ANDROULAKIS: This isn’t the first time this column has pointed it out: as long as the official opposition continues to see its poll numbers drop or —at best—remains stagnant to the benefit of Alexis Tsipras’s strengthened ELAS, the more suffocating pressure it will face from Maximos to return to the “proper” opposition narrative. And to effectively nullify its famous conference decision that there will be no (new) government coalition with New Democracy.
The catalyst for this is the “Greens’” challenges to government interventions, such as the Ministry of Finance’s move to implement the Supreme Court’s ruling on borrowers—and, in fact, to introduce the element of partial retroactivity.
Nikos Androulakis attempted yesterday in Parliament to “call out” Kyriakos Pierrakakis, who was present, with the following statement: “Mr. Pierrakakis doesn’t much like the Katseli Law now, but there will be plenty of videos online showing that he was canonizing and praising it a few years ago, just as all PASOK officials do.”
The point is obvious: to remind viewers that Mr. Pierrakakis was a PASOK official before moving to New Democracy and joining its inner circle.
PIERRAKAKIS: “Pierr,” however, outmaneuvered him with a feint from… the left: after declaring himself proud to have joined New Democracy in 2015, he fired back: “In your rivalry with Tsipras, you’re ready to storm the Mint,” he said.
You got that right: he compared Mr. Androulakis to Panagiotis Lafazanis, whom Alexis Tsipras has left miles behind for the past eleven years.
The message, in other words, between the lines is that today’s PASOK is adopting a more “populist” rhetoric than even its… mortal enemy, the leader of the newly formed ELAS.
OPINION POLL: It is telling that while this clash was unfolding in Parliament, the first opinion poll of the latest cycle—before the summer lull—was released.
According to this poll (by RealPolls), New Democracy stands at 25.8%, ELAS at 18.2%, and PASOK at 8.9%, trailing behind Maria Karystianou’s “Hope” party (9.4%).
These figures reflect voting intentions; when undecided voters are factored in, the corresponding percentages become: New Democracy 28.3%, ELAS 21.4%, “Hope” 11.9%, and PASOK 9.9%.
There’s not much to say about SYRIZA’s decline: it stands at 1% and 1.2%, respectively.
Incidentally, the number “2” in front of ELAS’s (potential) percentage and its single-digit gap with New Democracy (which isn’t climbing to the desired 30% to show an upward trend) have given Amalia a boost.
And this will become clear on Saturday, during the first party speech to be delivered by Alexis Tsipras at the ELAS National Council, whose membership will be announced in the coming hours.
PARLIAMENT: To be fair, Androulakis was the only political leader who addressed the exorbitant pay raises for the Metropolitans in Parliament yesterday, since their salaries have doubled.
“Metropolitans. You’re out there in society, listening. What is society saying? What are people saying? Give reasonable raises. Not this kind of thing that provokes people who are struggling,” he said.
No response was given, and the other speakers also confirmed what this column has reported: they chose to remain silent.
The …holy flock votes, after all.
LAIMOS: The Enesel Group appears to be further strengthening its strategy of returning to the dry bulk market, as shipping brokerage and shipbuilding sources link it to a new order for up to four ultramax-class vessels at the Chinese shipyard Jiangsu New Hantong Ship Heavy Industry.
According to the same sources, the company owned by brothers Antonis and Filippos Laimos is expected to pay approximately $37 million per vessel, with deliveries scheduled through the end of 2028.
If confirmed, the order will mark the expansion of Enesel’s presence into a second category of bulk carriers, following the order of two newly built capesize vessels from the Hengli Heavy Industry shipyard about a year ago. These vessels are expected to be delivered in the third quarter of 2027.
Enesel’s return to the sector coincided with the sale of the company’s only two bulk carriers at the time—also capesize vessels—to the investment firm Hayfin Capital. Since then, its strategy appears to have focused on building a stronger and more diversified presence in the dry bulk sector.
Traditionally, Enesel has been best known for its operations in tankers and container ships. Today, it owns or manages 14 large tankers and 11 container ships, while as of 2022, the management of bulk carriers and container ships is handled through Enesel Dry.
With a history dating back to 1848, the group has evolved into one of the most diversified Greek shipping organizations, with a presence in London, Athens, Singapore, and Copenhagen.
At the same time, through Enesel Bulk Logistics, it has developed an international network of commercial and shipping brokerage activities, expanding its presence in recent years to Dubai, Singapore, Lübeck, and Santiago.
PEROGIANNAKIS: Perosea Shipping emerged as the buyer of two LR1-class tankers that had changed hands the previous week.
The Athens-based company, led by Konstantinos Perogiannakis, confirmed that it acquired the 73,700 dwt Cape Tempest and the 73,600 dwt Cape Taura, which were renamed Sea Dominator and Sea Gladiator, respectively. The two sister ships, built in 2007 and 2008 at Chinese shipyards, have already been incorporated into the company’s fleet.
According to shipping brokerage sources, the transaction was a package deal, and the total purchase price is estimated to be between $42 million and $44 million.
Meanwhile, Perosea revealed that it is also behind the acquisition of another product tanker, the 50,700 dwt MR2 Autan, a South Korean-built vessel from 2009, which was previously managed by Singapore-based Grace Energy Shipping & Trading. The vessel was renamed Sea Phoenix I and has also joined the company’s fleet.
With these new additions, Perosea’s fleet now numbers 16 vessels, including seven MR2 tankers, two LR1s, six handy tankers, and one capesize bulk carrier acquired in early 2025.
GENCO: Genco Shipping & Trading secured a significant victory in the battle it has been waging for months against Diana Shipping, owned by Semiramis Palaiou, for control of the company, as shareholders backed management on nearly all the critical issues raised at last week’s crucial general meeting.
The most controversial issue was the ratification of the so-called “poison pill,” that is, the shareholder rights agreement that acts as a deterrent against unwanted takeovers. The proposal was approved by a narrow margin of 54% to 46%, with 17.98 million votes in favor and 15.32 million against.
This decision is particularly significant as it prevents Diana Shipping—which already holds more than 14% of Genco’s shares and is its largest shareholder—from further increasing its stake above the 15% threshold without suffering a significant impairment of the value of its investment.
Despite the reservations expressed by leading corporate governance advisors, shareholders supported the management strategy under Chairman and CEO John Wobensmith. At the same time, they rejected Diana’s proposals to elect two new members to the board of directors, leaving its composition unchanged.
Diana’s candidate, Jens Ismar, failed to unseat the experienced shipbroker Basil Mavroleon, while the second candidate, Paul Cornell, was defeated even more decisively by incumbent director Arthur Regan. Similarly, the Greek company’s proposals for amendments to the articles of association and for exploring strategic alternatives were rejected by wide majorities.
However, the standoff does not appear to be over. Shortly before the general meeting, Diana submitted its fourth and highest takeover bid to date, valuing Genco at $27.34 per share through a combination of cash and Diana’s own shares. Genco’s management has announced that it is carefully reviewing the new offer, leaving open the possibility of further developments…
LAMDA DEVELOPMENT: The completion of the transaction with ION is a critical factor in the listed company’s plans for the Hellinikon project for the following reason: the 450 million euros that Lamda will receive will be used, for the most part, as working capital for the development of new residential projects.
This is a new self-financing model designed to halt pre-sales of residential units and mitigate the risk of shrinking profit margins should construction costs rise subsequently (i.e., after the pre-sales).
Given this change in strategy, it is certain that Lamda has developed a Plan B and a Plan C, as its CEO, Odysseas Athanasiou, mentioned at the annual general meeting.
HAM has learned that one of the alternative scenarios is the sale of the right to use the land on which the IRC Athens complex is being built.
Otherwise, the impression gained by analysts and institutional investors is that everything has fallen (slightly further) behind schedule in terms of residential unit deliveries, operational launches (Galleria Riviera), and construction starts (Mandarin, Ellinikon Mall).
PPA: Ivan Savvidis has become both a concessionaire and a …lessee at PPA, as he has taken over, through the family’s holding company, Unalone Ltd, the sub-concession for the operation of facilities at the Port of Thessaloniki (PPA) through 2051.
Under the contract, he is committed to investing 28.75 million euros over a period of 36 to 60 months. Of this amount, 11.44 million euros will be allocated to renovating the old customs station, and the remainder will go toward renovating seven warehouses and the silos.
The question is whether it will retain its stake or is preparing to transfer it at some point.
BANKS: The bill introduced by the government in Parliament regarding how interest is calculated on loans under the Katseli Law—following the relevant decision by the Supreme Court—marks, according to market observers, the official start of the pre-election period.
From now on, whatever populist issue arises, the… boatman will pay the price. The major package will come—again, according to market sources—with the announcements at the Thessaloniki International Fair, where banks will shoulder new loans beyond the “Marietta Giannakou” program.
The question is whether it will concern health and/or defense.
The draft bill on the Katselis Law, however, is expected to have little impact on the investment climate, not because of the costs borne by the banks (note: these are small compared to those borne by securitizations and funds), but because it reignites concerns about the slow administration of justice and the culture of payments.
SALLAS: Rarely does a banker or professor achieve such a wide reach in the business world and on the political scene as Michalis Sallas has.
In this sense, his book *What Went Wrong in Greece… and What Could Be Fixed,” is essentially the intellectual legacy of a man who, in his many roles, experienced pivotal events firsthand and often shaped them—not just for a few years, but for decades.
We wholeheartedly recommend reading it, as it is rare to find an exploration of causes and consequences—from political, business, and scientific perspectives—that approaches the burning issues of the recent past with such level-headedness.
Without seeking to identify heroes or… culprits.
From yesterday’s presentation, however, we took away certain points that are significant for the future. Such as the “sound bite” in his speech that, during the years of false prosperity before the crisis, “the perception prevailed that prosperity could precede production.”
If we are to be honest, after all, with the exception of the fiscal discipline of recent years—necessary due to the size of our debt and the oversight of our creditors—most of the “goals” of the pre-crisis era remain exactly that.
Unfulfilled aspirations.
SALLAS II: He also spoke yesterday about “Greece in 2040,” as the book deals not only with the past, but also with the present and the future. We need, he said, more production, more technological development, better education, and a more effective justice system.
He did not fail to note the immense importance of institutional credibility—“we must build institutions worthy of trust in order for there to be credibility,” he said—as well as the need for a long-term national plan.
He emphasized that such a plan must, without a doubt, address the enormous problem of low birth rates and demographic challenges.
“Consistency, continuity, and long-term planning” are needed, he added, noting somewhat wryly that, despite the successes the country has undoubtedly achieved—especially during the years following the restoration of democracy—it has been marked by a striking statistic:
It has spent 99 of its 205 years of history either in bankruptcy or with limited creditworthiness.
With the hope, as he said, that we never… reach a hundred!
SALLAS III: The turnout at the book presentation was, without a doubt, impressive. We’ll try to list the attendees, though this column is certain it has left out quite a few people.
Among those in attendance were former President Prokopis Pavlopoulos, former Prime Ministers Kostas Karamanlis and Antonis Samaras, as well as former Deputy Prime Minister Evangelos Venizelos.
Representing the government were, among others, Ministers Nikos Dendias, Adonis Georgiadis, Theodoros Livaniou, Vasilis Kikilias, and Dimitris Papastergiou.
Also present in the chamber were, among others, Christos Staikouras, Maria Damanaki, Nikos Christodoulakis, Giorgos Alogoskoufis, Giannis Plakiotakis, Thodoris Rousopoulos, Stelios Petsas, Milena Apostolaki, Zeta Makri, Lefteris Avgenakis, Yiannis Oikonomou, Evangelos Apostolakis, Olga Gerovasili, Christos Papoutsis, Miltiadis Papaioannou, Tasos Giannitsis, and Kostas Laliotis.
Also in attendance were Marianna Latsi, Angelos Filippidis, Marina Oikonomou, Anna Ragousi, Giorgos Dalaras, and Metropolitan Gabriel of Nea Ionia and Philadelphia.
We also spotted Giorgos Peristeris, Apostolos Tamvakakis, and Theodoros Fessa.
Beyond the attendees, the seating arrangement in the hall was also noteworthy. Adonis Georgiadis sat next to Nikos Dendias, with the two ministers conversing in a friendly atmosphere.
In contrast, Kostas Karamanlis and Antonis Samaras did not sit next to each other. Mr. Samaras sat next to Metropolitan Gabriel, while Mr. Karamanlis sat next to Evangelos Venizelos—a scene that did not go unnoticed...