MITSOTAKIS: Since last Friday, this column has been revealing the behind-the-scenes story of the… near-rebellion within the New Democracy parliamentary group regarding the nominations of elected local officials and the intervention by the Prime Minister’s Office to avert the worst.
At yesterday’s event to present the new digital platform—a tool to help organize and inform the parliamentary group—at the Bodosakis Building, Kyriakos Mitsotakis confirmed the reports, announcing that local government officials who wish to run for Parliament have been given a one-month deadline to resign from their posts.
“I want to be absolutely clear, so that there is no doubt whatsoever, no question marks: if there are second-tier local government officials who wish to run in the upcoming elections, they must submit their resignations within the next month, so as to ensure that they will indeed be able to compete with their colleagues on an equal footing,” the prime minister emphasized.
MITSOTAKIS II: The prime minister also announced another meeting of the New Democracy parliamentary group in the second half of July, before Parliament adjourns for the summer recess.
The elections are approaching, and this is no time for complacency—that is the reasoning at the Maximos Mansion.
In any case, this is a message that certain cabinet members—who are reportedly more concerned with their re-election than with their current duties—need to hear.
It’s what they say—they’ve put their pencils away…
GILFOIL: Last night, the prime minister hosted a dinner at the Maximos Mansion in honor of the U.S. ambassador, marking the 250th anniversary of American Independence.
According to government sources, the dinner was symbolic in nature and served as an opportunity for an informal exchange of views on the long-standing relations between Greece and the United States.
Among those in attendance were Ministers George Gerapetritis, Nikos Dendias, and Stavros Papastavrou, as well as members of the U.S. Embassy and the business community with ties to the United States.
LAZARIDIS: The Member of Parliament for Kavala—and, for a few days, Deputy Minister of Rural Development—took the floor in Parliament and submitted specific evidence to the record demonstrating that, regarding the much-discussed issue of his degree and his appointment, he did not engage in any illegal acts. On the contrary, as he argued, an administrative error from twenty years ago was labeled a “political scandal.”
New Democracy acknowledges that Lazaridis’s resignation does not constitute an admission of guilt. On the contrary, they say, through this specific move, he made it clear that he took political responsibility to protect the government, without any evidence of his deliberate involvement.
“Political responsibility is one thing; an admission of wrongdoing is another,” was the comment circulating yesterday in a “huddle” at the New Democracy parliamentary group meeting at the Bodosaki Hall.
CARREFOUR: The chain’s return to Greece continues to take its toll. Retail & More closed out 2025 with revenue of 9.59 million euros, down 12% from 2024, while net losses totaled 2.4 million euros.
Equity turned negative (–749 thousand euros), while current liabilities exceed current assets by approximately 6.2 million euros, a fact that led the certified auditor to highlight material uncertainty regarding the company’s ability to continue as a going concern.
Management is responding with a change in strategy: divesting from company-owned stores, selling nine locations for 4.5 million euros, and pursuing aggressive expansion through franchising.
In 2026, however, success will not be judged by how many new stores are opened.
NIKOS VARDINOYANNIS: Nikos Vardinoiannis of Vardis is launching a new business venture in the sports sector; he has founded Tennis Gardens, a single-member limited liability company (IKE) based in Marousi with an initial capital of 25,000 euros.
The new company’s primary purpose is to operate sports facilities, such as tennis, soccer, and basketball courts, while it will also be active in the retail sale of sports equipment and in sports training services.
The company’s sole partner is Nikos Vardinoyannis, who contributed the entire share capital, while Angeliki Kairi is responsible for management and representation.
VNK: VNK Capital is making moves in the broader pharmaceutical sector. Sources familiar with the matter tell this column that Vasilis Katsos and Periklis Vasilopoulos are preparing a new round of investments.
The first acquisition is “finalized,” but the related announcements are being postponed for the time being, as they will be part of a broader investment plan.
It will cover production, distribution, and pharmaceutical activities as a whole.
VNK II: The Katsou family’s investment vehicle continues to focus on two strategic pillars: defense and the pharmaceutical industry—sectors in which management sees significant growth prospects.
A prime example is Altus, which is growing rapidly, according to sources familiar with the matter. Two years ago, it employed about 18 people; today, that number has reached 70, and by the end of the year, it may approach 100.
As for Palirroia, reports indicate that developments are expected this summer, as it is a company with strong fundamentals and multiple strategic options. How the next phase of the agreement will proceed will become clear in the coming weeks.
Athens Chamber of Small and Medium-Sized Industries (BEA): The Athens Chamber of Small and Medium-Sized Industries (BEA), in collaboration with the country’s other two Chambers of Industry and the General Confederation of Small and Medium-Sized Enterprises (GSEVEE), has submitted a draft bill on the licensing of unlicensed professions, as revealed by BEA President Konstantinos Damigos, during a meeting with journalists.
Mr. Damigos argued that this measure could serve as a counterbalance to the shortage of personnel in technical professions, as young people might take a licensed profession more seriously. In fact, as he noted, there are currently 120 licensed professions in Europe, compared to only five in Greece.
Mr. Damigos clarified that their goal is not to “restrict” access to these professions, but to safeguard them.
On the other hand, the president of the Athens Chamber of Commerce and Industry (ACCI) dismissed the notion of high seasonal wages as a “myth,” citing the poor working conditions faced by employees. As he said, in many cases they work without insurance, while facing grueling hours and extremely poor living conditions.
In contrast, he argued that it is rare to find anyone working without insurance in the technical sector, and the maximum workday is eight hours.
Mr. Damigos emphasized that young people should be made aware of the benefits of choosing a technical profession, since, as he said, if someone chooses to become a plumber or electrician, from the beginning to the end of their career, through thick and thin, they will always have work.
DRAGNIS: Greek shipowner Yiannis Dragnis is moving forward with an investment of approximately $166 million, strengthening his presence in both container shipping and bulk carriers. Goldenport Shipmanagement has signed agreements with two Chinese shipyards for a total of five newbuild vessels.
Specifically, the company has ordered three feeder containerships with a capacity of 1,800 TEU from the CMHI Qingshan shipyard, at an estimated cost of approximately $32 million per vessel, with deliveries scheduled from the second half of 2027 through early 2028. This marks the first order for newbuild container ships in Goldenport’s history; until now, the company has expanded its fleet through the purchase of secondhand vessels.
At the same time, Goldenport has commissioned Nantong Xiangyu to build two 64,000 dwt ultramax bulk carriers, at a cost of approximately $35 million each, with deliveries scheduled for mid-2029.
The Dragnis family also maintains a presence in the tanker and gas transport sectors through Oceangold, which ordered two newly built VLGCs in April.
COSCO: China’s Cosco Shipping is moving forward with a new investment of over $1.27 billion, ordering 24 cargo ships from four Chinese shipyards.
The program includes 20 grain bulkers with a capacity of 87,000 dwt and four 210,000 dwt Newcastlemax vessels, which will be ready to use ammonia and methanol as fuel in the future.
The vessels are part of Cosco’s fleet renewal and expansion program and have already secured 20-year charters from a subsidiary of the group. According to Clarksons, Cosco operates the world’s largest fleet, with 1,230 vessels and another 274 under construction.
SHIPPING: While reading the newsletter from Seanergy, published by Stamatis Tsantanis, this column came across a detail that vividly illustrates the constant upheavals the shipping industry is forced to face.
We read: “The Baltic Exchange Dry Index (BDI)—a benchmark for tracking trends in the dry bulk shipping market— fell from an all-time high of 11,793 points in May 2008 to an all-time low of 290 points in February 2016, representing a decline of approximately 98%.
In the years that followed, volatility was also evident, albeit less extreme. In 2025, the BDI fluctuated, ranging from a low of 715 points on January 30, 2025, to a high of 2,845 points on December 3, 2025. From January 1, 2026, the BDI hit a low of 1,532 points on January 15 and a high of 3,034 points on May 7.”
And don’t think that things are any calmer when it comes to ship prices. “From 2010 to the present, resale prices for newly built 182,000 DWT Capesize vessels have fluctuated between US$35.0 million in March 2016 and US$81.5 million in May 2026.”
That’s why the industry needs good “captains”…
SEANERGY: The shipping company is set to issue a five-year corporate bond worth 100 million euros next week.
Of the funds raised (€95.6 million net), €76 million will finance ship purchases and newbuilds, and approximately €19.6 million will be used to cover working capital needs for up to 24 months following the issuance.
The public offering begins on Monday.
SHIPPING: Greek shipowners continue to invest heavily in modern Kamsarmax-class vessels (i.e., medium-sized dry bulk carriers), capitalizing on the significant improvement in the dry bulk market and the rise in freight rates.
The leading player in this new trend in recent days has been Petros Panagiotidis’s Castor Maritime, which has completed two purchases of ships built in 2023 and 2024, while shipping brokerage sources report that the Rostrum Stoic (2023) is headed to Greek interests for $37–38 million. Meanwhile, clients of Aquavita International recently acquired the Seacon Antwerp (2024) for approximately $42.9 million.
At the same time, major Greek shipping groups, such as Petros Pappas’s Star Bulk and Poly Hatzioannou’s Safe Bulkers—now listed on the Athens Stock Exchange—are selling older Kamsarmax vessels, renewing their fleets with newer ships.
This trend is attributed to the sharp rise in freight rates, which is linked to increased demand for thermal coal transport. Disruptions in energy flows from the Middle East have led countries such as Japan, South Korea, and Taiwan to rely more heavily on coal, boosting demand for Kamsarmax vessels and pushing daily freight rates above $20,000.
TERNA ENERGY: TERNA Energy, a subsidiary of Abu Dhabi Future Energy in Southeast Europe, due to reduced wind power generation and curtailments implemented by grid operators to balance load flows.
EBITDA decreased by 10.8% to 187.5 million euros, while adjusted EBITDA (excluding the cost of the free share distribution program) amounted to 195.2 million euros, down 8.1%.
Net income for the year from continuing operations, excluding minority interests, amounted to 63.7 million euros (a 9.6% year-over-year decline), while on a comparable basis (i.e., excluding the expense for bonus shares) they amounted to 68 million euros.
TERNA ENERGY II: Over the past year, the group made investments totaling 150.2 million euros, with net debt declining to 780.1 million euros (2024: 795.6 million euros).
The group has 376.4 MW of solar farms under construction, as well as 40 MW of battery storage systems, which are expected to be completed by the end of this year.
At the same time, construction of the Amfilochia pumped-storage project is moving forward. Due to ongoing cuts to renewable energy generation units, priority has been given to battery storage units.
Last July, the TENERG Group acquired Energy Balance IKE in order to obtain 80 MW of capacity permits for battery energy storage systems. The purchase price was valued at a fair value of 2.53 million euros using a discount rate of 5.8% and is expected to be paid in full during the first half of 2027.
PUMPED-STORAGE: The agreement for the sale of TERNA Energy to Masdar included a put option for Masdar to sell 50% of Pumped-Storage Plant I (Amfilochia).
Masdar exercised this right within nine months, and GEK TERNA will acquire the 50% stake for approximately 75 million euros. It will spend an additional approximately 75 million euros, according to what management reported to analysts, which represents its share as a 50% owner in the investment program.
The project will become fully operational after 2027.
PROFILE: The stock is just one… cent away from its year-end closing high, which was recorded in early February.
Yesterday’s closing price was 8.08 euros (+4.94%), with trading volume surging to 2.67 million euros—nearly 336,000 shares—partly due to a block trade of 200,000 shares worth 1.6 million euros.
According to our sources, the block was sold to an institutional investor, with no involvement from the major shareholders.
In any case, the trading volume was impressive by the stock’s standards, as we hadn’t seen anything comparable since May 2025—that is, over a year ago.
As a reminder, this column covered the stock on June 12, noting that it is a “Fintech and AI” stock trading at… 2025 levels.
Today, we have some very interesting market information to share. According to these reports, Profile has exceeded its management’s expectations in the first half of the year, including in terms of cash flow and available liquidity.
This seems likely to allow the company to soon reward its shareholders with a… surprise, without disrupting its investment plan.