So, greetings—two weeks from today we have a strong traditional three-day break, that of Clean Monday, so a little patience; the best is coming, because we all sense that after Carnival there isn’t much left until Easter, good weather, and the opening of the season. And since we’re talking about Carnival and the Triodion, let me tell you that with Kassel’s new party I smell commotion and festivities. Because already yesterday, just one day after Stefanos renamed it “Democrats,” the legend of communications Nikos Karahalios came out and went after him, threatening lawsuits, claiming that he stole the party name, which Karahalios has registered (himself) and had graciously granted to Andreas Loverdos for as long as Loverdos had a party. How many names is the poor guy supposed to come up with, and how many twists and turns is he supposed to make for poor Stefanos to survive—leave him alone already. It amazes me, this kind of malice around him. That Moraitis fellow, who was praising him to the skies months ago—what bile he’s spewing now, what irony. But I have to say the rascal (as Danikas would say) has a scorching pen and humor—listen to this… sushi stinks from the head. Finally, since Stefanos is using orange as the color of the “new” party, in a shade that’s a copy-paste of Proto Thema, I state categorically that we don’t care and it doesn’t bother us at all—good luck and enjoy ourselves. The only thing that saddens me is that someone told me orange would have been the color our beloved leader Alexis would have put on his party, something that moves us and shows the emotional bond that unites us.

A party but…not exactly Easter
Since I just remembered Alexis now, I asked my source when this soul sees it happening, and they told me probably anytime after Easter, depending on timing—he’s not rushing, but he also doesn’t want it to go into summer. I also asked whether he insists on the original thinking that it won’t be exactly an organization as a party but something between a candidates’ list and self-organization—don’t ask me for details I don’t fully understand either, since the outcome will be the same. Tsipras will run in the elections, and from what I can tell I don’t see SYRIZA running the way things are developing; now, whether he won’t set up party offices and local organizations doesn’t make much difference.

And yet Stratinaki had resigned…
I learned yesterday a detail about Stratinaki, who resigned on Friday from the position of deputy governor of the Independent Authority for Market Control—a new institution that started last year—due to the involvement of her partner in the GSEE–Panagopoulos scandal, who are accused by the Anti-Money Laundering Authority. Stratinaki had clashed fiercely with the governor Desfina Tsangari and had resigned two days earlier; according to my source, Stratinaki’s appointment initially didn’t even make it to publication in the Government Gazette. Now, details about whether there was any involvement on her part in the case in which her partner was implicated I didn’t learn. I’ll just note that there in ND, when it comes to a person who comes from PASOK, like the one in question, they can’t wait to stab and then throw in a double curse of the type… we told you so, why do you want the PASOK people, etc. Well, however you slice it, seven years in power while you’re on the outside as your party governs is heavy. And something unrelated but timely: I learned that a close relative of the spy air-force sergeant is a highly prominent person, but of course responsibility is almost never familial.

EFET—dangerous things…
I’ll tell you a case through which we learned that EFET does not have equipment for analyzing foods and the substances contained in them, to determine whether they are dangerous to public health. A cooperative juice company advertises everywhere on its products that they are “natural and without added sugar,” resulting in it taking a large market share from competitors—thus several million euros annually. Since the money in this business is big, the competitors of the company with the fake natural juices appealed to EFET months ago, but the competent organization replied that we don’t have the equipment, therefore we can’t prove it. The competitors sent samples abroad to specialized organizations and of course the fraud was proven, but not a leaf has stirred. The competent authorities up to the level of Vice-President Hatzidakis know the case; I wonder if a major public-health case with food breaks out, then what will we do?

The Malesina conspiracy
An invitation for wine and… lamb chops is enough to generate political scenarios and “table talk” assessments. I’m referring to the gathering organized by a very old ND cadre, Giannis Patsogiannis, at a hut he has in Malesina. Patsogiannis was, from the 1960s, a cadre of EREN, and later belonged to the wider circle of Miltiadis Evert—old-school Karamanlis type, as they say. He had organized the invitation before Christmas, but due to roadblocks it didn’t happen. He has invited Kostas Karamanlis (Rafina), who has been to the hut before, as well as Antonis Samaras, which fueled further scenarios. He has also invited Avramopoulos, with whom he has been friends for years, as he served as administrator at Laiko Hospital during Avramopoulos’s term at the Ministry of Health. But the invitation has also gone to sitting MPs and ND cadres, e.g. the MP for Fthiotida, Giannis Oikonomou. Now, obviously at a taverna invitation there is… coffeehouse talk, and that’s how it should be, because life also needs a bit of good time when you have no work to do. You don’t bring down a government and Mitsotakis, however, with wine, lamb chops, and… a bitter heart.

Kairidis–Plevris
Even if yesterday Sunday was sunny and suitable for walks, a morning interview by Kairidis on a radio station put Migration Minister Thanos Plevris “on edge.” Kairidis went on Alpha radio and said that it is a failure of the country and its policy when we have dead people, and that this produces negative front pages in the international press. Plevris heard it shortly after, took it as a personal attack—given also the criticism Kairidis has recently exercised on aspects of migration policy—and angrily called the Maximos Mansion, which I should also tell you was surprised, mainly by the groundlessness of the tension.

Gerapetritis–Fidan “lock in” the HCC
In general, not much should be expected from the High-Level Cooperation Council that will take place on Wednesday in Ankara. Program-wise, the Greek delegation will leave Athens in the morning and the proceedings are scheduled for early afternoon, as Erdoğan is not exactly a morning person. Statements to the media are expected after 16:00 Greece time, while there will likely be a lunch, and then the Greek delegation will head straight for Belgium, as the next day there is an informal Summit at Alden Biesen Castle. Today I understand that Gerapetritis and Fidan will “lock in” the agenda of the meeting, the participating ministers, and the agreements to be signed. I understand, however, that the topics (and the competent ministers) at the table will concern migration, police cooperation, civil protection, culture, trade, and transport, but we’ll know the exact composition of the Greek delegation tonight.

Washington and India
The Americans’ invitation arrived again in Athens, as well as in Nicosia, for Thursday, February 19, regarding participation in Trump’s Board of Peace, on Gaza. I remind you that K.M. had proposed that there be a special clause for European participation exclusively and only on the issue of the day after in Gaza, but the Americans start from one topic and get to many others. I understand there is some reservation, but K.M. must in any case consult with his European counterparts, who have also received invitations. There is also a scheduling conflict those days, as K.M. has planned a trip to India, also taking the direct Athens–New Delhi flight that was inaugurated a few weeks ago.

At the M.M. on the Supreme Court decision
I now move to market news, with the meeting we will have at the M.M. on the subject of the Supreme Court decision on the capitalization of interest on loans under the Katseli Law. The issue was examined at the Ministry of Finance and is now going up to a higher level to examine the aspects of this decision in order to avoid the possibility of extending the same interest-capitalization regime to other categories of loans, e.g. the out-of-court mechanism that is in the bankruptcy framework. In the market at least, confusion prevails, and we need to wait for specialists to see the decision to have a safe assessment of the economic impacts. KPMG estimates the damage to banks at €1 billion, but it depends on how you frame the question, because others say €1.3 billion, others €1.1 billion, others €1 billion, while some servicers lower the bar to €400 million and others to €300 million. In short, the ball has been lost. So M.M. and the Ministry of Finance will pull the snake out of the hole. Otherwise, it is estimated that the decision will be published at the end of next week, although the timeframe sounds short to those who know judicial procedures. Sooner or later the costs will become known, and the market estimates that the new data will be a fuse for developments for servicers, as some of them—the smaller ones—will have difficulty bearing the administrative cost. Thus, discussions that had begun in the recent past will likely move forward at greater speed.

Surprise move by National Bank: Marriage with Allianz
Questions were raised in the market by the decision of National Bank’s management to proceed with the issuance of an AT1 bond, even though the bank has the highest CET1 ratio. Suspicions turned toward high distributions—which it seems will indeed take place—but possibly also toward an acquisition. According to the column’s information—checked from two sides—National Bank changed course on the insurance deal it had been preparing, and NN is no longer in the picture. Things changed, and National Bank is moving forward with Allianz, the German giant that wants to strengthen its presence in the Greek market and for that reason had acquired European Reliance. Allianz was very keen on an agreement with National Bank; in fact, the CEO of the German group had come to Athens and had a working lunch with P. Mylonas. Announcements are expected within one to two weeks, and information points to an equity participation by National Bank in the scheme, at around 30%. National Bank will burn capital for its marriage with Allianz, which is why it issued the AT1 bond. This turnaround by National Bank with Allianz raises the question: “what happens with NN?” The Dutch insurance company does not have a network in Greece, but it does have a large customer base and, of course, experience in the Greek market. So NN is looking for another partnership, and market rumors say it is already in talks with a non-systemic bank.

Papastavrou’s double trip to the US for LNG, the Vertical Corridor and hydrocarbons
Not one but two trips within a few weeks is the Minister of Environment and Energy, Stavros Papastavrou, preparing to make to the United States, at a time of intense energy and geopolitical interest, as the focus of the contacts is the promotion of the Vertical Corridor and the transport of American LNG to Europe and Ukraine via Greece. The first stop will be Washington on February 24, where the Greek minister is expected to participate in a critical meeting at the White House on the progress of this strategic project. The meeting is considered of pivotal importance, as the scope of the new LNG infrastructure to be developed along the route will depend on the progress of negotiations with the countries involved and on commitments for larger quantities of natural gas. The goal is to ensure the unhindered transport of American LNG through Greece to Central and Eastern Europe and all the way to Ukraine. In this context, the planning for the development of new floating storage and regasification units (FSRUs), which will support the increased flow of LNG to the European market, is also of particular importance. Among the projects on the table is the creation of a new FSRU promoted by Atlantic SEE (a joint venture of Aktor–DEPA). Papastavrou’s second trip will take place in Houston, Texas, from March 23 to 27, where he will participate as a speaker at CERAWeek 2026, the most important international energy forum. Among the speakers will also be Deputy Minister of Environment and Energy Nikos Tsafos, while on the sidelines of the event contacts are expected with leading representatives of the international energy industry, investors, and government officials. The Houston trip is particularly significant, as by the end of March it is estimated that all four contracts for exploration and exploitation of hydrocarbons in the sea areas south of Crete and the Peloponnese will have been ratified. This will allow the political leadership of the Ministry to communicate, at the highest level and directly to top executives of the international energy industry, Greece’s progress and the speed with which preliminary plans for the start of exploratory drilling are moving forward. CERAWeek traditionally brings together representatives of the “crème de la crème” of fossil fuels, including Chevron, ExxonMobil, Shell, TotalEnergies, ConocoPhillips, Vitol, and many others, lending particular importance to the Greek presence, as it creates the conditions for direct contacts with companies that play a leading role in hydrocarbon exploration and investment internationally. The common denominator of the two visits is the acceleration of procedures for implementing the Vertical Corridor and the strengthening of Greece’s geostrategic role on the new energy map, both as a key LNG gateway to Europe and as an emerging area of strategic interest for hydrocarbon exploration and production in the Eastern Mediterranean.

OPAP–Allwyn integration enters its final phase
Tonight the deadline expires for OPAP shareholders who wish to exercise their exit right in the context of the integration agreement with Allwyn. The exit right is a key element of the merger process with Allwyn and is directly linked to the company’s cross-border conversion. Those who choose to exit may sell their shares at the (gross) price of €19.04 per share, which has been determined as fair compensation within the framework of the corporate transformation. However, since these shareholders are expected to receive the cash amount about one month after completion of the cross-border conversion, and during the interim the shares for which a buyout request has been submitted cannot be traded on the stock exchange and will not be entitled to the €0.80 dividend, the estimate is that the percentage of those who ultimately exercise the right will be reduced compared to those who initially voted against the deal. In addition, the offered consideration of €19.04 per share is gross, and off-market transfer fees and the applicable sales tax will be deducted. How many will ultimately enter this process? The above factors will matter, as will the fact that the current market price ultimately did not approach €19.04, but fell below €18.24 if the €0.80 dividend is deducted. In any case, the most likely timing is tomorrow Tuesday or Wednesday, when the relevant announcements will be made. The essence, however, is that regardless of how many exercise the exit right, the deal will proceed, since the 5% threshold for exit-right exercise was abolished, which effectively ensures that the merger will go ahead regardless of how many shareholders choose to exit. The cross-border conversion process is estimated to be completed about three months after the extraordinary general meeting of January 7, 2026.

The markets and Allwyn’s stake
Allwyn carried out extensive purchases of OPAP shares from the Stock Exchange during this period, absorbing to some extent the supply from institutional funds that, for various reasons, wanted to reduce their positions. It is estimated that Allwyn has spent more than €157 million to buy shares from the market, including shares under a forward-type transaction with Citi, with settlement date at the end of next March for the purchase of up to 5 million shares. All shares acquired will be treated as treasury shares, and it remains to be seen how they will be used, while any shares bought under the exit right will be cancelled. All of this will be taken into account in shaping Allwyn’s final ownership percentage, in which Karel Komárek, through KKCG, holds 95.73%. It is estimated that the main shareholder’s stake will ultimately exceed 81%, which means that in any case the reduction of free float below the 15% threshold is not at risk, while the unified Allwyn–OPAP entity will continue to meet the criteria for inclusion in the MSCI and FTSE emerging markets indices, given that the consolidated scheme will reflect a potential valuation of around €14.3 billion.

Tomorrow’s (and subsequent) MSCI announcements
Official stock exchange data show that this January reversed an eight-month trend in the market, as net inflows of foreign investment capital of around €130 million were recorded. There are not yet data on the number of new trading codes opened in our market. Many have linked this January inflow to tomorrow’s post-midnight announcement of the quarterly MSCI index rebalancing. The index changes will be announced tomorrow, as mentioned, and any rebalancing will take place after the close of the February 27 session. No one can safely predict changes to the MSCI indices, and therefore tomorrow’s announcement may not include significant additions or removals of stocks. The real battle is being fought elsewhere, in the consultations unfolding with a horizon of March 16 for Greece’s upgrade to the “Developed Markets” category, with implementation in August 2026.

The dynamic quartet and ELHA keeping its distance
Coca-Cola HBC is counting down to the announcement of its financial performance and until then refuses to hit the brakes. It has recorded gains in seven of the last eight sessions and continues to conquer new highs. From €45 at the end of last month, it has reached the outskirts of €50 for the first time ever. Its market capitalization has risen to €18.5 billion. Attention is focused on the annual results to be published tomorrow, which will act as a beacon for the stock’s next moves. GEK TERNA remains in steady ascent, having gained €10 since the start of 2026 (from €25.42 on December 31 to €35.42 on February 6). This translates into an increase of almost 40%, with the stock continuously expanding its historical high. According to analysts, there is room for further upside, with Piraeus Securities raising the bar to €40, Axia to €44.2, and Mediobanca to €45.7. Motor Oil also closed at a new all-time high, breaking through €36 and surpassing a €4 billion valuation. This has fueled scenarios for its return to the MSCI Greece Standard, from which it had been removed in the summer of 2024. A historical record was also set by Bank of Cyprus, which is very close to conquering €10. It has fully exploited the favorable wind blowing through the sector at a stock-market level, with its value more than doubling since its entry into the Athens Exchange in September 2024. ElvalHalcor, the other stock of the Viohalco group, kept its distance from the correction in Viohalco and Cenergy, closing at a new multi-year high. With a jump of 3.7%, it came within a breath of €5, a price it has not seen for about 19 years, specifically since July 2007.

Tie and scarf with the Greek alphabet in Paris
The Union of Short Sea Shipping Shipowners is in Paris on the occasion of UNESCO’s celebration of World Greek Language Day. And as those in the know say, the Union’s president, Charalambos Simantonis, did not go empty-handed. I hear that all diplomats will leave with a special gift from the Greek delegation: a tie and a scarf with the Greek alphabet. Not just a souvenir, but a “message” with cultural—and let’s not hide it—political depth. The same set, I hear, has also been sent to the Maximos Mansion, the Presidential Palace, and Parliament. So that everyone remembers that the Greek language, like shipping, needs no translation. Tonight, Commissioner Apostolos Tzitzikostas will host a reception at his home for all official guests.

Melina’s messages with multiple recipients
At the Eugenides Foundation last Wednesday, not much was said. But what was said was the right thing—and said in a way that left no room for misinterpretation. The aftershocks of Melina Travlou’s speech from the podium of the General Assembly of the Union of Greek Shipowners are being studied in various decision-making offices, as she made sure to send clear messages in all directions—national, European, and international. First message: in a world of ruptures, Greek shipping is a force for stability—not in words, but in data. Despite geopolitical pressures, war zones, and protectionism, global trade moves on and the Greek-owned fleet remains dominant. Resilience, strategy, and investment—without panic. Second message, addressed to Brussels: there is no sustainability without competitiveness. European green transition measures such as EU ETS and FuelEU burden shipping without delivering substantial environmental results. The contradiction is now evident, and the Union does not intend to smooth it over. Third message, unequivocally political: shipping cannot be treated as a tool of geopolitical pressure. Freedom of navigation is a global good, and seafarers are not combatants. From the Red Sea to the Black Sea, Greek shipping calls for crisis prevention, not after-the-fact management. Fourth message, with an international horizon: competition is now geopolitical. China’s rise is not for wishful thinking but for sober assessment. Stable policy, holistic planning, and consistency deliver results. And the final message, internal but decisive: unity. A common voice, common strategy, clear representation. Because, as was said without circumlocution, Greek shipping is a national and European advantage.

The ongoing “rebalancing” of the Greek-owned fleet
Shipbuilding contracts, secondhand deals, and carefully weighed sales define Greek activity in recent days. In newbuildings, tankers and gas vessels dominate. Evangelos Pistiolis made a particularly dynamic move in the product tanker market, breaking his established pattern of ordering newbuildings in South Korea. His private company, Central Group, reached an agreement with China’s Guangzhou International Shipyard for the construction of 10 product tankers. The 50,000-dwt newbuildings, all firm orders, correspond to an investment approaching $500 million. Laskaridis Shipping “locked in” two 158,000-dwt tankers at Hyundai Samho Heavy Industries, with delivery in 2029 and a price nearing $87 million per vessel, while simultaneously securing four 50,000-dwt product tankers at Hyundai Mipo for 2028. In LNG, TMS Cardiff Marine raises the bar further, expanding its program at China’s Hudong Zhonghua with four plus two optional LNG carriers of 174,000 cbm. In secondhand, Greeks are playing on two boards. On one side, in dry bulk, measured purchases with specific cash flow, such as the Kamsarmax RIZE with an attached time charter above the Baltic Index and the Ultramax MITSOS—ships that directly serve market needs. On the other, a clear clearing-out of older tonnage, with sales from Capesize to Supramax, without sentimentality. In tankers, interest focuses on “clean” crude tonnage with scrubbers and ready charters. The acquisition of the VLCC CSSC LIAO NING with a charter above $41,000 per day until 2026 shows that the goal is not only asset value but also revenue visibility. At the same time, sales of product tankers such as ATHIRI and LYSIAS confirm that fleet rationalization continues. The numbers over the past 12 months are telling: 140 new orders, 192 secondhand purchases, and 304 vessel sales. A continuous rebalancing of the Greek-owned fleet, guided by timing rather than showmanship.

Coca-Cola will keep the tradition…
Last year, on February 13, Coca-Cola 3E announced its 2024 annual results and at the same time announced the distribution of a €1.03/share dividend, increased by 11% compared to the previous year. Tomorrow morning, February 10 at 07:00 GMT, Coca-Cola 3E officially opens the curtain on annual results for the Athens Exchange, with an announcement that will include two different narratives. The first concerns the financial figures of 2025. The second will be a promise for the future, which passes through Africa. Market information has 3E announcing again this year a dividend higher than last year’s. Market anxiety concerns the future. The company’s emerging markets, led by Nigeria and Egypt, recorded organic growth of +13.8%. By contrast, 3E’s more “mature markets” in Europe appear to be losing ground. Obviously, a large part of tomorrow’s announcement will concern the acquisition of 75% of Coca-Cola Beverages Africa (CCBA), which operates in 14 African markets including South Africa, Kenya, and Ethiopia. The transaction, the largest in the history of the Coca-Cola system, will double HBC’s African presence, covering more than half the continent’s population. Therefore, tomorrow, the dividend will be the message. HBC will show that it can finance the largest expansion in its history without sacrificing its dividend commitments.

Rally of “well-known names” in real estate
The rally of real estate placements continues unabated, as investment prospects remain particularly positive. Among the many new companies established just last Friday, February 6, betting on real estate, I singled out two cases featuring well-known names from the business world. The company “Two Brain Capital P.C.”, based on Paraschos Street in Athens, has as its main activity the buying and selling of real estate, accommodation services, and more. Initial share capital is €200,000 divided into 200,000 company units with a nominal value of €1 each. The four shareholders who each contributed €50,000, acquiring 25% apiece, are Iason Evμορφίδης (son of Michalis Evμορφίδης and head of investments at Coco-Mat), Georgios Mundreas (son of Pavlos), Ioannis Trachanis, and Dimitrios Zorbas. Management of the company was assumed by Iason Enmorfidis. The second “well-known,” in a sense, company is “Pistachio & Vanilla Property Single-Member P.C.”, based on Ypsilantou Street in Athens, with the purpose of buying and selling real estate, construction works in residential or non-residential buildings, hotels and similar accommodations, and more. Initial share capital is €100,000, paid in by “Vel Investment Fund AifLnpVcic Limited,” based in Cyprus. This is, of course, another company belonging to the interests of the active investor Kostas Velanis (from the family that in the past brought Singer sewing machines). Management of the company was undertaken by his associate Ioannis Tsikrikonis.

The rally of European stocks and the truth about the economy
In Europe, seven consecutive rising months have been completed for the Stoxx 600 index. The celebrations in Europe may not be justified. What we are seeing is not a spectacular recovery of the European economy reflected in stock markets, but a strategic reallocation of capital seeking shelter from American uncertainties. The Stoxx Basic Resources Index at lofty levels with a +65.6% rise does not reflect a European industrial renaissance. Rather, it prices in Germany’s €500 billion defense spending package and the much-talked-about “ReArm Europe,” which will require massive quantities of basic metals. Mining stocks are being priced by markets not on today’s demand, but on the large contracts expected to be signed in 2026–2028. European banking stocks (+39.9%) benefit from higher interest margins maintained by the ECB compared to the Fed, but mainly from the expected increase in borrowing for defense investments. Economic reality remains relentless. German industry has not revived, French consumption has not returned, and Greek production has not made the leap. Markets today are pricing in the major spending packages governments are planning.

Trump’s celebrations for the Dow Jones at 50,000 and the bet on 100,000 points
The POTUS could not let the opportunity pass and celebrated the Dow Jones record of 50,000 points with a promise for… 100,000 points by the end of his term. Behind the celebratory noise lies an uncomfortable truth. The acceleration of symbolic milestones does not reflect an acceleration of growth, but a simple mathematical reality. From as far back as 1896 until the day the Dow Jones reached 10,000 points, it took 28,000 trading sessions—no less than 82 years. For the next 10,000 points, it took just 4,500 trading sessions. The jump from 40,000 to 50,000 points corresponds to a 25% gain. The exact same percentage is needed for the Dow to reach 60,000 points. But to achieve the “target” of 100,000 points requires a doubling from current levels. An upward rally of +100% in four years would be a historic—but not impossible—performance, on the condition that the Fed willingly complies with presidential directives on interest rates and that tariffs fuel American industry as Trump envisions. To return to today’s reality, we must recognize that only three corporate groups have contributed a total of 11,000 points to the Dow since 2017: Goldman Sachs, Caterpillar, and Apple. Financials, industry, technology—this is the trio Trump believes will be strengthened by his tariffs. The bet is simple: if protectionist policy works, Wall Street will reward him. If not, the 100,000 points will remain a promise, like so many others.