MARKETS: Today, with U.S. markets in full swing, we will have the opportunity to get a clearer picture of market reactions to the conflicting statements made by the U.S. president regarding the impending (?) agreement with Iran.
Everything, however—starting with the significant drop in oil prices—suggests that the markets are looking forward with optimism to the… signing, rather than new serious hostilities.
We wrote, however, about the agreement and realized something else: That what is happening with Donald Trump in the Gulf somewhat reminds us of SYRIZA’s stance in… 2015.
The Greek government at the time let time pass, believing it was working in its favor, despite the fact that along the way it was burning through large sums to cover essential expenses.
Until it found itself with its back against the wall, “cornered and not so calm” in the face of the Europeans, resulting in a disorderly retreat and“somersaults.”
MARKETS II: The…bliss Trump displays in the face of the ongoing reduction in oil supply (which is increasing day by day) unfortunately reminds us of SYRIZA’s stance.
Because prices have somewhat stabilized, without skyrocketing to unprecedented levels, because—as our column noted yesterday“New Deal”—there has been a massive reduction in imports from China and a release of U.S. reserves, the vast majority of which are exported.
This does not negate the fact that, cumulatively, nearly 2 billion barrels are missing from the market!
In other words, oil consumption is “eating into reserves” at an unprecedented rate, which, if it continues for too long and drives reserves down to dangerous levels, will inevitably start driving prices up again.
The U.S. president seems in no hurry, perhaps due to reactions from hardliners in the U.S. and Israel, or perhaps because he believes time is on his side and that Tehran will back down first.
But if he is wrong—since he is facing fanatics rather than normal politicians—then he may eventually be forced into unpredictable, erratic actions or into a deal far worse than the one he could sign immediately.
P.S.: We are writing this for one additional reason. His sudden demand that the Gulf states join the“Abraham Accords”with Israel, as a sort of precondition for reaching an agreement with Iran, is unlikely to succeed, especially in Saudi Arabia and Pakistan. He’s apparently doing this to quell domestic opposition, but what he’s asking for is highly unlikely to happen.
SYRIZA: There have also been some resignations from the party that… are making quite a splash. Such as that of Thymios Georgopoulos, who announced yesterday that he is resigning from his former party to become a “champion of the message” of Tsipras’s new party, which is making its official debut tonight.
Mr. Georgopoulos, former financial director of SYRIZA, became well-known in late 2013 whenhe clashedwith the then-newly elected president, Stefanos Kasselakis, who had made serious insinuations about the party’s financial management.
Known to everyone as “Thymios,” he has been actively involved for months in preparing the new party and, a few months ago, served as its“cell leader”in Messinia.
So his public resignation yesterday as a “regular member of SYRIZA” came as a surprise, because no one knew that… hewas still a member.
TSIPRAS: As for the…15-plus current SYRIZA MPs who are eager to join “Tsipras’s party” and, of course, to be his candidates in the next elections, they are barely holding back from attending its official presentation tonight.
The reason is obvious: a member of one party cannot participate in the announcement of a new party and remain in the one they currently represent. As has been mentioned many times, only those who declare that they are resigning as MPs and handing over their seats to SYRIZA—just as Alexis himself did last October—will be allowed to participate in the… launch.
The pressure felt by many of these MPs is reflected in the words of Achaea MP Andreas Panagiotopoulos: “For the good of society, I will go there (to the new party) not on the condition that I will be a candidate again, ” but “to be a candidate, yes, I will resign and hand over my seat when the time comes.”
The predicament we were talking about…
NEW LEFT: “Please, let’s part ways peacefully,” seems to be what the interim president (and regular secretary) of the New Left, Gabriel Sakellaridis, to the party’s MPs who have decided to become independents, retaining their seats, but are still hesitating to do so.
As is well known, the New Left’s parliamentary group has 11 MPs (Ferhat Ozkur has already become an independent) and will be dissolved if at least two more MPs leave. According to the information we have reported, there are five impending defections (ed. note: Haritsis, Achtsioglou, Iliopoulos, Tzanakopoulos, Zeibek).
“Unfortunately, for weeks now, the possibility of the parliamentary group’s dissolution has been hanging in the air. I would like to call on the members of the parliamentary group who have decided to become independent to do so immediately. This limbo cannot continue any longer,” Mr. Sakellaridis emphasized.
He’s not wrong, to be honest…
GEORGIAIDIS: Adonis Georgiadis expressed his… sadness over the decision taken by the PASOK congress in March not to cooperate again with New Democracy in governing the country in the event that the leading party fails to secure a majority.
“I am saddened that PASOK made this conference decision. I believe Mr. Doukasled them astray ,” he said yesterday (Ertnews), in order to “legitimize” in advance any second or third elections until a government is formed.
Adonis’s latest intervention is by no means coincidental or untimely: it stokes the embers of participation in a coalition government that (continues to) smolder within PASOK. As evidenced by Anna Diamantopoulou’s recent decision to reiterate her well-known position that, in short, the election results will show what needs to be done.
Because, “between the campaign period and the day after, there are the elections, ” as she characteristically put it.
Adonis is not only shrewd, but also well-versed in his opponent’s internal party“tricks ”…
DEEPSEA: Athens-based Deepsea Technologies is investing in the next generation of shipping automation, developing an artificial intelligence system that allows for the automatic adjustment of ship speed with the aim of reducing fuel consumption and improving voyage efficiency.
The company, owned by the son of Yannis Koustas, Roberto and Konstantinos Kyriakopoulos, argues that, although many ships already have voyage optimization software, a large portion of the recommendations for changes in speed or course are not implemented in practice due to operational constraints, a lack of trust in the technology, or even practical issues at sea.
The company’s co-founder and CTO, Mr. Kyriakopoulos, stated that Deepsea’s solution links optimized voyage instructions directly to the engine control system, automating changes in engine speed. The crew retains the ability to approve or intervene, while particular emphasis has been placed on the system’s cybersecurity.
ANGELIKOUSIS: Anna Angelikousis’s Alpha Bulkers Shipmanagement is making a new investment move in the dry bulk shipping market, shifting its focus to capesize bulk carriers following recent investments in tankers and container ships.
According to shipbuilding sources, the Greek company has reportedly commissioned Chinese firm Hengli Heavy Industry to build two capesize vessels with a capacity of 181,000 dwt, with deliveries scheduled for 2028. Although the financial terms of the agreement have not been disclosed, Clarksons estimates the value of comparable conventional vessels at approximately $75.5 million each.
This move essentially marks Alpha Bulkers’ return to new orders for large bulk carriers after approximately 13 years, as the last known capesize order was placed in 2013 with Hyundai Samho.
At the same time, the group continues the aggressive renewal and diversification of its fleet. Pantheon Tankers, also owned by the Angelicoussis family, already has a program for four VLCCs underway at Hengli Heavy, while Alpha Bulkers recently expanded into the containership sector with an order for 11 feeder vessels from Chinese shipyards, an investment estimated at nearly $500 million.
EUROBANK FACTORING: ABC Factors, Eurobank’s factoring subsidiary—which holds a leading market share in the domestic market (29.1%)—expects “moderate” business growth this year, with fees stabilizing following a period of intense competition.
Last year, the company’s total assigned receivables amounted to €8.58 billion (+9.3%), of which €7.76 billion relate to Greece. Net receivables amounted to €1 billion, and interest income to €33.5 million, with commissions of €10.1 million.
Pre-tax profits fell to €18.8 million due to lower interest rates and the impact on profit margins from competition in fees.
ABC Factors’ strategy will remain focused on further increasing its business volume.
DAM: A new package of energy subsidies for regions designated for Just Transition is moving forward, as this column has learned, paving the way for investments in renewable energy, renewable hydrogen, and high-efficiency cogeneration. With the approval of the framework for four new initiatives, the relevant ministry is preparing the next funding window, which will be open to both small and medium-sized enterprises and large companies, whether new or existing.
BREWERY: It seems that every self-respecting region must have its own microbrewery, and Epirus is no exception. Epirus Brewery is now entering a new corporate phase, having converted from a limited liability company (LLC) to a public limited company. The new corporate entity is namedEpirus Brewery S.A., with its headquarters in Rodotopi, Ioannina.
In the shareholder structure, ZOINOS WINERY retains a decisive role, controlling 50%, while Athanasios Dosis, Kassiani Zoi, and Alexandros Daflos are also shareholders.
GEK TERNA: The market likely read Santander’s report carefully, which was full of praise for the stock of George Peristeris’s company: the stock closed at €42.90, up +5.67%, and is now just 30 cents away from a new all-time high.
The essence of the analysis was not merely the first-quarter figures, but the picture of the “new” GEK Terna following the full integration of Egnatia Odos. Santander essentially argues that the group is undergoing a qualitative transformation: less dependence on construction, more stable cash flows from concessions and highways.
The target price of €53 now implies upside potential of approximately 23.5% from current levels, suggesting that—at least according to the Spanish firm—the market has not yet fully priced in the group’s new profit structure.
TITAN: The stock closed at €48.20, up +2.08%, as Pantelakis not only maintained its overweight recommendation but also raised the bar following the first-quarter results.
The factor that seems to have stood out the most is that management upgraded its forecasts for organic sales growth and EBITDA, at a time when energy costs are a concern.
Pantelakis, however, points out that Titan has a structure that “shields” it from this problem. With approximately 75% of EBITDA protected through operations in the U.S. and the use of alternative fuels in the Balkans, exposure to rising energy costs appears limited.
The target price of €62 now implies upside potential of nearly 29% from current levels.
DEH: The company’s stock has recovered nearly all of Friday’s losses, with George Stassis ringing the bell today to open the session, during which the shares resulting from the capital increase will begin trading.
The stock, up 2.91%, is now trading at €21.20.