MARKETS: Trump’s move to offer (in theory) U.S. protection for ships passing through the Strait of Hormuz produced the result his team likely expected:
New attacks by Iran on ships, as well as on facilities in the United Arab Emirates in Fujairah, which can refuel ships outside the strait.
In other words, the Trump administration appears to have realized that the U.S. Navy’s blockade of the already... blockaded Straits, intended to prevent Iran from exporting its own oil, is not going to yield the desired results within a reasonable timeframe.
So he chose to move on to a new phase, which serves two parallel objectives:
1. It frames Iran in the media as the aggressor, which suits Trump domestically, even though this is legally inaccurate, since a naval blockade is considered an act of war in any case.
However, he is expected to argue that Iran initiated this phase of the war. Therefore, he will attempt to present the next moves as a response to Iranian attacks rather than as a continuation of the operations that began in late February without congressional authorization.
2. It gives him the opportunity to move to a second phase of operations against Iran, in the hope of softening Tehran’s negotiating stance.
The markets priced this in yesterday, with oil prices rising dramatically and stock markets under pressure.
MARKETS II: The problem is that most analysts familiar with the situation and the philosophy of the Iranian regime do not foresee any results from even a new round of hostilities.
And that means the situation for the markets could get much worse. They point out that the U.S. president seems to be sinking deeper and deeper into a dead end:
He is trying different methods against Iran, but they are failing one after another because he refuses to understand this simple fact:
That it is very likely the limits of endurance of the fanatical regime in Tehran are greater than the “pain” thresholds the U.S. and global economies are prepared to endure.
MARKETS III: If these analysts are correct, the possibility of oil prices skyrocketing to new, unprecedented heights—with significant pressure on the stock markets—is very real. Because, as it appears, not even Trump himself is willing to water down his stance.
Perhaps because he realizes it will be very difficult to sell a realistic but painful compromise as a “victory , ” both in the face of powerful pro-Israel pressure in Washington and to the rest of the world’s leaders.
There is, however, one thing that past cases have shown Trump respects: the U. S. bond market. Every time the yield on the 10-year bond approaches 4.5% (with a corresponding drop in its price), the massive U.S. debt forces the president to back down.
It will be interesting to see if the infamous TACO (Trump Always Chickens Out) holds true this time as well, since the 10-year closed yesterday at a yield of 4.44%.
Will the president back down again, or will he break with tradition this time?
GOVERNMENT: The “sweeping under the rug” of all the implicated MPs in the new OPEKEPE case files and the widespread rebellion of the New Democracy parliamentary group that followed determined the Maximos Mansion’s strategy regarding the Preliminary Investigation Committee for Spilios Livanos and Fotini Arabatzis.
The “no” to the opposition’s relevant proposals was deemed necessary by the Prime Minister’s staff, which appears to have been caught off guard by developments and chose to diverge from previous similar cases.
Such as the express preliminary investigation and the immediate referral to the judicial council of Kostas Karamanlis and Christos Triantopoulos so that “everything comes to light” in the Tempi tragedy, or the lifting of immunity for all members of the New Democracy parliamentary group cited by the European Public Prosecutor’s Office in the agricultural subsidies scandal.
Only in the case of Maki Voridis and Lefteris Avgenakis was the motion for a preliminary investigation voted down, but in that instance, the establishment of an Investigative Committee to look into the OPEKEPE case was chosen.
The government appears to be taking the same line of voting against the parliamentary minority’s proposal to establish an investigative committee in the wiretapping case as well. As this column has revealed, the government is seriously considering invoking Article 144 of the Parliamentary Rules of Procedure, arguing that this is a matter of national security, which requires an absolute majority of MPs— that is, 151 votes rather than 120, in order to establish the Committee.
It is not the time for new, unpleasant adventures, especially in the midst of an election campaign—albeit an informal one—according to the thinking at Maximos, and they will apparently seek to wrap up the matters as quickly as possible.
NEA DEMOKRATIA: “Mr. Karamanlis is the New Democracy party; he doesn’t need a special invitation,” said Adonis Georgiadis, commenting on the upcoming New Democracy conference and the former prime minister’s possible absence from it.
“There is only respect and love for him; New Democracy is his home,” the Health Minister emphasized (in Parapolitika) regarding Kostas Karamanlis, while his stance on Antonis Samaras is entirely different:
“Mr. Samaras is not a member of New Democracy; all his interviews are very negative toward Mr. Mitsotakis, and he chose to clash with him. I won’t be the one to advise him; it’s sad—I wish we were all together… Everyone should know their place,” Adonis noted.
As for the dissenting voices that have begun to be heard within the ruling party on issues such as the executive state and constitutional revision, he argued that “we haven’t become a Stalinist state; they’re members of parliament, they’re allowed to speak.”
However, he did not shy away from his pointed advice: “We must all be more careful, because seven ( years in power) is a significant milestone, as evidenced by the saying ‘seven years of itch’! ”
The only thing certain is that the blue-shirted officials aren’t… flyinghighin“seventh heaven”right now!
TOURISM: After months of back-and-forth, leaks, and “final” decisions that weren’t final, the Special Spatial Plan for Tourism appears to have been finalized.
In fact, the plan is scheduled to be presented on Thursday by Minister of Environment and Energy Stavros Papastavrou and Minister of Tourism Olga Kefalogianni.
This is a plan that has weathered many storms, but now the decisions have been finalized with the prime minister’s seal of approval. And as it appears, short-term rentals are under scrutiny, with cuts to the number of new accommodations being implemented on a regional basis.
And because nothing is left to chance, the presentation won’t take place in just any venue. The stage is set at the Conrad Athens The Ilisian —the venue that carries on the legacy of the historic Hilton Athens.
SKROUTZ: Where there’s smoke, there’s fire. In this case, the information has been confirmed—at least regarding the discussions—by reliable sources with whom this column spoke.
Yes, CVC Capital and the other shareholders of the Greek digital platform are in talks with the American fund Blackstone. However, as the same sources claim, the discussions, which have been ongoing for months, have not yet concluded.
Nor, as the same sources say, have they concluded with other interested parties with whom they had come “close.”
The only certainty is that CVC wants to divest from a venture that, it seems, did not go as it had imagined and hoped.
Perhaps this is why, at the recent Delphi Economic Forum, Alex Fotakidis, the head of CVC in Greece, was particularly sparing in his comments regarding PPC CEO George Stassis and Michalis Arabatzis, a minority shareholder with a 25% stake in Hellenic Dough (Vivartia), was particularly sparing with his main shareholders and partners at Skroutz.
ARABATZIS: The large-family entrepreneur from Northern Greece is not known only as the “king of dough.” He is better known as the entrepreneur who has learned to successfully collaborate with other shareholders, whether investors or not.
As is currently the case, for example, with CVC Capital or with Spyros Theodoropoulos regarding the hydroponic tomatoes in Drama. In fact, this trait of his is bringing him into the spotlight right now because some people“see” that his new investment has caught the eye of an equally successful investor who is “flirting” with the sector.
More to come soon...
TEMES: The Konstantakopoulos family’s company is spinning off and contributing its stakes in Ionian Hotel (48.2%), Malt Riviera (70%), Belt Riviera (70%), Athens Beach Club (33%), Sportsland (50%), as well as its 100% subsidiaries NYNN AE, TVIC AE, and Nedonas SA.
The above holdings were valued at €133.9 million, with interest focused on Ionian Hotel, 48.2% of which was valued at €72.02 million (€149.46 million for 100%).
TRASTOR: With the long-term leases in its portfolio as its “assets,” the composition ofits “tenants”(note: 91.1% of rents come from multinationals, large domestic companies, or government agencies) and the lure of a promising dividend payout ratio of approximately 80%, the listed company’s combined share offering initiative is launching.
Through a private placement abroad (i.e., with a book-building process) and a public offering in Greece, with the aim of raising at least €150 million and achieving a minimum public float of 15%.
The NAV as of 12/31/2025 stood at €1.69 and the Net Loan to Value ratio at 48.3%. The funds raised will be invested over a 12-month horizon, leveraged through borrowing.
According to its management, the REIT aims for attractive acquisition yields. Specifically, it reports a return on (investment) cost of 6.5% to 7% and an annual rent increase of 3.5% to 4%.
MOTOR OIL: Right on the heels of Saturday’s news, as the saying goes, the company announced some management changes, saving for last the departure (in or out of quotation marks) of General Manager of Supply & Marketing Alkhas Khametov.
The timing of his departure, given the events in the Persian Gulf and the disruptions in oil supply and prices, is nothing short of striking.
ELBE: Despite the +9.35% gain recorded yesterday by the listed company’s stock, it continues to trade at a single-digit P/E ratio (6.35 based on yesterday’s closing price of €5.85) and 7% below its book value.
Looking at it another way, the listed company is valued at €19.4 million, having closed 2025 with a positive net cash position of €4.78 million, generating revenue from renewable energy sources, and maintaining a profitable manufacturing unit active in workwear.
As for last year’s surge in net profits from €1.687 million to €3.046 million, this is due in part to the increase in turnover and, to a greater extent, to the fact that the €1.7 million in write-downs that had dampened performance in 2024 did not recur.
P.S.: A negative factor for the stock is its limited liquidity.
ALLWYN: After three consecutive sessions of decline, which also marked successive new yearly lows, the stock staged a rebound.
The stock posted gains of 5.7%, closing at €12.79, while during the session it also “tested” levels above €13. With this move, losses since the start of the year are limited to 33%.
It should be noted that last week , Citi set a target price of €13.10 with a “neutral” recommendation in its report, while Eurobank Equities set a target price of €13.40 with a “hold” recommendation .
AEGEAN: As the crisis in the Middle East continues and oil prices remain high, dark clouds are gathering over the airline industry, a fact reflected in the stock price.
The Vassilakis Group company fell 1.35% yesterday to 11 euros. It has lost nearly 20% since the conflict began and 23% year-to-date.
This column had already noted the data and the divergence in the stock’s performance from other major European airlines as early as April 17.
VIOHALCO: Just a hair’s breadth from its yearly high (€15.78 on February 27, on the eve of the outbreak of war in the Middle East), the Stassinopoulos Group’s stock climbed yesterday, achieving the fourth-highest return among all listed stocks.
Yesterday’s close at 15.42 euros (+4.9%) came on trading volume exceeding two million euros. This move coincided with its subsidiary Cenergy hitting a new all-time high of 24.54 euros.
Elvalhalcor also closed higher, at €4.04, up 1.51%.
JUMBO: The stock of Apostolos Vakakis’ s company is moving in the opposite direction, now just a few cents away from its year-to-date low.
Yesterday, the stock recorded its seventh decline in the last nine sessions, falling to €22.80 —84 cents higher than the €21.96 it had reached on March 30.
It should be noted that last Thursday , Eurobank Equities cut its target price to €32 while maintaining its“buy”recommendation.