Euronext Athens aims to capitalize on Greece’s position as a leading global shipping power and transform Athens into an attractive destination for listed shipping companies. Speaking at Capital Markets Day, which focused on shipping, Athens Stock Exchange CEO Giannos Kontopoulos emphasized that following Safe Bulkers’ successful listing on the Athens Stock Exchange, there is already interest from other companies in the sector.
“There is a pipeline,” he noted, implying that discussions are at an advanced stage. According to executives who participated in the event, it is not out of the question that one or even two more shipping companies could begin trading on the Greek market before the end of 2026.
The case of Safe Bulkers is considered pivotal to Euronext’s strategy. The company owned by Polys Hatzioannou completed its secondary listing in Athens on June 2, during the Posidonia shipping fair, becoming the first major listed shipping company to take the step toward a new era for the Greek market under the Euronext umbrella.
Safe Bulkers Chairman Loukas Barbaris emphasized that the company’s presence in Athens provides access to a broader European investor base and enhances the stock’s liquidity. At the same time, he noted that shipping companies with significant operations in China gain an additional financial “safety net” outside the U.S., at a time of heightened geopolitical tensions and trade competition.
Euronext’s management believes that the investment environment in Europe is becoming increasingly competitive compared to U.S. markets. The group’s head of primary markets, Matthieu Caron, argued that in recent years, many European companies have achieved better stock market performance by remaining on European markets rather than choosing New York exclusively.
Euronext’s acquisition of the Athens Stock Exchange is part of precisely this strategy. The European group aims to establish a specialized center for international shipping in Athens, capitalizing on Greece’s unique position in the sector. Although Safe Bulkers’ trading volume in Athens remains significantly lower than that in New York, the successful completion of the dual listing—without any changes to accounting standards or the trading currency—is viewed by the market as a significant test that has been successfully passed and may pave the way for new shipping companies to list on the Greek stock exchange.
The head of Corporate & Investment Banking at Piraeus Bank, Theodoros Tzouros, described the process as particularly simple and cost-effective, emphasizing that the company did not need to change the U.S. Generally Accepted Accounting Principles (US GAAP) it uses or the currency in which its shares are traded.
As he noted, the absence of complex adjustments and additional regulatory burdens significantly reduces the cost and time required to carry out a parallel listing in Athens, a factor that could serve as a strong incentive for other shipowners to follow suit.
Lilian Georgopoulou, Deputy Head of Listings at Euronext Athens, echoed this sentiment, noting the shipping community’s keen interest. The large turnout of industry executives and representatives at the Euronext event, as she noted, confirms that the market is closely monitoring Safe Bulkers’ initiative and raises expectations that other listed shipping companies will seriously consider listing on the Athens Stock Exchange in the coming years.