KARAMANLIS-SAMARAS: The Maximos Mansion may be trying to draw a distinction between the two former prime ministers over their criticism of the government and their aims, but Kostas Karamanlis and Antonis Samaras continue to act as though they are “joined at the hip”, coordinating parallel, targeted interventions on common themes.
A case in point was their latest public statements yesterday: Mr Karamanlis at the War Museum, at yesterday’s event organised by the Association of Retired Army Officers, and Mr Samaras in an article in Estia.
Both focused on national issues on the same day (a coincidence? Probably not), voicing their objections to Athens’ policy towards Ankara. Their styles differed, of course, but their positions were not far apart in substance.
The former prime minister from Serres even spoke of the uncritical adoption of the excesses of the woke agenda as “demands from allies and partners”. As always, his criticism also took aim at Europe and the West, as well as the existing socio-political model.
KARAMANLIS-SAMARAS II: The close alignment between the two former prime ministers is also evident in their joint appearances whenever the opportunity arises.
The Messinian, as expected, was among the front-row guests at the War Museum. This was not their only joint appearance in recent days: last Thursday, they both attended an event at the National and Kapodistrian University of Athens.
The other former New Democracy leader, Vangelis Meimarakis, was with them at both events.
All three, it should be recalled, were absent from the recent Piraeus event marking 52 years of New Democracy, a fact that drew comment at the time.
Leaving yesterday’s event, Antonis Samaras was asked whether he had heard Karamanlis’ speech. His terse reply was: “The question is not whether I heard him. Others need to listen to him.”
Also present, among others, were New Democracy Political Committee secretary Konstantinos Kyranakis, New Democracy MP Dimitris Kalogeropoulos, former Supreme Court president and caretaker prime minister Vasiliki Thanou, former ministers Giorgos Voulgarakis, Yannis Valinakis and Vasilis Michaloliakos, and former chief of the Hellenic Army General Staff and civil governor of Mount Athos Alkiviadis Stefanis.
EUROPE: It seems that in the European Union even reforms designed to cut red tape ultimately get caught in the cogs of the bureaucracy.
The latest example is EU Inc., a new common European company form that is supposed to allow businesses to be set up online in 48 hours, for up to €100, and make it easier for them to expand across the single market.
It is one of the measures linked to the Draghi and Letta proposals to tackle fragmentation in the European market, which undermines competitiveness against the US and China.
But the official position adopted last Friday by the EU Council, under the Irish presidency, scaled back important provisions in the original plan.
As the Financial Times reports, the proposal to create a single European company register was dropped, as was the simplified insolvency regime for start-ups.
Yet an International Monetary Fund study cited by the Financial Times suggests that a comprehensive, common European company regime could increase EU GDP by 3.3% over a decade.
Strikingly, the IMF estimates that more than half of the potential benefit is linked to harmonising insolvency rules—a measure included only in a much more limited form in the European Commission’s original proposal.
Rather than strengthen that provision, European governments chose to remove even the limited version.
How, then, can European competitiveness possibly take off?
EUROPE II: Provisions for favourable tax treatment of employee share options were also scaled back, while the deadline for member states to implement the rules was extended from 12 to 21 months.
The Council even presented 21 months as… swift action, lest anyone think the process is being… delayed!
As if that were not enough, another sticking point has prompted a backlash from BusinessEurope, the European umbrella organisation for business associations (42 organisations from 36 countries, including SEV).
The issue concerns employee participation in company management.
The Council’s position would allow a country to require compliance with its own rules on worker representation in company management when an “EU Inc.” based in another country employs staff in its territory above certain thresholds.
BusinessEurope warns that such additional requirements create legal uncertainty and risk making the new company form less attractive.
Some countries, on the other hand, want to prevent companies from circumventing national labour rights. The concern is a valid one, but it adds further obstacles to the creation of common rules.
The next stage looks set to be… difficult, as the European Parliament has yet to agree on its own position.
Most strikingly, all this is happening as Europe’s leaders officially acknowledge that the continent is losing ground in innovation, entrepreneurship and investment. They recognise the problem, announce solutions and invoke Draghi and Letta, but when it comes to decisions, they start making… concessions.
In other words, Europe is supposedly trying to match America’s speed while retaining all the procedures that systematically (and systemically) leave it behind.
HAJIOANNOU: Polys Hajioannou, head of Safe Bulkers, has warned that a rapid expansion of China’s shipbuilding capacity could upset the balance in the dry bulk market.
Speaking at the Capital Link International Shipping Forum in Shanghai, he said the ability of Chinese shipyards to ramp up production quickly was his biggest concern. “Nothing else is needed to kill the market. This alone could do it,” he warned, referring to the emergence of new shipyards and their ability to scale up production within a few years.
Despite the risks, Mr Hajioannou believes newbuild prices have not yet peaked and could rise by a further 5%-10%. Safe Bulkers is not planning any new orders for now, however, having already ordered 24 vessels since launching its fleet renewal programme in 2021. Instead, it will look for opportunities to sell older tonnage.
He sees the next major phase of global fleet renewal coming in 2030-2032, when ships built in 2010-2012 will be approaching 20 years in service.
Meanwhile, Star Bulk Carriers is avoiding vessel purchases at high prices and prefers share buybacks when its shares are trading at a discount to the net value of its fleet. The company has spent more than $600 million on buybacks.
Norden chief executive Jan Rindbo highlighted broader risks to the sector, warning that high profits and ample liquidity could lead to increasingly risky investment decisions.
Stamatis Tsantanis, head of Seanergy Maritime and United Maritime, said a prolonged military escalation could hurt demand for seaborne transport.
PROKOPOU: VLCC rates are retreating from record highs, although a vessel owned by George Prokopiou’s Dynacom Tankers Management has secured earnings of $768,000 a day.
The Greek company’s Atokos, a 299,000-dwt VLCC built in 2025, was chartered to carry crude oil from the Red Sea to Indonesia for Pertamina. The total freight is reported to be $52.5 million, with an additional war-risk premium payable by the shipowner.
The deal comes as spot rates ease. According to Clarksons Securities, average daily VLCC earnings fell by nearly 25% over the week to $541,000.
Despite the drop in the spot market, forward rates remain almost unchanged. Charterers are gaining bargaining power as they gradually bring cargoes to market, although freight rates remain particularly high.
COUSTAS: Danaos Corporation, owned by John Coustas, is moving ahead with two new 9,200-teu containerships, expanding its fleet renewal and growth programme. According to TradeWinds, the vessels were ordered from China’s CSSC Hudong Zhonghua shipyard at a cost of $109 million each.
They are scheduled for delivery in early 2029 and will be capable of running on LNG or methanol.
The deal takes Danaos’ orders since the start of 2022 to 37 containerships and four newcastlemax bulk carriers, at a total estimated cost of about $3.2 billion. The company has already taken delivery of some of the newbuildings, while 28 containerships remain under construction, in addition to the four bulkers ordered earlier this year.
Danaos, which has around 120 container and dry bulk vessels in operation or under construction, has expanded beyond containerships. It is also exploring entry into the LNG carrier market, having acquired a stake in the Alaska LNG project with the aim of becoming the preferred provider of up to 10 vessels.
Meanwhile, plans to list its bulker fleet in a separate company on the Oslo stock exchange have been temporarily put on hold, as talks with potential investors failed to secure the valuation sought by management.
PANAYIOTIDI: Canadian investor Peter Deeb is calling on Icon Energy to change course, accusing its chief executive, Ismini Panayiotidi, of pursuing a company policy that has harmed common shareholders and benefited her. Deeb’s Hampton Financial owns 9% of the Nasdaq-listed dry bulk company and is now taking an active activist role.
In a letter to management, Deeb argues that $25 million in capital raises, reverse stock splits and in-kind dividends on preferred shares have resulted in losses of more than 95% for common shareholders. He is seeking the conversion of Panayiotidi’s Series A preferred shares, a seat on the board for Hampton Financial and the distribution of one free share for every existing common share.
Panayiotidi rejected the allegations as unfounded, misleading and largely false, saying the company’s capital structure and strategy had been disclosed in its market announcements and that it was meeting its transparency obligations. She also said Icon Energy remained committed to serving all shareholders and was open to dialogue.
The dispute comes as the company reports losses for two and a half years, with its shares down 99.9%, adjusted for reverse stock splits, according to Google Finance.
STOCK MARKET: The severity of the correction on Euronext Athens during the final sessions of last week caught some investors by surprise.
Those who had expected it believe it can be explained by the fact that the overwhelming majority of investors were overexposed in a market driven heavily by flows that had outperformed, as Alpha Finance noted.
The market’s relative decoupling from European peers up to Wednesday’s session came after supervisory pre-approval for dividend distributions was lifted. When the correction began on the other side of the Atlantic, hedge funds rushed to cut their positions in Euronext Athens.
Turnover was also “inflated” by intraday trading, as those who bought during the session in the hope of a rebound cut their losses at the close. Signs of the deterioration had emerged even before Wednesday, mainly in shares of companies that had issued stock through capital increases or placements during the May-July quarter (ELHA, GEK, Cenergy).
STOCK MARKET II: With bank shares down about 15% from their recent highs, opportunities for gradual entry are emerging.
There are, however, two or three caveats: in the short term, if pressure continues, the market risks selling triggered by margin calls. Over the medium term, the electoral cycle—particularly in countries caught in a debt spiral, such as France—the book-closing period (15 November-15 December) and the emerging markets’ downward trend in October make the investment equation more difficult.
Market executives who called the correction believe we may have entered a period without clear trends.
BANKS: Good thing we were upgraded to “developed” market status, so we can watch bank shares rise and—above all—fall like nutshells tossed about on the water.
On Friday morning, this column noted that five of the 10 biggest fallers in Thursday’s session were banks. The same picture emerged for a second consecutive session, this time with a significant increase in turnover.
National Bank of Greece led the sector’s losses, down 5.53% at €15.03. Its turnover reached €92.3 million, the highest of the day. Piraeus followed, down 5.21% at €9.10, with 9.5 million shares changing hands and turnover of €87.1 million.
Alpha Bank fell 4.21% to close at €4.098, with 18.6 million shares traded and turnover of €76.1 million. Two smaller banks also made the list: CrediaBank (-4.17% at €0.92) and Optima (-3.99% at €12.74). Of the “big four” systemic banks, only Eurobank narrowly avoided the list: its shares fell 3.98%.