GOVERNMENT: Inflation was already a major problem, and now it is becoming even more so, as it is once again evident that, due to a number of factors, the Greek economy is affected far more than most other eurozone countries.
Measures to control inflation are not yielding results, as has been clearly evident over the past two months, with sharp increases of 4.6% and 5%, while public discontent is growing. This undoubtedly threatens to have an even more significant impact on the ruling party’s electoral performance.
The truth is that for a long time, during its years in power, the government seemed to… take advantage of inflation, which was difficult to tackle anyway.
There are serious estimates that, overall, indirect taxation had a positive impact on state revenues of around 40%-50% compared to 2019, while the failure to index the tax scale also increased revenue through the rise in taxable income.
These two factors, along with economic growth and increased tax compliance, led to large surpluses and the “distribution” of all kinds of benefits, as a partial return to society.
This somewhat “unholy” relationship between government revenue and inflation in the early years did not carry a significant political cost, as the majority of citizens did not immediately feel the effects. Purchasing power was being eroded slowly but steadily, despite sporadic wage increases.
Subsequently, the situation changed. Public backlash grew significantly. The government recognized this and proceeded with the package of tax relief measures announced at last year’s Thessaloniki International Fair, effective this year. The results were positive, but limited in relation to the extent of inflation, particularly regarding essential goods for a small-to-medium-sized household.
GOVERNMENT II: Now, the renewed surge in inflation, following the onset of the crisis in the Persian Gulf, is exacerbating the problem, with the public now fully aware of what is happening to their... wallets.
For the time being, the relevant ministries, led by the Ministry of Development (photo: Takis Theodorikakos), seem unable to control the phenomenon, despite the “price caps” and fines being handed out left and right, mainly for PR purposes.
On the other hand, the government’s refusal to reduce VAT on basic goods—a refusal that, as this column has noted, has the full support of several technocrats within the Commission—is opposed by the vast majority of public opinion.
Worse still, the downward revision of growth forecasts for 2026 and 2027, combined with concerns in the business community, is narrowing the scope for further wage increases, when the government’s basic position to date has been that the key “remedy” against inflation was precisely to raise them.
Faced with the impasse that will ensue, especially if the crisis in the Persian Gulf continues into the summer, the government does not have many options.
With energy and fuel as the key issues, it will have to try to tackle the “problem” at its root, at least as far as production and services are concerned.
In cooperation with Europe? On its own? By reducing the VAT? By subsidizing fuel prices, which will cover the increased costs?
In any case, it must do something, other than… preaching about entrepreneurship.
MELISSANIDIS: George Melissanidis’s Aegean Shipping Management is moving forward with one of the most significant investment moves in its history, entering the VLCC market for the first time through a new shipbuilding program in China.
On the sidelines of the Posidonia shipping fair, the Greek company signed an agreement with the Chinese shipyard Hengli Heavy Industries for the construction of two VLCCs with a capacity of approximately 306,000 dwt and two Aframax/LR2 vessels of 115,000 dwt. The agreement also includes options for one additional aframax/LR2 and one 150,000 dwt suezmax.
“With this agreement, we are entering the VLCC segment for the first time, a strategic move that reflects our confidence in the market and the company’s long-term vision,” stated Aegean Shipping’s management.
Deliveries of the Aframax/LR2 vessels are scheduled for 2028 and the VLCCs for 2029, while all vessels will be equipped with scrubbers. With these new orders, the company’s fleet now totals 22 vessels, including 16 tankers and six dry cargo ships.
Meanwhile, Aegean Shipping continues its growth trajectory, as it is expected to take delivery of four new Aframax/LR2 vessels in the coming months, which have already been chartered to Vitol.
FRAGOU: Navios Maritime Partners, led by Angeliki Fragou, is positioning itself for new ship acquisitions and investment moves, having filed a prospectus with U.S. authorities that allows it to raise up to $500 million through the issuance of shares or other securities.
The New York-listed shipping company announced that it will be able to issue securities from time to time, either at market prices or through private placements, depending on market conditions and its financing needs.
As stated in the prospectus, the funds raised are intended for working capital, general corporate purposes, vessel acquisitions, investments, and other growth opportunities. Management retains broad discretion regarding the use of proceeds.
The move comes at a time of strong financial performance for the group. Navios has $4.1 billion in unearned contract revenue from its fleet of tankers, bulk carriers, and container ships, while first-quarter net profits more than doubled to $106.3 million from $41.7 million a year earlier.
Last month, the company raised an additional $30 million from the Oslo bond market, confirming strong investor interest in the group’s financing.
PALIOU: In a new move to break the deadlock surrounding the acquisition of Genco Shipping & Trading, Semiramis Palio’s Diana Shipping proposed an independent valuation of the U.S. company’s fleet by specialized shipbrokers.
The Greek company maintains that the main disagreement between the two sides concerns the calculation of net asset value (NAV), which serves as the benchmark for Genco’s valuation. According to Diana, Genco has abandoned the VesselsValue valuations it had been using for years and now relies on analyst estimates, leading to a higher valuation.
Diana is requesting full disclosure of the parameters Genco uses to calculate NAV and proposes that each side appoint an independent appraiser, while jointly selecting a third party to arrive at a mutually acceptable valuation.
The proposal comes a few days after the rejection of Diana’s third, improved offer of $24.80 per share. Genco insists that the proposal significantly undervalues the company and does not include a control premium, arguing that analysts’ average estimate puts the NAV at $26.66 per share.
VAROUXAKIS: Greek-owned Prodigy Inc is making its first move in the product tanker market, having secured a charter for the first MR product tanker it is taking delivery of this year from a Chinese shipyard, marking its entry into a new sector of the shipping industry.
According to shipping brokerage sources cited by TradeWinds, the 50,000 dwt tanker Avon, currently under construction at the Chinese shipyard Chengxi and expected to be delivered next month, has been chartered by the trading company Cargill for a period of 10 to 14 months at a daily rate of $28,000.
The company, which is linked to Greek shipowner Ion Varouxakis, is also expecting an MR product tanker from the same shipyard in November. Prodigy currently operates in the bulk carrier sector, with a fleet of seven Kamsarmax bulk carriers, which were delivered in 2023.
PAPASTAVROU: The Minister of Energy will have a series of meetings this week in the U.S. regarding hydrocarbons, the Vertical Corridor, and IMEC.
Today in Washington, the minister will chair the ministerial meeting of the East Med Gas Forum (EMGF), which aims to promote hydrocarbon exploration in the region.
It is significant that, in addition to the 8 countries participating as full members (Greece, Cyprus, Israel, Egypt, Italy, France, Jordan, and Palestine), three new players now serve as observers, as shown on the organization’s website: the U.S., the EU, and the World Bank.
The EMGF meeting is being held for the first time in the U.S., following a joint initiative, as this column has learned, by the Greek and U.S. Secretaries of Energy, Chris Wright.
On Tuesday and Wednesday, Papastavrou will hold meetings—all in Washington—as part of the Atlantic Council, while on Thursday he will be in Houston to meet with Chevron, with the aim of accelerating the timelines for exploration in the Greek “blocks.”
In Houston, he will also participate in the ministerial conference of the 3+1 format (Greece, Cyprus, Israel, and the U.S.), the key framework for promoting the India-Middle East-Europe (IMEC) trade and economic corridor, which has the backing of the U.S.
Reports indicate that the issue of the Greece-Cyprus electricity interconnection is not on the agenda, though this column would not rule out the possibility of it being discussed...
HYDROCARBONS: And since we’re on the subject of Chevron, last week the Hellenic Energy Regulatory Authority (HERA) gave the green light to the request by the consortium currently being formed —70% owned by the American giant and 30% by Helleniq Energy—for a 15-month extension of the second phase of exploration in “Block 10” of the Kyparissia Basin.
As for why such a long extension was granted, the answer lies in the broader concession area being established for Chevron in the western and southern parts of the Peloponnese. Since a single contiguous area of nearly 14,000 square kilometers is being created for the American company, the aim is to incorporate the data to be obtained from neighboring concession areas, as reported by Euro2day.gr.
In other words, if the 3D seismic data from the “A2” plot, which borders “Block 10” to the south, has also been evaluated during the same period, then a joint assessment will be conducted.
With all that this may imply for the potential selection of areas for drilling…
TRADE ESTATES: The Fourlis Group’s “heavy artillery” in real estate is betting on a strong 2026, with estimates pointing to a 4.6% increase in revenue.
Of course, the road ahead is not paved with rose petals. The expected rise in interest rates, the “stinging” tax burden, and the “heavy” project at Elliniko are taking their toll on the bottom line.
Naturally, management is looking for solutions to offset these pressures and boost revenue with new, “ready-to-go” investments that can be implemented immediately. However, because the domestic secondary market is very shallow, the task is not easy.
This column has learned, however, that the right deal has likely been found. The deal in question involves a ready-to-go, operational shopping center that fits AEEAP’s profile like a glove.
Negotiations are at a delicate stage, but if the green light is finally given, announcements will follow in the coming months.
DIMAND: Since the conversation has turned to fresh real estate deals, this column’s sources are picking up on intense activity at Dimand’s headquarters.
We’ve heard that the development company is preparing various announcements that will surface soon, as a number of projects are coming to fruition.
Don’t let your mind immediately jump to the port and Piraeus, though. The company’s capacity encompasses many other fronts that are being systematically worked on behind the scenes. Don’t forget, after all, that Dimand is holding its Annual General Meeting on Thursday, and Dimitris Andriopoulos never lets shareholders get bored.
He always has something interesting up his sleeve to contribute to the conversation.
ADMIE: The stock hit a new all-time high during Friday’s session, closing at €4.015 with modest gains.
The listed company’s trading volume was impressive, as 3.2 million shares changed hands, worth over 13 million euros.
The stock is benefiting from increased demand, partly due to the strong interest reportedly being shown in the share capital increase process.
It is noted that, according to information from Euro2day.gr, the book-building process is expected to open on June 16, one day after the announcement of quarterly results, and close three days later, on June 18.
DIVIDENDS: Shares of EKTER and Loulis Food are trading as of today without the right to receive a dividend for the 2025 fiscal year.
Specifically, EKTER shares are trading ex-dividend at €0.080 per share, while shareholders are entitled to a net amount of €0.076 per share.
Similarly, Loulis Food shares are trading at a discount of €0.180253 per share, while shareholders receive a net payment of €0.171240 per share.
IATRIKO ATHINON: Payment of additional compensation equal to three months’ salary for each year of service, in the event of the retirement of a former chairman of the Board of Directors with more than 40 years of service, the shareholders of Iatriko Athinon are called upon to decide, with the proposed revision of the compensation policy.
This provision currently applies to Georgios Apostolopoulos, who served as chairman from the founding of the Iatriko Athinon Group (1984) until last January, when he assumed the title of honorary chairman while remaining an executive member of the board.
Mr. Georgios Apostolopoulos, provided the revised compensation policy is approved, will receive severance pay exceeding 120 months’ salary.
According to the Board’s proposal, the additional compensation constitutes “a sign of recognition and appreciation for his overall contribution and the lasting impact he has had on the company’s trajectory, through his exceptionally long and decisive service as chairman and his substantial contribution to strategic development, stability, and enhancement of corporate value.”
IATRIKO ATHINON II: Last year, Georgios Apostolopoulos, as executive chairman of the board, received gross fixed compensation (and benefits) totaling 4.2 million euros. Of this amount, the gross fixed compensation from Iatriko Athinon amounted to €2.34 million, while his compensation as a Board member totaled €1.1 million.
Finally, he received a bonus totaling €761,000 from the subsidiary Iatriki Techniki.
Even if the compensation is not calculated based on the gross fixed remuneration for 2025 from the parent company (which exceeds €23 million), but is derived from an average weighted calculation of remuneration over several years, the amount that Iatriko will pay to its founder and long-time leader will be high (over €15 million).
Annual gross compensation and benefits for board members last year totaled €6.98 million, a decrease of 10.71% compared to 2024. CEO Vasilis Apostolopoulos had fixed gross compensation of €1.26 million, First Vice Chairman Christos Apostolopoulos €993,000, and Executive Board Member Georgios Zerdilas €402,000.
ATTICA STORES: Ideal Holdings and Oak Hill, through their joint subsidiary Kymora, are seeking to offer approximately 30% of the existing shares of Attica Stores to the general investing public.
Based on what the market has gathered from the presentations, Ideal and Oak Hill aim to value Attica Stores at approximately €180 million. Consequently, they expect to raise approximately €54 million from the sale of the 30% stake. With estimated earnings of €17 to €18 million, assuming the company is valued at €180 million, the multiple stands at around 10x.
Revenue from sales is estimated to reach €350–400 million by 2030, up from €244 million in 2025, thanks to increased sales of premium and luxury products. The market share of premium products is expected to rise to 12% in 2030 from 10% in 2025, and that of luxury products to 8% from 7%.
IDEAL: The stock hit a new 23-year high, driven by the upcoming capital return and plans to list Attica Department Stores on the stock exchange.
The stock closed at €7.24 on Friday, up 1.4% while since early May, when the capital return of 0.7 euros per share was announced (pushing the dividend yield above 10%), it has posted gains of over 15%.
Interest in the stock intensified following the General Meeting, where Attica’s upcoming standalone listing on the Stock Exchange was confirmed, scheduled for June 24–26, through the sale of existing shares, as mentioned above.
It should be noted that the ex-date for the capital return is July 27, while payment to beneficiaries will be made on July 31.