NBG: Eurobank Equities forecasts annual growth of 17% and quarterly growth of 2% in National Bank of Greece’s adjusted net profit in the third quarter, putting it at €324 million, against consensus of €319 million. Reported net profit is expected to come in at €312 million, after net adjustments of €12 million.
According to the brokerage’s report, loan repricing and the contribution from strong credit expansion in the first half are expected to boost core pre-provision income (core PPI) for a third consecutive quarter, despite the normalisation of the exceptional fee activity recorded in the second quarter.
National Bank will report its results today after the market closes.
NBG II: Axia-Alpha Finance expects reported quarterly net profit to come in at €305 million (+11% year on year and +4% quarter on quarter) and profit from continuing operations at €330 million (+19% year on year and +4% quarter on quarter), putting return on tangible equity (RoTE) comfortably above 15%.
Revenue momentum is expected to remain strong, with net interest income (NII) at €583 million (+11% year on year and +5% quarter on quarter), benefiting from higher interest rates, loan growth and a larger bond portfolio.
Fee income is estimated at €123 million (+6% year on year and -5% quarter on quarter), following an exceptionally strong performance in the second quarter.
Strong organic capital generation is expected to edge the CET1 ratio up to 17.4%, bolstering confidence in the target of distributing 60% of profits and leaving scope to consider an additional capital distribution at year-end, the brokerage says.
Investors are expected to focus on the possibility of NII and fee income exceeding targets, the latest developments in transactions with Allianz and Dromeus Capital, and any preliminary indications of an extraordinary capital distribution in addition to the regular distribution from 2026 earnings.
PPC-FLANCO: Kotsovolos, a subsidiary of PPC, is buying Romanian electrical goods and technology retailer Flanco for a low price, following consecutive loss-making years. PPC said the acquisition is being made at an enterprise value of €35 million.
In practice, the buyer is assuming the company’s net debt and paying its shareholders a small sum. It is worth recalling that this year Iulian Stanciu, who owns 98% of Flanco, and Dragos Sirbu (2%) subscribed to a €11.9 million share capital increase after the company’s equity had fallen to €0.84 million, following three consecutive loss-making years (2023-25).
Flanco’s shareholders will therefore recoup the capital they invested, plus a small amount in the region of €15 million to €20 million.
ENERGY: Scenarios involving a … two-year crisis in energy prices are now being openly discussed in the market.
“Although this may not be what people want to hear, my assessment is that the energy crisis will continue into next winter, as damage to facilities in the Gulf will not be repaired easily and gas flows will take time to return to normal. We will face a crisis not only this winter but also in the winter of 2027-28,” Pantelis Biskas, associate professor at Aristotle University of Thessaloniki, said yesterday at the IENE conference.
What are Greek and international analysts worried about? That even if the war in the Persian Gulf ends, it will take months to repair the damage to infrastructure, meaning flows from Qatar will remain reduced. The risk, then, is that at the end of this winter not only will Europe’s storage facilities be empty, but gas prices will also remain high.
That, in turn, means gas storage for next winter will take place at high prices, with Europeans buying gas at any price and the upward spiral gaining further momentum ahead of the end of Russian gas flows in November 2027.
A recent comment by Professor Pantelis Kapros on Europe’s inadequate gas storage levels this year made a similar point.
The former chair of RAAEY recalled that this summer the EU natural gas futures contract for delivery in November 2026 was trading at around €40/MWh. Since the spot price at the time was higher, at €50-60/MWh, the market saw little point in storing natural gas for winter, believing that tensions would ease and prices would return to normal levels during the winter.
As a result, gas storage facilities were filled much less and more slowly than in previous years...
STAR BULK: The shipping company’s dividend outlook looks particularly attractive, according to a report by Axia-Alpha Finance, which believes the company can maintain high distributions even in a weaker freight-rate environment.
Specifically, the brokerage forecasts a dividend of $3.73 per share in 2026 and $3.98 in 2027, with distributions of $2.48 and $2.10, respectively, in 2028 and 2029. The corresponding estimated dividend yields are 13% in 2027, 8.7% in 2028 and 7.4% in 2029.
Overall, Axia-Alpha estimates that distributions over 2027-29 will approach $1 billion ($993 million). The company’s policy is to return essentially the whole of its cash flow after investment and debt servicing, through quarterly payments.
The model’s resilience is illustrated by the fact that even in 2025, a weaker year for the sector, Star Bulk generated free cash flow of $212 million. The brokerage also expects the company to move into a net cash position as early as the fourth quarter of 2028, thanks to strong cash flow.
Other positives include low operating costs of about $5,000 per vessel per day and net debt of just $353 million, compared with a fleet value of $4.39 billion.
PATERAS: Contships Logistics, whose interests are owned by Nikos Pateras, is sharply increasing its dividend distributions, announcing a $40 million distribution for the third quarter. According to Arctic Securities, total distributions now amount to $60 million, exceeding its forecast of $45 million.
The company, based in Athens with bonds listed in Oslo, is establishing a policy of distributing 100% of its net profit. Arctic’s analysts describe the policy as aggressive, while noting that it is supported by the shipping company’s strong balance sheet and substantial liquidity. They also estimate that available funds and future cash flows are sufficient to finance the ten newbuildings alongside the distributions.
The announcement came after the Contship Jet, a 1,267 teu vessel, sank in the Black Sea after being struck by three maritime drones. All 18 crew members were rescued. Contships says the vessel was insured and that it does not expect a material impact on liquidity or its fleet renewal programme.
In the first nine months of 2026, net profit rose to $33.3 million from $24.5 million a year earlier, despite revenue falling by about 16% to $130 million.
VAFIAS: Haris Vafias has reportedly ordered four new tankers in South Korea, further expanding his group’s shipbuilding programme, which is worth about $2 billion.
According to market sources cited by TradeWinds, Stealth Maritime has ordered two 320,000 dwt VLCCs from Hanwha Ocean, at a cost of about $133 million each, for delivery in 2030. It has also ordered two 115,000 dwt LR2 tankers from Hyundai Heavy Industries, at about $78 million per vessel, for delivery in 2029 and 2030.
With the new deals, Stealth’s VLCCs on order now total four and its LR2s six, while another six MR2 tankers are also under construction. Vafias now has a total of 20 tankers in his orderbook.
The Greek shipowner favours South Korean and Japanese shipyards, believing their vessels retain greater commercial value on the second-hand market.
VENERGY: The 16th Marine Money China Ship Finance Forum in Shanghai highlighted China’s growing role in ship finance and shipbuilding, as well as the strength of Greek shipping groups.
A case in point is Greek company Venergy Maritime, headed by the group’s CFO, Andreas Giakoumelos. Its shipbuilding programme could reach 34 vessels, including orders and options held by affiliated companies. In just one year, it has developed partnerships with more than ten Chinese financing institutions.
Giakoumelos stressed that Chinese shipyards have significantly narrowed the technological gap with South Korean yards, while leasing companies are offering high levels of financing and flexible structures tailored to each shipowner’s needs.
Venergy’s programme includes tankers ranging from MR to VLCC, as well as 1,900 teu containerships.
However, the boom in orders has been accompanied by warnings. Ralph Leszczynski of Banchero Costa noted that today’s high tanker freight rates, supported by geopolitical tensions, may not last until the new vessels are delivered.
Michael James Kay of DNB Carnegie, for his part, urged shipowners to plan financing on the basis of less favourable market scenarios, stressing that investments must remain viable even at lower revenue levels.
PANAGIOTIDI: Pavimar, owned by Ismini Panagiotidi, has ordered four kamsarmax bulk carriers, each with a capacity of 82,000 dwt, according to TradeWinds. The vessels are expected to be delivered in 2029, while the value of the deal has not been officially disclosed.
Sources cited by the publication say the price was below $38 million per vessel, compared with current estimated prices of more than $39 million.
The move marks a change in strategy for Pavimar, which until now has relied on second-hand vessels for its growth. “Prices for second-hand vessels are now excessively high,” the shipowner told TradeWinds.
The deal also strengthens the presence of Greek shipowners at Hengli, where around 30 Greek shipping groups have ordered nearly 230 vessels, worth about $17 billion in total.
AUGERINOPOULOU: The opposition is demanding convincing answers from Dionysia Avgerinopoulou, the New Democracy MP for Ilia, about her legal relationship with Petros Makris, who is implicated in the “Choriatiko” business.
In the declarations of assets and interests she files, she describes herself as “unmarried”, but told newspaper Documento (which published the report in question) that she divorced Mr Makris in 2019.
A divorce presupposes a marriage, so opposition figures are asking why there is no relevant reference in the MP’s asset declarations for that year or the preceding years.
In an official statement issued afterwards, Ms Avgerinopoulou said “Mr Petros Makris and I have been separated since 2019”, without clarifying their legal relationship.
She did, however, stress that “I have never had, and do not have, any business, professional or financial relationship whatsoever with the company mentioned in the report, or with any other related business activity”.
It remains to be seen whether there will be any further developments.
REAL ESTATE: Activity in the property and tourism development sectors is reflected in the creation of new companies, with capital flowing both to popular island destinations and to other parts of the country.
Among the recent company registrations with GEMI, the standout is Pyros Capital Partners, based in Vasiliko, Chalkida, with share capital of €500,000. Its majority shareholder, with a 90% stake (€450,000), is George Terry Kotrogiannis, while the remaining capital is held by Stamatis Tsaklano (5%, managing director) and Dimitrios Doukas (5%).
Meanwhile, Vincent Single-Member S.A. has been established in eastern Crete, based in Agios Nikolaos, Lasithi, with share capital of €230,000. Its sole shareholder is French company “VINETEK”, represented by Eduart Llavdaniti. The company is intended to buy and sell property and operate in the short-term rental market.
In the Cyclades, a family investment group has established STEFKON S.A., based in Parikia, Paros, with initial capital of €120,000. Its shareholders are Konstantinos Skandalis (55%), Stefanos Skandalis (22.5%) and Konstantinos-Arsenio Skandalis (22.5%). Its activities include property rental and management, construction work and estate agency services on the island.
RECYCLING: Businesspeople in northern Greece have established a new company in the non-hazardous waste management sector. Krikos Recycling S.A. has been set up in the Municipality of Ampelokipoi-Menemeni in Thessaloniki, with initial share capital of €70,000.
The majority shareholder is Georgios Tsamis, with a 60% stake and the role of managing director, while Dimitrios Tsamis holds 40% and is chairman of the board.
The company’s main activity is collecting rubble and waste by providing skips, as well as sorting, crushing and recovering metallic and non-metallic secondary raw materials from demolition and construction work in Thessaloniki.
MAVROUDIS: “The laiko nightclub scene, the stage, is a place where the far right takes root.” So said Haris Mavroudis, an actor who is also head of cultural affairs at the Hellenic Police.
After clarifying (thankfully…) that “not all the artists who perform at the big venues” were to blame, he cited recent remarks by Stamatis Gonidis (who welcomed Kasidiaris to the venue where he performs) and earlier comments by Notis Sfakianakis (which were supportive of Golden Dawn).
He added that there are other singers in this “circle” who have a particular fondness for Golden Dawn MPs.
The first response to Mavroudis’s view came… from PASOK, in the words of MP Panagiotis Doudonis, who represents the State constituency. He referred to much earlier remarks by Andreas Papandreou that “bouzoukia” are a home-grown form of entertainment, not an imported one.
Who over 50, after all, could forget Andreas and many leading PASOK figures of the day performing their rousing zeibekiko dances at small and large nightclub venues?
All right, we know that the run-up to the general election will bring plenty of … “Difficult Moons”, but a little calm in public debate would do nobody any harm.
Just saying…
CLASH: The pre-election battle between Karamanlis and Simitis once came to a head over the label “high priest of cronyism”. Today’s contest, with Mitsotakis and Tsipras as its “leading players”, is already being fought over the label “high priest of corruption”.
The current prime minister reacted to the label used against him yesterday by his predecessor, once again pointing to the changes to the Penal Codes made by the Tsipras government shortly before parliament was dissolved ahead of the 2019 election.
“Let’s put an end to this joke,” Alexis Tsipras replied, reiterating that the Penal Codes were not changed by his government but by the Law Drafting Committee, which had been set up … in 2010 and worked on the necessary amendments, which the SYRIZA government brought before parliament in 2019.
Asked by Kyriakos Mitsotakis why he calls him the “high priest of corruption”, Mr Tsipras replied… with a line from a recent interview with former government secretary-general (and the prime minister’s nephew) Grigoris Dimitriadis:
“Mr Mitsotakis has only to watch again the interviews given by his nephew, Mr Dimitriadis, who, until he took the bullet on his behalf, was the boss at the Maximos Mansion.”
As the lyrics of a very well-known song go (and Mr Mavroudis may well like it): “…another morning in this wretched life, who will take the bullet?”
What are we living through…