opportunities and the broader prospects of the Greek economy. Today, A. Exarchou is participating in a panel with the U.S. Ambassador K. Guilfoyle, the Minister of Energy of Romania, and Deputy Foreign Minister H. Theocharis. Yesterday, during a discussion with businessman, author, and Forbes columnist Rhett Power, the head of the AKTOR Group said that Europe must decide what it ultimately wants to be: a real federation with common interests, a common army, and central authority, or a loose union of states. It needs to decide, he said, on its role and identity, otherwise it risks being sidelined in global geopolitical and economic realignments. Europe, he stressed, over-regulates everything, resulting in everything becoming more expensive, creating a huge competitiveness problem for European businesses, and squeezing citizens’ disposable income.

A Greek woman in the top ranks of PepsiCo

The latest major changes in the executive pyramid of the multinational group PepsiCo have brought Athina Kanioura to the top of Latin America. The Greek manager took over as CEO of Latin America Foods—one of the company’s strongest and fastest-growing business segments—while at the same time retaining the strategic role she has held since 2020 as Chief Strategy & Transformation Officer for the entire Group. For those who don’t know her: before “landing” at PepsiCo, A. Kanioura had built a long and steadily rising career at Accenture, starting from the Greek subsidiary, continuing in London, and reaching the top of global leadership in Analytics & AI. She herself, via LinkedIn, spoke of a “legacy of success” she is inheriting from Paula Santilli, of a market that remains a growth engine, and of a culture of innovation and speed that—she says—she can leverage to “unlock new potential.” The recent changes in the multinational’s executive pyramid also “touched” the Greek subsidiary, PepsiCo Hellas, where the new head is Georgian Konstantin Merkviladze.

National Insurance opens its cards

Today we will have the unveiling of the new strategy of National Insurance. The group’s CEO, Dimitris Mazarakis, and the rest of the management will speak to journalists about the framework of the goals and strategic priorities of the insurer after its acquisition by Piraeus Bank. We say framework, because the Business Plan 2026–2030, which will set out the strategy for the next five years, will officially be presented next March. However, some things are already known, with the main one being the ambitious target of achieving €1.5 billion in premiums by 2030 and gradually regaining first place in all sectors except motor insurance. For 2026, this is characterized to some extent as a transition and preparation year for the full development of (co)operations with Piraeus Bank, as well as infrastructure issues such as accelerating digitization, technological support, etc. At the operational level, a major issue is repositioning in the Health sector and the further development of collaborations created due to Piraeus Bank, such as with Errikos Dynan, the utilization of the banking network, strengthening and expanding sales networks in Greece, and more. Naturally, there are many other issues the management will be called upon to address, some extremely difficult and not exclusively in its hands, with perhaps the foremost being how the issue of increases in premiums and healthcare costs will be handled, and what will happen in the future with the two partnerships that Piraeus Bank maintains with two well-known insurance companies.

Banks rush to announce results (+dividend)

It may not be a coincidence but rather a symptom of banks’ haste to announce their results and the dividend for fiscal year 2025 as early as possible. Piraeus Bank and Eurobank will announce their 2025 financial results on February 26, 2026, a date that exemplifies the trend that has formed in our market toward the earliest possible disclosure of financial data. Overall, the four systemic banks will present total net profits of approximately €4.7 billion for 2025, despite pressure from the reduction of ECB interest rates. Already from the nine-month period, profits had reached €3.5 billion, with an increase in the loan portfolio of €10.5 billion. Bank of America estimates that Eurobank closed the year with net profits of €1.36 billion, while for Piraeus the estimates amount to €890 million. Early announcement allows faster approval by the SSM for dividend distribution and potentially buyback programs. The two banks are planning high payout ratios (Eurobank 50%, Piraeus 35% gradually rising to 50%), with a total dividend yield exceeding 7–8% for 2026–2027. With strong capital adequacy, NPE ratios below 3%, and aggressive expansion plans through acquisitions that enrich revenue sources, banks are trying to justify the investment fever on the Stock Exchange.

Free shares

A program for the free allocation of shares to administrative and executive staff was approved by Ergon Foods, concerning the distribution of up to 11.69 million preferred non-voting shares, with a nominal value of €0.10, with an annual privilege between €3,000 and €5,000 per beneficiary, deriving from the capitalization of retained earnings. The program runs until 30/06/2026 and the Board of Directors will determine the beneficiaries, the terms of allocation, and the holding obligation. The timing is not accidental. It comes a few months after the entry of the Halcyon fund under Eleni Bathianaki, aiming to “tie” executives to the international expansion plan described to newmoney by co-founder Thomas Douzis: from new Ergon House locations and foreign markets to the ambition of building a Mediterranean brand with global reach. In practice, therefore, the program translates into a tool for participation in future added value and a move that shows Ergon no longer operates with the logic of a “family business,” but under the terms of a growth company playing on an international field.

Kousta’s entry into LNG

Danaos Corp’s investment in the Alaska LNG liquefied natural gas project marks a shift in the company’s strategy beyond traditional container shipping. With the $50 million investment, it deploys part of the approximately $1 billion in cash it accumulated over the past three years, moving capital from a market characterized by intense volatility such as containers to an energy transportation market with greater revenue stability. Danaos is not investing in shares but is envisaged as a preferred vessel provider for at least six LNG carriers, leveraging its expertise in maritime transport of large cargoes. This implies that Danaos will build or manage at least six specialized vessels for this LNG transport. In this way, it creates a new revenue stream not directly linked to its core activity, reducing exposure to fluctuations in container freight rates. At the same time, the investment aligns with the United States, which is promoting domestic LNG production as a strategic energy resource. Danaos enters a project with strong political backing and commercial commitments in Asia, thus reducing regulatory and geopolitical risk. Simultaneously with its entry into cargo vessels—capesize bulkers—Danaos shows that it wants to diversify its revenue sources.

The strategic move of Olympic Shipping & Management

The recent chartering of the VLCC supertankers Olympic Laurel and Olympic Trophy to Shell for three years by Onassis-controlled Olympic Shipping & Management is not merely a commercial agreement but a clear statement to the global energy market. With scrubber-fitted VLCCs earning up to $122,600/day in spot rates, the company secures stable premium revenues while simultaneously reducing exposure to market volatility. The Greek company exploits these realignments, strategically securing interests with leading oil companies, while the choice of long-term contracts places it at the heart of energy flows between the Middle East, Asia, and Europe. Olympic Shipping & Management leverages technology, experience, and timing to shape balances in the oil market. Greek shipping, continuing the tradition of Aristotle Onassis, maintains control over critical nodes of international energy and sends the message that it remains a protagonist even in periods of intense instability. At the same time, Aramco Trading chartered Maria Angelicoussis’ “Maran Mars” for three years at $52,000/day, and Mitsui OSK Lines chartered Angeliki Frangou’s “Nave Allegro” for five years at $44,000/day. The moral of the story is that Greek-owned shipping achieves higher charter rates and more favorable terms compared to major Middle Eastern and Asian players, confirming its strategic superiority.

Oikonomou strategically locks in newbuilds

Giorgos Oikonomou appears to be rewriting his playbook in the tanker sector with his latest move. The TMS Group acquired two newbuild suezmax tankers, which had initially been reserved for John Fredriksen and Seatankers. Financial analysts note that this is not merely a deal but a strategic coup. TMS is essentially “strolling” into a market where slots for newbuildings are scarce and demand has surged due to geopolitical realignments—more specifically, trade flows of Russian oil to India and China. With these two new orders, TMS increases its suezmax fleet to six vessels, strengthening its presence in a global fleet that traditionally yields high returns on difficult routes, such as transporting crude from Northern Russia and Black Sea ports. This move gains strategic depth when viewed as part of a broader trend of Greek shipowners “snapping up” new tanker order slots. Oikonomou essentially capitalized on a window of opportunity left by Seatankers, showing that TMS has the flexibility and capital to move quickly, even when major shipping deals are overturned. The story also has a geopolitical flavor. The dependence of suezmaxes on Russian flows, combined with the potential restriction of the “shadow fleet,” opens opportunities for “mainstream” shipowners like Oikonomou.

Aktor at a new high and the rally in refineries

Aktor is in a favorable phase, recording three consecutive positive sessions, resulting in the share reaching an important milestone and closing at €10.16. At the same time, the group’s market capitalization now exceeds €2 billion. Refineries took center stage yesterday, with buyers flocking en masse to Motor Oil and HELLENiQ ENERGY, in the wake of a report published by Pantelakis Securities on the sector. MOH recorded a jump of 4.3%, returned above €31, and is within striking distance of the all-time high of €31.48 recorded on December 22, 2025. Similarly, HELLENiQ ENERGY rose by 2.8% and moved above €8.7, with the next target being the seven-year highs of €9. Pantelakis set the bar at €40 for Motor Oil and €10 for HELLENiQ ENERGY, with an overweight recommendation for both refineries. Cenergy Holdings also recorded six consecutive gains, extending its all-time record and closing at €17.6.

KRI-KRI’s bet in Aspropyrgos

The small dairy company from Serres, KRI-KRI, has grown. It is now worth €658 million, that is, 24% more than around this time last year. Its weapon is one word: “exports.” Hence KRI-KRI’s next investment in creating a logistics center in Aspropyrgos, Attica, is only natural. Today, nearly 7 out of every 10 euros that KRI-KRI earns from dairy products come from international markets. The company closed 2025 with turnover of around €300 million. Aspropyrgos, apart from bordering Piraeus, has now established itself as the country’s absolute logistics hub, with rental prices reaching €5.8/sq.m. per month (+19% over five years) and land prices at €120,000–130,000 per stremma. Major retail companies (IKEA, Sklavenitis, Galaxias, METRO, etc.) are investing hundreds of millions in the area. For KRI-KRI, the Aspropyrgos center will function as a bridge: on the one hand serving the Attica market, where yogurt sales increased by 5.8%, and on the other facilitating export logistics via Piraeus. Naturally, all this is accompanied by increased production capacity through the major €52.2 million investment at the Serres factory.

The changing of the guard and compensation

A “changing of the guard” took place at EBIOP-TEMBO, the electrical equipment manufacturing company based in Chalkida and controlled by Siemens. At the end of October, the German CEO at the time, Dennis Julian Schubert, resigned and was replaced by fellow German Felix-Alfred Uebelhack, a Siemens Group executive, seconded to the company by shareholder Siemens A.E. to cover the CEO position effective from 01.11.2025. What is of interest now is the projected remuneration of the new CEO. Based on the relevant terms of the contract with Siemens for the secondment of this executive, the duration is three years, from 15.10.2025 to 14.10.2028, with the possibility of extension. The gross annual fixed remuneration during the secondment amounts to €129,268, while the gross annual variable remuneration in case of 100% target achievement—i.e., the bonus—is €32,317. The “other net annual allowances (housing, family, etc.)” reach €19,500, in addition to any other provided benefits “according to the contract concluded between him and Siemens AG.” There is also a “billing” clause according to which billing is done monthly, with a 5% profit margin in addition to the cost of the executive, excluding costs stipulated in the contract to be directly covered by the company.

€3.8 billion absorbed in 12 minutes!

Europe’s stock market is “thirsty” for defense stocks. Twelve minutes. That was the time it took for the €3.8 billion IPO of the Czech defense industry Czechoslovak Group (CSG) to be fully subscribed by institutional investors. Not hours, not days—twelve minutes that reveal much about Europe’s new geopolitical reality. CSG’s IPO in Amsterdam values the company at €25 billion. Controlled by 33-year-old billionaire Michal Strnad, CSG entered the market with impressive figures: revenues of €4.5 billion in the first nine months of 2025 (+82% year-on-year), an EBITDA margin of 26.4%, and… an order backlog of €14 billion. It is the second-largest producer of medium- and large-caliber ammunition in Europe, and the world’s largest in small caliber. The participation of cornerstone investors—Artisan Partners, BlackRock, and Qatar’s Al-Rayyan—with total commitments of €900 million set the tone for the new era. The STOXX Europe Targeted Defence index is again flirting with record highs, five times above levels of three years ago. Europe is “rearming,” and CSG—with 68% of its revenues from NATO countries and 26% from Ukraine—stands exactly at the epicenter of this upheaval.

Trump predicts a stock triumph; Americans can’t afford natural gas

In just two days, natural gas prices in America rose by +60%. One could attribute the explosive increase to the “Arctic freeze” that swept across the U.S. Perhaps, however, this explanation alone is not sufficient. Most Wall Street hedge fund managers had increased their short positions in natural gas, betting on lower prices due to the mild winter. The sudden change in weather boosted heating demand and triggered a classic short squeeze, with optimistic speculators hurriedly closing their positions, accelerating the rise in natural gas prices. There is, however, another detail, and it concerns liquefied natural gas infrastructure on the other side of the Atlantic. The U.S. has now evolved into a leading exporter of LNG, supplying Europe after exerting intense pressure on it to disengage from Russian gas. But when domestic inventories are strained by extreme weather conditions, arbitrage is created between domestic consumption and export contracts. The messages from this chaotic situation are many. First and foremost, storage capacity. Storage capacity is the new gold of the energy map. Second, climate change—which Trump denies—yet produces extreme weather conditions and turns energy commodities into a game of Russian roulette. Markets no longer price average demand, but extreme events.