GREECE: It is questionable how many people have realised the boost to prestige that the Greek government's immediate decision to reinforce Cyprus's security with two frigates and modern aircraft in the face of a potential threat has brought internationally, centered on the British bases on the island.
Similarly, few people may be aware that the bases of Old Albion (a more poetic and historical name for Great Britain) are "sovereign base areas," i.e., sovereign territory in Cyprus, a remnant of the imperial era.
The crux of the matter lies in the fact that Greece acted immediately and decisively within the framework of the joint defense doctrine with Cyprus, while (once) Great Britain appeared unable to react to defend its "territory," lacking combat-ready ships and fighter jets near the area.
It is a real disgrace for a powerful European force, with a tradition in the navy, which once ruled the world's oceans, that today it has very few ships compared to other major powers, and most of them are in a state of... maintenance and repair.
GREECE II: It is characteristic that only one ship with strong anti-aircraft capabilities was available (according to the British media itself). A "class 45" destroyer.
And that is located in the port of Portsmouth, so it will take about a week to reach Cyprus! Even though the possibility of a conflict with Iran had been known for many weeks!
This embarrassment did not go unnoticed, of course. Unbelievable comments flooded social media internationally, many of them from... British people, highlighting Greek determination, but also the absence of the United Kingdom. Even more so, as hundreds of thousands of its citizens are currently in the Gulf region and the wider Middle East.
This is another nail in the political coffin of Prime Minister Keir Starmer, which has been on the verge of collapse for months, but also a great success in terms of"strategic prestige"for our country.
ELECTIONS: About twenty years ago, when the first attempt was made in Parliament to discuss the participation of Greeks living abroad in national elections, a standard argument in favor of this was that it would be a sign of respect for the Greek diaspora. twenty years ago, when the first attempt was made in Parliament to discuss the participation of Greeks living abroad in national elections, a standard argument in favor of"no"from MPs of all parties was the inability to campaign: "What are the candidates going to do in the elections, run around the world to gather votes?" was the rhetorical question.
The question has now resurfaced, no longer rhetorical, as the bill being voted on today is more advanced: it concerns the possibility for voters outside Greece to vote by mail, without even having to go to the polls already set up in embassies and consulates.
"A global electoral district is being created, and to become a member of parliament from it, you have to go to Greece or be transported to the universe. And this global electoral district, as the expatriates themselves say, does not present coherent characteristicsin terms of representation, " said (in the most... vivid way) PASOK MP Panagiotis Doudonis.
He disagreed (as did the entire opposition) with the creation of a three-member constituency for expatriates, from which the "representatives" of Greeks abroad would be elected, regardless of which hemisphere of the planet they live in.
According to those who oppose the bill, in order to become a member of parliament, a Greek expatriate in America would be obliged to campaign in Australia as well, which is absurd. And they insisted on their opposition, despite the point made by the relevant Minister of the Interior , Thodoros Livaniou, that the Internet replaces tours and "balconies" ... for all candidates, both inside and outside the country.
If the three-member constituency for expatriates is not approved by 200 MPs, it will still come into effect, but only after the next elections. That is, after the"repeat" electionsthat everyone expects will take place if no government emerges from the next polls.
Self-sufficient or cooperative ...
MANTONANAKIS: The Superfund's administration is keeping a tight lid on the hot topic of the long-running dispute between ETA and Attikos Ilios, owned by businessman Pantelis Mantonanakis.
When asked yesterday, the group's CEO, Giannis Papachristou, chose not to reveal his cards. "It's a sensitive issue," he said, arguing that the company's management "has gone through all the risk management scenarios and is covered."
We'll have to wait and see how things turn out ...
OKAA: The management of the Superfund was categorically negative about scenarios involving the relocation of the Central Markets Organisation from the "prime location" of Renti, closing the discussion on the matter.
In fact, it made it clear that the strategy focuses on upgrading existing facilities and gradually aligning them with the standards of modern European central markets.
The plan provides for infrastructure improvements, modernization of operations, and strengthening of the Organization's overall competitiveness, with the aim of more efficient operation.
The interventions will be incorporated intoa three-year strategic plan and will be specified in collaboration with the management team.
SHIPPING: The escalation of the conflict with Iran is causing intense turmoil in the global freight market, as shipowners anticipate a sharp rise in freight rates, especially for liquefied gas carriers.
Shipowner Haris Vafias, head of StealthGas, noted in a conference call on the company's results that Iran, despite Western sanctions, remains a major exporter of LPG, with over 12 million tons shipped in 2023.
As he noted, a potential disruption of exports from the Middle East could lead to "violent" jumps in freight rates, as is usually the case during periods of geopolitical crisis.
"The situation may cause short-term volatility, but we are in a strong position to take advantage of opportunities or weather the storm,"he stressed, pointing out that the company has reduced its borrowing to zero and strengthened its liquidity.
At the same time, in the Atlantic LNG market, shipowners are reportedly now asking for six-figure daily freight rates, above $100,000, to charter modern ships. Although charterers appear cautious and agreements remain limited, the climate is described as "particularly bullish"and many are talking about structural change in the market amid increased risk and uncertainty.
ANGELICOUISIS: A significant move to "lock in" revenue by the Angelicoussis Group shipping company, CEO Maria Angelicoussis, which secured a five-year charter for a large tanker (VLCC) shortly before the market exploded due to escalating violence in the Middle East.
According to shipping sources, the VLCC Maran Arete (319,000 dwt, built in 2016, equipped with a scrubber) was chartered for five years to the Swiss trading company Mercuria, at a daily rate of $55,000. The total value of the agreement is estimated to exceed $100 million by its expiration in 2031.
The agreement is reportedly the first charter of this duration to be concluded in the current market rally . Indicative of the volatility is that VLCC freight rates had already exceeded $200,000 per day on Friday, before the bombing began, while freight brokers are talking about theoretical record levels of over $400,000 in recent days, without, however, any transactions atthese levels having been confirmed.
A similar picture is seen for Suezmax vessels, where daily freight rates in theoretical agreements exceed $280,000.
SERVICERS: Yesterday's beating of Cepal CEO Theodoros Athanasopoulos by "bouncers" has caused particular concern in the financial market.
The victim is being treated in hospital, while the manner in which this criminal act was carried out does not suggest "outraged" citizens/borrowers, but rather a"mafia-style"attack, which should be thoroughly investigated by the competent authorities.
However, circles in this particular market and in the banks do not hide their dissatisfactionwith the fact that they have often found themselves at the center of political confrontation, and sometimes even in the political crosshairs not only of the opposition but also of the government.
There was political confrontation again last night, when a comment by Pavlos Polakis on Facebook about the incident prompted an intervention by government spokesman Pavlos Marinakis.
The latter referred to an "unthinkable" post, arguing that "in a normal party, Mr. Polakis would not remain for a minute, but in SYRIZA such behavior is 'just another day at work'".
He added that he has "absolute confidence in the Greek police that they will locate the perpetrators of this horrific attack and bring them to justice."
What did Polakis write? That "the authorities have started" and that "the vultures of the fanatics have pushed people to their limits and we will now see wild things out of desperation"!
That is why, he says, political change is needed !
LAMDA: Today, after the close of trading, the 2025 results will be announced, and Eurobank Equities paints a mixed but cautiously optimistic picture for the listed company's performance.
The brokerage estimates that Lamda's adjusted EBITDA will be €188 million, up 7% year-on-year. However, it warns that the published figure may be affected by increased costs associated with the development of the Elliniko project, as well as by a demanding comparison in the fourth quarter, given that the corresponding period last year was boosted by land sales.
These factors, according to the analysis, createphasingand timing headwinds, which may affect the picture of operating performance.
Eurobank Equities incorporates in its forecasts gains from value adjustments of €187 million, which, however, are largely offset by depreciation, net interest, and taxes totaling €171 million.
Particular emphasis is placed on low flexibility below the operating profit line. As noted, any lag in EBITDA is likely to be passed on almost unchanged to pre-tax profits, increasing the risk of a negative deviation.
In this light, the brokerage sees downside risk to its estimate for net earnings for fiscal year 2025, which it puts at €202 million. At the same time, net asset value (NAV) is estimated at €1.582 billion or €9.32 per adjusted share.
CENERGY: Eurobank Equities is optimistic about the listed company's 2025 results, which will be announced today after the market closes.
According to the brokerage's estimates, adjusted EBITDA for the whole of 2025 is expected to reach €354 million, up 30% year-on-year, with revenues of €2.11 billion (+17% compared to 2024). The EBITDA margin is estimated at 16.8%, up 1.6 percentage points on an annual basis.
The strong performance is mainly attributable to the full annual contribution of Fulgor's high and extra-high voltage (HV/EHV) submarine cable unit. At the same time, the gradual improvement in the project mix in the cable sector and increased profitability in steel pipes are expected to further strengthen margins.
In terms of net profits, the brokerage forecasts €196 million, up 41% year-on-year, despite the burden of higher depreciation and tax expenses during the year.
Overall, Eurobank Equities estimates that adjusted EBITDA for fiscal year 2025 will exceed the upper limit of management's guidance (€335-350 million), which, it should be noted, was upgraded twice last year.