KASSELAKIS: Stefanos Kasselakis’s career in Greece in the field of alternative investments is off to a… rocky start, as the newly formed Ethra Group S.A.—of which he serves as chairman and CEO (Ed. note: the three-member board of directors includes Maria Patsi and Jeremy Keith), has had its registration suspended by the General Commercial Registry (GEMI).
This is because the company failed to provide, as required, certification of payment of the initial share capital by May 27 (editor’s note: a two-month deadline).
Furthermore, the additional 10-day grace period has also expired, during which Ethra Group could have submitted proof of payment or filed a request with the GEMI office, setting forth reasons to avoid the suspension of registration.
Ethra Group for the Management of Alternative Investment Organizations, headquartered on Syngrou Avenue (Kallithea), has a share capital of 300,000 euros. Of this amount, €3,000 is contributed directly by Stefanos Kasselakis, and the remaining €297,000 by Ethra Group Partners LLC, which is based in Texas.
GEORGIAIDIS: Androulakis or Tsipras? The question was directed at the Minister of Health, who clearly sided with the former prime minister.
“Mr. Androulakis has steered PASOK far too far to the left, and their big problem is that now that Tsipras’s party is being formed, if a voter of this type has to choose between PASOK and Mr. Tsipras, they will choose Mr. Tsipras…
Mr. Androulakis was handed a lottery ticket; he held it for two years but failed to gain even 0.3%. Obviously, since he hasn’t gained ground in two years, someone was bound to emerge—and Mr. Tsipras did. If Androulakis had reached 20%, there would be no Tsipras today.”
The former prime minister, according to Adonis’s account, “has achieved something magical in terms of communication; he has managed to present 15.5% as a triumph when 17.8% in the national elections was considered a tragedy and when Kasselakis’s 15.6% in the European elections was considered a defeat.”
Food for thought…
NEW DEMOCRACY: “We are not preparing for elections at all. Mr. Mitsotakis has been on the campaign trail since the very first day he was elected,” stated New Democracy spokesperson Alexandra Sdoukou.
“I see that we’ve entered a prolonged election campaign, because in a few days we’ll be entering the government’s final year,” said Development Minister Takis Theodorikakos.
Guys, let’s start coordinating little by little…
SIMOPOULOS: The scenario of post-election cooperation among opposition parties to form a “government of the defeated” was put on the table as… a scare tactic for voters by New Democracy’s parliamentary spokesperson, Stratos Simopoulos.
Although the numbers are highly unlikely to add up for a coalition government without the participation of the leading party, the New Democracy official laid out the dilemma facing the next election.
This, as he said (on ertnews), “is either a New Democracy government capable of governing on its own, which would guarantee stability, or a scenario of cooperation among opposition parties,” which he characterized as a “government of the defeated.”
For the record, prior to the 2023 elections, Alexis Tsipras had ruled out the possibility of seeking to form a government with another party if his party did not come in first. “If SYRIZA comes in first, we’ll have a progressive government… I say ‘no’ to a government of losers. I’m adamant about this—we don’t play games here,” he had declared.
LATINOPOULOU: Her remark on ANT1 that “there are politicians who cozy up to gypsies to get elected” sparked a heated TV argument with the well-known singer Vasilis Paiteris.
“I’d like to address Ms. Latinopoulou regarding the term ‘gypsy’ she uses to refer to us. A ‘gyftos’ is a blacksmith who gets dirty, and we say, ‘Come on, you gyftos.’ A ‘tsiganos’ is a hot-tempered person who’ll kill you the moment he sees you acting strangely.
“We are Romios; ‘Romia’ is the feminine form; ‘Rom’ is the singular; ‘Roma’ is the plural,” he stated. Commenting on the leader of the Voice of Reason, he said: “If you look closely at her, you’ll see she has Gypsy beauty. Maybe her mother bought a rug from a Gypsy and didn’t pay for it?”
Aphrodite Latinopoulou responded sharply, accusing her interlocutor of making a fool of himself, and added: “This proves why so many people have this opinion of you, but to be honest, I didn’t expect anything better from a Gypsy,” she noted.
This further escalated the tension and raised concerns about the level of public discourse.
ALPHA TRUST: According to reliable market sources cited by this column, Alpha Bank’s public tender offer for Alpha Trust is on track to acquire more than 90% of the shares.
This means, as was also published in the relevant announcements, that a so-called “squeeze-out” will follow, and the stock will be delisted.
It makes sense, after all, for investors to sell their shares.
First, because the premium is very substantial (55.7% based on the six-month price), and second, because they have the opportunity to invest their liquidity in other stocks at a time when the market is yielding significant gains, while large companies (such as ELHA, to cite yesterday’s example) are proceeding with substantial capital increases.
FERRY TRANSPORT: Theologos Panagiotakis, chairman and CEO of Fast Ferries, is sending one letter after another.
A few days after his letter to the Competition Commission—in which he expressed concerns about the balance and competition governing the coastal shipping market—the head of Fast Ferries sent another letter.
This time, the recipients were the mayors and the Cyclades Chamber of Commerce. Through this letter, Theologos Panagiotakis calls on them to take a coordinated role in ensuring conditions of healthy competition in coastal shipping.
The goal, as stated, is to prevent market concentration and to preserve genuine choices for island residents, both in terms of shipping companies and the scheduling of routes.
Particular emphasis is placed on strengthening inter-island connections, as well as the routes linking the islands to the ports of Attica, which are considered crucial for the economic and social cohesion of the island region.
It should be noted that the central focus of the letter sent by the head of Fast Ferries to the Competition Commission was the aggressive commercial policy pursued by high-speed ferry companies operating on the Rafina - Cyclades route, by slashing their ticket prices to levels lower than those of conventional ferries, which operate year-round and must finance their winter operations with summer revenue…
Tensions remain high…
SHIPPING: Freight rates for very large crude carriers (VLCCs) rose sharply on Thursday, driven by the prospect of the resumption of shipping through the Strait of Hormuz.
According to Clarksons Securities, the daily rate for conventional VLCCs rose by nearly 16% in a single day, reaching $111,000. The main catalyst was the crude oil shipping route from the U.S. Gulf to China, where rates rose by 8.4%.
Clarksons analyst Omar Nokta, estimates that the reopening of the Strait of Hormuz will have a positive impact on the sector, as cargo flows are expected to increase, while the potential return of Iranian oil exports to the global market will further limit the fleet’s available capacity.
At the same time, global oil inventories remain at low levels, a factor that bolsters the outlook for increased demand for shipping in the coming months.
LYKIARDOPOULOS: The Greek shipping company Neda Maritime, owned by the Lykiardopoulos family, has sold an LR2-class tanker, which was acquired by the Indian company Great Eastern Shipping.
According to market sources cited by TradeWinds, the vessel changing hands is the Seriana, with a deadweight tonnage (dwt) of 109,991 and built in 2015, which was sold for approximately $72 million.
The bulk carrier was built at the Sumitomo shipyards in Japan, and Great Eastern has announced that the vessel is expected to be delivered between July and September, with the acquisition to be financed entirely with equity.
Neda Maritime recently placed an order for two conventional capesize bulk carriers with a capacity of 182,000 dwt at Hengli Heavy Industry shipyards in China. The price was set at approximately $76 million per vessel, with delivery scheduled for November 2027.
In recent years, Neda Maritime has pursued a balanced strategy of purchases and sales. In April, it sold the Diamantina, a 2010-built vessel with a capacity of 82,139 dwt, to interests in the United Arab Emirates for $19 million.
On the other hand, in early 2024, it significantly strengthened its dry bulk fleet by acquiring two Newcastlemax vessels from 2020 Bulkers for a total of $128 million.
METLEN: The company must be rubbing its hands together over the developments regarding Gallium, as it enters the final stretch before the start of production of this strategic metal (pilot production has already been successfully completed), with production slated to begin next year.
Two days ago, “Fastmarkets,” one of the leading international commodity price monitoring and evaluation organizations (Price Reporting Agency—PRA), published an extensive report on this strategic metal.
To help you understand exactly what is happening, we are reproducing this section of the text verbatim:
“Fastmarkets’ price assessment for gallium in Europe rose on Wednesday, June 17, as severe shortages of the metal outside China and strong demand continued to push prices higher.
Fastmarkets’ price assessment for 99.99% pure gallium (delivered to a Rotterdam warehouse) stood at $2,250–$2,650 per kilogram, up from $2,000–$2,650 per kilogram on June 12. The lower end of the range rose by 5%. (Editor’s note: in less than a… week!)
“The $2,000-per-kilogram price for gallium in Europe is now a thing of the past,” a source told Fastmarkets. “It’s simply no longer possible to find material at those price levels.”
The availability of metallic gallium outside China has been significantly restricted following the announcement of Chinese export restrictions in July 2023.
Alongside low availability, market participants continue to report strong demand and persistent inquiries from buyers seeking gallium supplies.
“Purchase requests are coming in continuously,” the same source said. “Everyone is looking for material and trying to buy.”