MARINAKIS: Oslo-listed Capital Tankers has agreed to acquire three VLCCs currently under construction at the Chinese shipyard Hengli Shipbuilding from its parent company, Capital Maritime & Trading Corp.
The vessels, which are expected to be delivered between September and November 2027, are being acquired at the initial contract price of $122 million per vessel, plus $700,000 for financing and other expenses.
However, according to the company, the current estimated value of the shipbuilding contracts amounts to $150 million per vessel, creating a “goodwill premium” of $82.1 million relative to the acquisition price.
Capital Tankers will initially pay $37.3 million per vessel, covering construction costs to date, while the remaining amount will be financed through a combination of debt and cash on hand.
Following the transaction, Capital Tankers’ fleet will consist of 33 tankers, including 15 VLCCs, while the company retains purchase rights for an additional 13 newly built vessels from Vangelis Marinakis’ group.
It should be noted that the company went public on the Oslo Stock Exchange in March, through the largest initial public offering in the shipping industry in the last two decades.
GOVERNMENT: The Maximos sees a double benefit behind the U.S.-Iran agreement to end the war.
The first concerns the restoration of geopolitical stability in the wider region, and the second the anticipated drop in oil prices, which is expected to trigger a domino effect of price reductions in goods and services.
“Based on the data we have on oil prices, there is a clear downward trend, and we expect this to be passed on to the consumer,” said the government spokesperson, expressing confidence that the relevant authorities will prioritize monitoring price trends and how they will immediately affect citizens.
Taming inflation is one of the difficult challenges facing the Maximos Mansion, the outcome of which will also influence the final vote of a large portion of the public.
PERIODS: The gap between Kyriakos Mitsotakis and Nikos Androulakis may be enormous, as the... harsh reality has shown, but they have ultimately found common ground.
What is it? That the TV camera does not do them justice! We are not the ones saying this, but the very citizens whom the two political leaders meet on their tours.
Yesterday, for example, during the leader of the official opposition’s tour in Ilion, one woman’s comment stood out; she told him with a smile: “You look better in person; TV does you a disservice.”
A few years earlier, the current prime minister, during a similar visit to Kypseli, had impressed a young mother who didn’t hide her enthusiasm: “You’re amazing! What a hunk you are!” she told him characteristically, while he chose to turn his attention to the woman’s baby in the stroller.
Great moments…
FOCUS: Fewer sales, more profits. That was Ciao Italia’s formula last year. Despite a 7.3% drop in revenue to €1.36 million, the company posted a net profit of €14,888 compared to losses in 2024.
The improvement came mainly from lower cost of sales, which raised the gross margin to nearly 50%. After the fiscal year-end, it sold a property for €270,000 and used part of the proceeds to reduce debt.
Management expects the company to remain profitable in 2026 as well.
MERGER: The Dakos Group is proceeding with an internal restructuring through the absorption of Panagiotis Sp. Dakos S.A. by Dakos Mills. This is well-known, and we have informed you in a timely manner.
The absorbed company contributes equity of €2.07 million, while the focus is on the Metamorphosis properties, which were valued at over €6 million, significantly higher than their book values.
The reason is their potential for future development, as we have previously informed you.
AIRBNB: Synapse Alexandras IKE is entering the real estate market with an initial capital of €270,000, focusing on short-term rentals. Its articles of incorporation, however, reveal greater ambitions, as they cover everything from real estate sales to tourism and hotel investments.
The company’s establishment is, however, yet another sign that, despite discussions about restrictions on short-term rentals, tourism real estate continues to attract new capital and players.
PRODEA: Pressure is expected on the stock today, as it will begin trading on the exchange without the dividend of 1.51 euros per share.
The increased dividend yields a dividend yield of over 27% (!) and comes on the heels of the listed company’s dual deal involving real estate sales to the Papaleka Group and National Bank of Greece.
The payment to shareholders is scheduled for June 22.
PRODEA II: Meanwhile, however, the listed company’s chairman and major shareholder, Christoforos Papachristoforou, has proceeded in recent days to sell shares through Invel Real Estate B.V.
Specifically, he sold 1.408 million shares in recent days at prices ranging from 5 to 5.2 euros, raising 7.17 million euros.
On the other hand, the buyers were company executives who collectively acquired 250,772 shares. These include Aristotelis Karytinos (CEO), Theresia Messari (Chief Financial Officer), Stamatis Sapkas (non-executive member of the Board of Directors), and Alexis Pipilis (Head of Hospitality and Business Development).
All buyers at €5…
MOTOR OIL: NBG Securities has upgraded its forecasts for Motor Oil’s dividend payouts, estimating that the group will distribute a dividend of 2 euros per share for the 2026 fiscal year, the highest it has ever paid.
This estimate translates to a dividend yield of 5%, despite the company’s extensive investment program in the energy transition and refinery upgrades.
Despite the gradual decline in profitability, NBG Securities believes that the shareholder remuneration policy will remain generous. It estimates a dividend of €1.80 per share for both 2027 and 2028, with a dividend yield of 4.5% annually, a figure that reflects strong free cash flow generation and management’s commitment to maintaining attractive distributions to shareholders.
On the trading floor, however, the stock came under pressure for a second day yesterday, a development attributed to events in the Middle East. The stock had reached a record high of €40.66 on Thursday, and following the two-day decline, it stands at €38.38, or 5.6% below its peak.
MOODY’S: Banks may not celebrate every interest rate hike as they used to, but the ECB’s latest move certainly does not leave them indifferent.
Moody’s estimates that the 25-basis-point rate hike will once again bolster European banks’ net interest income, following a period in which successive rate cuts had begun to squeeze profit margins.
However, the firm is quick to add a caveat. The problem is no longer the interest rate, but the economy. The same energy crisis that forced the ECB to raise borrowing costs due to the war in the Middle East threatens to curb demand for new loans and increase bad debt.
Of particular interest is the observation that the banks themselves have already begun to tighten lending criteria, especially for business and consumer loans.
In other words, the slowdown is coming not only from demand but also from supply.
BANKS: A flurry of reports and new highs yesterday for the Greek banking sector, with Morgan Stanley’s renewed coverage of the banks standing out.
Despite the strong rally in recent years, Morgan Stanley argues that Greek banks continue to trade at attractive earnings multiples.
Alpha Bank and Eurobank are valued at approximately 6.5–6.8 times estimated 2028 earnings, Piraeus Bank at 7 times, and National Bank of Greece at 8 times—levels that remain below the European average.
The firm’s central argument is that the value created by Greek banks is not fully reflected in their valuations. Morgan Stanley forecasts that tangible book value per share and dividends will grow at a faster pace than the European banking sector through 2028.
Specifically, it estimates that Eurobank will post an annual increase of 11% in tangible book value and dividends, Alpha Bank 9.4%, National Bank of Greece 8.6%, and Piraeus Bank 7.6%, compared to an average of 6.6% for European banks.
At the same time, shareholder distributions are expected to increase by 24%–27% over the 2025–2028 period, as banks combine higher payout ratios with a steady rise in profitability. Earnings per share are projected to grow at an annual rate of 8%–16%, further strengthening the potential for shareholder returns.
In terms of investment picks, Morgan Stanley maintains its preferred ranking as follows: Alpha Bank, Eurobank, Piraeus Bank, National Bank of Greece, and CrediaBank.
The firm believes that the first three offer the best combination of growth, valuation, and sensitivity to the positive trajectory of the Greek economy.
BANKS II: The ceasefire in the Middle East served as a signal for buyers to enter the market. In the first trading session following the announcement, Alpha Bank surged by 6.34%, Piraeus Bank gained 3.23%, Eurobank 3.20%, and National Bank of Greece 2.55%, as investors rushed to strengthen their positions in a sector that had often been at the center of pressure during the crisis.
The easing of geopolitical risks triggered a broader rally in European markets, with bank stocks among the main beneficiaries. With the new developments:
Eurobank closed at €4.19 compared to €3.92 at the start of the conflict, posting gains of 6.9%, while it has risen by 22.3%since the start of the year.
Piraeus Bank is at €9.34, up from €8.12 before the crisis erupted, a 15% increase, while since January 1, its shareholders have enjoyed a return of nearly 37.6%.
National Bank, at €15.30, is 6.6% higher than its levels at the start of the war and 17.7% above the start of the year.
Finally, Alpha Bank, which had lagged behind the other systemic banks for a long time, closed at €4.19, which is 12.6% above pre-crisis levels and 17% higher than at the start of 2026.
Yesterday’s rally contributed to this.