TZAVELAS: The decision by the Supreme Court prosecutor not to reopen the wiretapping case—whatever his reasons may have been—has caused a huge stir.
No one disputes his authority to make it. But no one can dispute that this decision is causing a real explosion in the political system, as has already become clear from the truly stormy reactions. An upheaval that will almost certainly accompany us until the elections, and most likely beyond them as well.
The next logical step, however, will be the formation of an Investigative Committee in Parliament (following Androulakis’s announcement), with the support of nearly the entire opposition.
The practical consequences, however, may be much broader, as Tzavela has cast yet another heavy shadow over the judiciary’s standing in the public eye.
Some cynics will say,“What did we have to lose?” The institution’s prestige was low anyway. They would bewrong, however.
The fact that the highest institution of the judiciary, the Supreme Court, has come to reject the sensational revelations made during the trial in the lower court by some persistent but low-ranking judges may well be unprecedented.
It is perhaps the right of the Supreme Court prosecutor to consider that there was no need to summon Tal Dillian, even though the latter explicitly claimed that he sells only to governments and competent authorities, while making broad insinuations regarding the government and the prime minister. Among other things, we recall, citing the example of Nixon’s downfall from Watergate in the U.S.
Mr. Tzavela may be entitled to believe that there is no issue of espionage, nor of attempted espionage, even though the Predator targeted sitting ministers, a former prime minister, and senior officials of the Armed Forces.
According to his reasoning, he ruled this way because, he says, it has not been proven that “state secrecy."
TZAVELAS II: We therefore surmise that he himself knows what the ministers and other officials were discussing on their phones and what they might have had on their cell phones. Even though he does not appear to have called them one by one to ask.
Just as he seems to know that these… phantoms who were wiretapping (or attempting to wiretap) the aforementioned individuals likely did so merely to pass the time, rather than expecting to uncover anything serious. Even though they were monitoring individuals with the characteristics we mentioned.
By this logic, of course, it is puzzling why, from time to time, the competent authorities arrest various individuals, usually foreigners, on charges of espionage, simply because they were taking photographs of military aircraft and ships near naval bases and airports.
The activities taking place were in plain sight, so this does not constitute“information that is secret, restricted to a specific circle of people,”according to the Supreme Court’s reasoning.
People may be enthusiasts of fighter jets or warships, pursuing their… hobby.
But, if we’re not mistaken, it’s up to them to prove it. In court!
TZAVELAS III:An excerpt from yesterday’s statements by Zacharias Kesse, the lawyer representing the victims of the wiretapping scandal, is particularly interesting. After first mentioning that he informed the Supreme Court of his intention to submit new confidential evidence, as well as six lawsuits (!) regarding the case, he notes:
“I took it for granted that Mr. Tzavellas would recuse himself because he had a clear conflict of interest. Apart from the fact that he was the supervisor of the EYP during the period in question, and apart from the fact that he was the one who signed off on the surveillance of Koukakis, he has also been examined as a witness before the Committee on Institutions and Transparency in Parliament, refusing to cooperate”…
...Mr. Tzavellas rushed to close the case, fearing new lawsuits and new evidence.”
WIRETAPPING: Nikos Androulakis announced that PASOK will coordinate with the other parties of the democratic opposition to submit a request for an Investigative Committee.
This committee will not investigate the wiretapping case in general, but will also summon Tal Dillian to shed light on his statement that his company, Intellexa, sold Predator to governments and not to private individuals. And to explain why he compared the prime minister to Nixon.
How things stand: The opposition may, in fact, succeed in establishing the Investigative Committee because the Constitution and the Rules of the House grant the minority the right to “pass” such a motion with only 120 “yes” votes from members of Parliament during a single parliamentary term.
This right has been exercised only once (regarding Tempi), so there is no problem. However: The Rules of Procedure of the House (Article 144) contain a crucial caveat: that“the establishment of an Investigative Committee on matters relating to foreign policy and national defense requires an absolute majority of the total number of members of Parliament.”
That is, at least 151 members of parliament, which means that the “yes” vote must also come from the governing majority.
According to the first whispers that reached our ears, this is precisely the caveat the New Democracy party will invoke to scuttle the request. And if the reasoning “it was right to monitor the leaders of the Armed Forces, but wrong to ask for an investigation into… the why” seems absurd, the answer refers to Pirandello:
That’s how it is if that’s what you think.
WIRETAPS II: The opposition has nothing to cite, and the New Democracy party (also) cites a heavy workload. The argument? That the establishment ofa PreliminaryInvestigation Committee for former ministers Spilios Livanos and Fotini Arabatzis is pending, in order to activate the infamous Article 86 of the Constitution regarding (non…) liability of ministers, since the two names are included in the latest case files of the European Public Prosecutor’s Office.
Except that the invocation will be a pretext, since in other cases former ministers (Triantopoulos and Karamanlis regarding Tempi) submitted a memorandum…and ultimately, while in others (Voridis-Avgenakis regarding OPEKEPE), the recommendation for a preliminary investigation was not even voted on.
WIRETAPPING III: And a… sinister prediction from the opposition: The government will amend the Penal Code so that the four individuals convicted of wiretapping will not serve the heavy sentences imposed on them by the Athens Single-Judge Misdemeanor Court: a total of 126 years in prison.
It was this sentence, after all, that enraged Tal Dillian and prompted him to send threatening messages to the Prime Minister’s Office.
Do you think it will be confirmed?…
PASOK: Christos Kaklamanis, a lawyer and rising PASOK official,apologizedto the public for failing to foresee the Supreme Court prosecutor’s decision to shelve the wiretapping case.
“Today, I must offer a sincere apology to those who read my work and rely on my assessments,” he wrote online.
And he explained:“Until today, I believed that the Predator case would gradually be subject to the statute of limitations due to delays in the preliminary investigation. I had not imagined that the Prosecutor of the Supreme Court would take matters into his own hands and refuse even to conduct a preliminary investigation”…
Mr. Kaklamanis stood by Mr. Androulakis at yesterday’s emergency press conference, but chose to be cautious in his predictions… moving forward. Legally speaking, that is, since the political developments are still unfolding.
The other lawyer, Zacharias Kesses, announced that his clients—victims of Predator (including journalist Thanasis Koukakis)—will take new legal action. This includes a lawsuit for abuse of power against three Supreme Court prosecutors (Messrs. Zisis, Tzavela, and Ms. Adeilini) who initiated and are pushing to have the case dismissed.
The wiretapping issue will not be resolved easily.“Not before the elections, ”as the opposition assures us.
MOUNDREAS: The first shipment of American crude oil to Japan since the outbreak of war in the Middle East bears a Greek signature.
The Suezmax“Otis,” owned by NGM Energy, which is linked to the Mundreas shipping family, delivered approximately 910,000 barrels of crude to Cosmo Oil, marking the first such shipment from the U.S. to Japan since the conflict began on February 28.
The ship loaded in Texas in March and arrived in Tokyo Bay via the Suez Canal. This particular route underscores how the closure of the Strait of Hormuz has reshaped the global energy transport map, leading to alternative, longer but necessary routes.
SHIPPING: Former banker and analyst Fotis Giannakoulis is moving into shipowning, taking on the role of CFO at Pyxis Tankers effective May 1. The Nasdaq-listed company, which operates tankers and bulk carriers, is undergoing a leadership transition as current CFO Henry Williams steps down.
Chairman and CEO Valentios Valentes thanked the outgoing CFO for his contribution since the company’s IPO in 2015, while expressing confidence in the new head of finance.
Mr. Giannakoulis has over 25 years of experience in shipping finance, having worked at leading organizations such as Morgan Stanley, Fearnleys, and ABN AMRO, where he served as managing director.
He is particularly well-known for his tenure as a shipping equity analyst at Morgan Stanley.
EUROBANK: The bank is holding its annual general meeting of shareholders today, with the main agenda item being the approval of a significant capital return to shareholders.
The AGM is expected to approve a total return of €428.7 million, corresponding to a gross amount of €0.118 per share. Of this, the final gross dividend amounts to €0.0712 per share, with a dividend yield of 1.9%, following the interim distribution of €170 million that has already taken place.
At the same time, the agenda includes a share buyback program of up to €288 million, further enhancing the total shareholder return. Overall, the proposed policy entails a distribution of 55% of 2025 earnings.
The stock closed yesterday at €3.82, down 0.55%. It has returned nearly 20% over the past 30 days.
AEGEAN: Excluding the right to the 2025 dividend, the stock is trading on the board as of today. It is noted that the company is distributing a dividend of €0.90295 to shareholders, with the net amount standing at €0.8578.
Payments to shareholders will begin on May 5.
JUMBO: The listed company is publishing its 2025 results today before the market opens, having signaled a sales increase of approximately 6.7% year-over-year, in line with analysts’ estimates.
In its analysis, Optima expects resilient performance in the second half of the year as well, despite margin compression due to costs and a shift in the sales mix. The gross profit margin is estimated at 54.5%, down 130 basis points compared to the same period in 2024, a trend attributed mainly to the shift toward wholesale sales to franchise partners —an activity with lower margins—but also to supply chain disruptions in December.
In terms of operating profitability, EBITDA is projected at €270.9 million, up 4.2%, with the corresponding margin declining to 36.8% from 37.7% a year ago. Net profit is estimated at €202.3 million for the second half of the year, marking a 2% increase, while for the full year it is expected to remain essentially unchanged (-0.2%).
As for the dividend, Jumbo has already distributed €0.50 per share in March 2026, following a previous distribution of €0.506 in June 2025. Optima estimates that an additional €0.80 per share will be proposed, based on guidance for a dividend yield of approximately 5%.
For 2026, the brokerage firm notes, the outlook remains positive, with Jumbo strengthening its international presence and operational base. It is noted that the firm maintains a price target of €33.50 with a “buy” recommendation.
The upside from current levels exceeds 40%.
Y/KNOT: Following the completion of the share capital increase, the Tzortzis family has acquired full control of the listed company, marking its transformation from a yachting company to a listed shipping company on the Athens Stock Exchange.
The company raised €18.2 million, with brothers Rigas and Panagiotis Tzortzis now controlling more than 70% of the shares. About half of the funds are expected to go toward ship acquisitions, while a significant portion will be used to repay loans that they themselves had granted to the company.
Currently, the fleet owns the bulk carrier“Federica,”but the market is awaiting the next steps, whether through the acquisition of vessels from the affiliated Y/Knot Ship Management or from third parties.
As Tradewinds notes, in terms of shareholder composition, former major shareholders Theofanis and Spyridon Kyriakoulisare expected to retain a stake of around 5%, having waived their participation rights, while a further reduction in their stake cannot be ruled out. At the same time, free float has been reduced to approximately 20% from 58% previously.
Yesterday, the stock rallied on the trading floor, closing at €1.20, or 10.6% higher.