DOUKAS: If Haris Doukas had a sense of humor, he’d have to send flowers to Dimitris Kairidis for the scathing attack launched against him by the “blue” parliamentary spokesperson for New Democracy.
To be precise, not only for the attack, but also for the position he put forward that… the entire PASOK party is trailing behind the mayor of Athens.
“PASOK is to blame for being led astray by a fringe figure, in my opinion. A political fringe figure, a nobody. A nobody who happened to be elected by a fluke of circumstances. He will not be re-elected (as mayor)—have no doubt about that.”
What did PASOK get swept up in? Mr. Doukas’s persistent, months-long proposal that the party convention (in March) pass a resolution stating that the party would not (again) form a government with New Democracy.
If one takes into account statements by other “blue” figures that New Democracy could only form a coalition government with PASOK—in the event it fails to secure an absolute majority—the rationale behind the party’s stance against the center-left Haris becomes clear.
Just imagine what we’ll hear if (and when) the new polls that are set to be released in the coming days show New Democracy in first place, but still far from securing a majority.
Similarly, what pressure will Harilaou Trikoupi face from its center-right… “supporters” who never agreed with Doukas’s proposal, which became a party convention decision.
DOUKAS II: For now, the mayor of Athens has commented on Kairidis’s statement as follows: “Those of us who disagree with them politically are ‘failures,’ ‘marginal figures,’ and ‘nobodies.’ The fascistization of political life by the government’s ‘elite’ in all its glory.”
In the corridors of power—across the political spectrum—Mr. Kairidis’s confrontational stance is attributed to the large crowd of “blue” heavyweights preparing for the Southern Athens constituency, where he was elected to parliament in 2023…
Oh, and the support provided to “Green Haris” by the (still) “pink” Kostas Zachariadis and Elena Akrita did not go unnoticed.
That makes sense, since both of them—whether as members of SYRIZA or ELAS (if they end up there)—belong to the camp of those who want progressive cooperation within the government.
Keep that in mind…
CONFRONTATION: Tensions are running high in the Maximos-Amalia standoff, with government officials asking “where will you find the money” for every economic relief measure, while Hellenic Police officials are talking about saving resources by fighting corruption.
The latest statement by Theoni Koufonikolakou, spokesperson for the newly formed party, is telling: “They ask us, ‘Where will you find the money?’” We reply: the loss in public funding due to corruption amounts to 25–30%. Combating corruption alone yields significant savings.
Aren’t direct awards a waste? What about cartels? The government has committed to a 2% surplus but is achieving 5%. “These 7 billion euros are politically targeted funds, spent on ‘vouchers’ and tax breaks for the wealthy,” he said, adding:
“Additional resources will come from changes to tax rates, with the primary goal of reducing tax rates on wage labor and protecting the middle class.”
And that’s not all, as Ms. Koufonikolakou cited the Supreme Court’s ruling in favor of borrowers, accusing the government of attempting to interpret it as it sees fit in order to avoid implementing it.
Tensions will escalate further after the appointment of the Hellenic Police (ELAS) sector heads, at which point those in charge of the economy, development, health, and labor will… jump into action…
MINOAN LINES: The ferry company paid an advance of 25.8 million euros for the construction of two ships, which are scheduled to be delivered in 2028. To finance the down payment, a €26 million capital increase was carried out, which was covered by the Grimaldi Group.
The shipbuilding project is part of a broader fleet renewal program by Grimaldi, with orders for 9 new ships (4 for Grimaldi Lines, 3 for Finnlines, and 2 for Minoan), with a total budget of $1.3 billion.
The new ships will be equipped with engines capable of running on methanol, supporting the strategic goal of zero emissions.
MINOAN LINES II: The company closed last fiscal year with revenue of 117.67 million euros, EBITDA of 24.86 million euros, and net income of 7 million euros.
It is noteworthy that the company kept the growth rate of cost of goods sold at 4.4%, despite the fact that the rate used to calculate the environmental emissions fee nearly doubled (editor’s note: to 70% from 40%), while there was an increase in crew wages due to the signing of the sector-wide collective bargaining agreement.
LOGOTHETIS: Eastern Pacific Shipping, owned by Iddan Ofer, reaffirms its confidence in Sulnox’s fuel-saving technology, by increasing its stake in Konstantinos Logothetis’s London-listed company and expanding the use of its products across a larger portion of its fleet.
Specifically, Eastern Pacific Shipping (EPS), one of the world’s largest independent ship managers, has signed a new four-year agreement with the green fuel technology company Sulnox. The agreement calls for expanding the use of the Sulnox Eco additive from 30 to more than 50 vessels, with total supplies of 1.2 million liters.
At the same time, EPS Ventures will increase its stake in Sulnox to 13.9% from 6.5%, with the value of the stake now estimated at $15 million.
According to Sulnox, after more than two years of testing on container ships, bulk carriers, tankers, and car carriers, Eastern Pacific recorded fuel savings of 3%–5%, lower exhaust emissions, cleaner engines, and improved fuel efficiency.
YIROUKOS: Global Ship Lease continues to renew its fleet, as shipping industry sources report that it has placed an order for four new 6,200-TEU containerships at the Chinese shipyard CSSC Huangpu Wenchong Shipbuilding.
The vessels will be conventionally fueled, with each estimated to be worth more than $85 million, and their deliveries are scheduled for the period 2029–2030. With this new agreement, the company’s orders for container ships for 2026 now total 14 vessels.
The company owned by Greek shipowner George Giouroukos has already commissioned the construction of another 10 vessels of the same capacity at the Chinese shipyards Taizhou Sanfu and Hengli Heavy Industry, investing a total of approximately $917 million.
According to management, the new ships have already secured long-term charters lasting nearly seven years. At the same time, the company continues to sell older vessels, accelerating the modernization of the 71-vessel fleet it currently operates.
INGLESIS: JHI Steamship, owned by shipowner Yiannis Inglesis, has proceeded with the sale of the oldest tanker in its fleet, capitalizing on the particularly high values currently prevailing in the secondhand tanker market.
The company signed an agreement to sell the 104,600 dwt aframax/LR2 tanker Samos, built in 2010, for a price estimated at approximately $45 million. The vessel will be delivered to its new owners in October, following the expiration of its current charter.
The sale is part of JHI’s fleet renewal strategy, as the Samos was the company’s only tanker older than five years. At the same time, the company has an extensive shipbuilding program underway, with seven new tankers currently under construction.
PROTECTION: REKA S.A., a frozen food company based in Rhodes, appears to be entering the final stages of a restructuring agreement, having secured temporary court protection from its creditors.
A temporary order issued by the Single-Judge Court of First Instance of Rhodes has “frozen” all enforcement measures against the company as well as its primary guarantors.
The protection covers auctions, seizures, payment orders, mortgage liens, measures by the State and the EFKA, and even the freezing of bank accounts.
REAL ESTATE: Cosmos Port Single-Member S.A. was established with a capital of 1.2 million euros, with the purpose of leasing and managing real estate, as well as developing construction projects.
The sole shareholder is Cosmos Developments S.A. for Real Estate Construction and Management, which covered the entire share capital and holds 100% of the shares in the new company.
At the helm of COSMOS PORT, headquartered in Piraeus, Nikolaos Bakos has been appointed chairman and CEO, with Petros Chrysovergis and Alexandra Kaimenaki serving on the first board of directors.
Nikolaos Bakos and Alexandra Kaimenaki have the right to represent the company individually.
METLEN: In the presence of Defense Minister Nikos Dendias and Development Minister Takis Theodorikakos, the new industrial facility of Metlen’s subsidiary M Technologies is being inaugurated today at the Volos complex.
In effect, the group is adding its fourth facility to the “Volos Defense Hub,” a development that underscores the increasingly significant role the defense sector is playing for the group.
Moreover, the publicly traded company is already collaborating on the production of specialized weapons systems with international giants such as Lockheed Martin, Raytheon, Naval Group, KNDS, and Thales.
What is interesting is that the group is now not only moving toward concluding new agreements for the co-production of weapons systems (submarines) for the Navy’s needs and weapons systems for the Army, but is also exploring potential new international partnerships.
This goes beyond the narrow confines of domestic defense procurement programs, as Evangelos Mytilineos made clear during the Greek-French forum held in Athens in April.
“The discussion at that time with the head of Naval Group, Pierre-Éric Pomel, concerned defense projects both within and outside Greece,” he stated from the podium at the group’s recent General Assembly.
It should be noted that the defense sector is growing rapidly, so its contribution to this year’s operating profits will more than double.
METLEN-GALLIUM: Last Friday, we wrote about Gallium’s sustained rally, citing the international organization Fastmarkets and focusing on two developments:
That the $2,000 price was now a thing of the past, and that within five days, the lower end of the price range for gallium had risen by 5% to $2,250, with the upper end at $2,650.
That was… last week.
Metlen’s “golden goose” has now reached new heights, according to Fastmarkets, as news broke of a purchase agreement by a Japanese company operating in the electronics and semiconductors sector at a price of… $2,925 per kilogram.
This sharp rise in price, combined with the “grab it while you can” mentality prevailing in the international gallium market, is leading some companies, according to reports, to seek long-term contracts (if and when they find a supplier, which is not easy), on one condition:
That a “cap” be placed on the purchase prices to be agreed upon, even if that cap is… more than double the current prices. Because they obviously fear that prices could rise even higher!
We’re talking about the ultimate “sellers’ market.”