Fresh polls, ND’s ups and downs, President Maria and Alexis, Violanta’s green adviser, Goldair, Piraeus Bank and Thriassio

Hello, a southerly wind and African dust have been clouding the atmosphere since yesterday, and in the meantime I googled the weather for next Monday, which is the three-day Clean Monday weekend. Let the meteorologists forgive me, but I understood nothing—something like…if it doesn’t rain it will snow, but we might also have sunshine! In any case, no one seems discouraged; I think bookings are full everywhere at the winter resorts, as well as at the carnivals, Galaxidi, etc.

Fresh polls: Karystianou slips, Tsipras steady, 4 battle for 2nd place

As for current affairs, within the week we will have fresh polls. I don’t know what all the surveys show, but I have a picture from my source; however, I think the trend is the same. Generally, and always according to the measurement data, the government continues the slight upward course it has recorded since the beginning of the year—don’t imagine anything dramatic, half a point, maybe a bit more. The same does not apply, of course, to the others. Karystianou shows signs of slight fatigue and is slipping both in potential voting intention and in popularity, though nothing major; she remains second. Tsipras maintains his mediocre performances but shows stability, an indication that he is “cementing” a specific audience, and he is third. I repeat, these two “parties” are measured unofficially because they have not been announced. So in vote estimation it is ND at 30%-31%, President Maria at 14%, our Alexis at 12.5%, and just below, neck and neck, Nikos with Zoitsa, who has dropped, which is why she is shouting louder. Thus, with the absolute fluidity prevailing to the right and left of ND, what emerges is that four parties are vying for second place. Simply put, the distance between them is almost within the margin of statistical error, which means that the second could end up fifth and vice versa.

The good and the bad for Maximos

The positive for the government has to do with the spectacular, as I’m told, rise in percentages among private-sector employees. The wage increases that appeared at the end of January due to the reduction of tax rates sustain, for a broad segment of society, the image that the government is trying and exhausting every fiscal possibility to provide permanent support measures against high prices. It also shows something else. Institutional announcements and the Constitutional Revision are all well and good, but in the end citizens vote based on their pockets. On the other hand, the expected bad news I mentioned earlier has to do with the picture among the farming population, which is not easily recovering.

Instructions to mariners

Given that within the week he will be abroad for several days (Abu Dhabi and New Delhi), Mitsotakis will use his presence today at the New Democracy organizational unit’s cake-cutting event at a hotel on Syngrou Avenue to deliver political messages and put the party machinery on alert, given that 2026 is a pre-election year. Instructions to mariners, in other words, as mobilizing the machinery works as a rallying force.

The social media block at the Cabinet

Next week the February Cabinet meeting is scheduled, so according to information, the final plan for blocking social media for minors aged 15 and under is expected there. I’m told that at Maximos they have measured the popularity of the measure and its acceptance is overwhelming both among the general public and among ND voters.

Investment in India

It was not only Mitsotakis’ doubts about Trump’s Peace Council that led him to decline once again the invitation to Washington, but also the fact that he did not want to cancel his presence at the major artificial intelligence conference organized by Indian Prime Minister Narendra Modi. Mitsotakis will go to New Delhi on the direct flight from Athens that was inaugurated a few weeks ago, and in general Greece is investing heavily in its relationship with India, given that it is a huge market of 1.4 billion people which, beyond tourism, has much to “offer” in technology, defense cooperation, bilateral trade, etc.

The “green” expert of Violanta

The findings of the investigations into the “Violanta” factory are shocking regarding the ferocity of the explosion and the tragic and unjust way in which the five female workers were led to their deaths. But also regarding the criminal negligence with which the factory ownership is alleged to have treated its business and especially the safety of its employees. However, I want to dwell on a more specific, more political issue. The technical advisor of “Violanta” and expert witness for the ownership, in order to monitor whether the investigating authorities are doing their job correctly, was appointed Professor Michalis Chalaris. In this capacity he appears on journalistic programs and news bulletins. Mr. Chalaris is at the same time a key party official of PASOK. Not coincidental! He has been appointed Secretary of the Climate Crisis and Resilience Sector and advisor on Civil Protection issues to the president. In other words, PASOK in Parliament denounces the government for workplace accidents and at the same time collaborates with private individuals in whose businesses workplace fatalities occur. And then they wonder why the needle is stuck. You will tell me, of course, that Mr. Chalaris offers his services as an expert witness and not as a PASOK official. Correct, but let’s not fool ourselves! We can all imagine what would have happened if his party identity had been “blue.”

The old (PASOK member) is different…

Panagopoulos proved too tough to die, as yesterday’s double elections at the Athens Labor Center (EKA) and at the GSEE showed. Although he is in the midst of the scandal with the training centers (KEK), as he is being investigated for embezzlement and money laundering, Panagopoulos managed to be elected a delegate to the GSEE (he received 210 votes out of 300 in the previous elections) and to once again split the trade-union PASOK. And of course to bring the KKE back to first place in both ballots of the EKA and the GSEE. “Anyone who cultivated the sense that Panagopoulos would not be elected to the GSEE is crazy,” a serious PASOK member told me yesterday, hinting at the leak from Charilaou Trikoupi that asked Panagopoulos to show sensitivity and withdraw his ambition to be elected to the GSEE. So what happened in the elections? Panagopoulos, using all the forces and relationships he has built over the years as the lifelong president of the GSEE, merely suffered a slight defeat and once again displayed PASKE as divided. At the EKA, Panagopoulos’ faction gathered nearly 16% and 5 seats and came second behind the KKE (DAS), while the official Charilaou Trikoupi faction came 5th with 10% and 3 seats. At the GSEE, the KKE won 10 seats, the official “green” faction headed by Bouléros came second with 8 seats, while G. Panagopoulos’ PASKE came third with 5 seats. Many within PASOK place responsibility on the zero reflexes of N. Androulakis. “He should have made much more decisive moves. On the contrary, he let things unfold as they did, so there was no way Panagopoulos would lose,” they say. What kind of moves? For someone to pick up the phone and threaten those running with him that they would be expelled. “There was no party pressure whatsoever, no one even called them, so now Panagopoulos is riding high,” they were saying.

Thriassio Freight Center: Goldair wants it, Piraeus Bank is looking around

The story of the Thriassio Freight Center (THEK) is old. It begins in 2016 with a tender awarded to ETBA VIPE of Piraeus Bank and to Goldair. It concerns a €300 million investment for the creation of 265,000 sq.m. of logistics facilities on 588 acres of GAIOSE land. The investment, for ten years now, has been through 40 waves. The Troika had disagreements over the terms of the tender, the participation percentages changed, the building terms, etc. Since last December, K. Kallinikos of Goldair—who very much wants this particular investment to proceed—has, as he says, completed negotiations with Piraeus Bank and DFC for a €300 million bond loan, changed the project contractor, and hopes that plans for the vertical corridor will be a lifeline for the project. However, information is that Piraeus Bank does not share Kallinikos’ zeal for THEK. The bank has for two years been trying—unsuccessfully—to sell its stake in the consortium. From Piraeus Bank—it is managed on its behalf by Strinx—they knocked on doors of potential interested parties without even demanding large financial claims, since whoever takes it on will have to invest significant capital, but the approaches made were unsuccessful. So one shareholder shows eagerness for the project and the other is in a somewhat “drag me and let me cry” situation since, for now, it cannot find a willing investor to buy the project.

PPC and the…flirtation with Ukraine

The destruction of Ukraine’s energy infrastructure from ongoing attacks has pushed the country’s power system to its limits, making the restoration of production units and critical infrastructure absolutely necessary. It was an open secret in energy circles that Greece had contributed to restoring this damage, but confirmation came publicly the day before yesterday from Munich. The Minister of Environment and Energy, Stavros Papastavrou, who participated in the Munich Conference and met, among others, with Ukraine’s Deputy Energy Minister, revealed that old components and equipment of PPC were used to restore destroyed power generation units in Ukraine. Greece is among the few countries that have decommissioned equipment compatible with the Ukrainian system. Transformers, pumps, cabling, and turbine components from PPC units gained new life and operational function, contributing to the restoration of electricity supply. Since the beginning of the war, at least 1,065 attacks on energy infrastructure have been recorded. It is estimated that about 50% of Ukraine’s infrastructure has been damaged or destroyed. However, the bigger picture appears to go beyond providing equipment. According to information, PPC is examining the possibility of contributing to covering part of Ukraine’s growing energy needs, particularly during the reconstruction phase after the war. In this context are discussions with the country’s largest private energy company, DTEK, for the joint development of energy storage projects, mainly battery systems. These contacts had been mentioned months ago by the former U.S. ambassador to Greece, Geoffrey Pyatt, noting from the Delphi Forum podium that DTEK is in discussions with PPC for the development of energy projects in Ukraine.

Hellenic Corporation of Assets and Participations: In 10 months, 38 new board members appointed from the market to 14 companies

Without fanfare or celebrations, at the Hellenic Corporation of Assets and Participations, G. Papachristou—who is approaching almost one year in the position of CEO—is doing serious groundwork that creates value in the companies he supervises. Over the past 10 months, 38 new board members were appointed in 14 companies in executive and non-executive roles—including Presidents, CEOs, Board members, Audit Committee Chairs, and independent non-executive members. What makes the difference, however, is that these are not appointments of friends and relatives, but executives coming from the market, with experience in various positions in large companies. Papachristou persuaded executives with heavyweight résumés to take positions on the boards, so that the companies are properly managed, move away from the habits of the public sector, gain dynamism, and thus contribute to the transformation of the Organization into a National Investment Fund—which is the central goal. The result of this work and the other actions of the HCAP will soon begin to be visible to citizens as well. OASA, for example, has 951 new vehicles out of a total of 1,322 buses, while in the metro, with an active fleet of 75 trains, 14 trains are under refurbishment and another 6–8 are in the process of reintegration by 2026, while by 2027 an additional 8 are expected. At the same time, a new CEO was appointed at OASA; last December the same happened at DETh-HELEXPO; in October “Hellenic Saltworks S.A.” acquired another CEO, etc.

The reasons behind Titan’s plunge and OTE’s antibodies

Titan fell more than 9% last Friday. It was the worst daily performance of the past six years, specifically since March 2020, when the coronavirus pandemic broke out. The abrupt correction in the cement company’s share is due to a combination of exogenous factors and technical movements in the market. Among the main causes of the drop are the strong rise of previous months and concern across Europe regarding developments in the pricing of CO2 emissions in the EU. As a result, Titan’s share came under strong pressure. It thus provided a prime opportunity for profit-taking, as it had come from an impressive rally at the start of 2026, reaching new historic highs at the levels of 58–59 euros. Despite the losses, the group remains on a growth trajectory, having recently announced the acquisition of the American Keystone Cement. At the same time, Citi raised the bar to 70 euros, from 56.1 euros previously, seeing TITC up to 78.2 euros in its positive scenario. On the other hand, OTE showed that it has antibodies and remained in positive territory despite the broader sell-off on the Athens Stock Exchange. It has recorded six consecutive upward sessions and has reached the vicinity of 17 euros, which is a two-month high. On Friday it closed at 16.99 euros, having touched even 17.04 euros intraday. After a period of consolidation at the levels of 15.8–16.2 euros, the share produced a healthy reaction, breaking the resistance of 16.8 euros, which attracted new buyers despite the negative climate. At the same time, the share is supported by the strong dividend story for 2026. Analysts (e.g., Deutsche Bank, Wood) maintain high price targets, up to 21 euros, betting on dividend yield that is expected to be further strengthened.

The banking sector in the dock

The now notorious decision of the Plenary of the Supreme Court regarding the capitalization of interest on loans under the Katseli Law has caused much greater noise (and distrust) abroad than within the country. The decision followed other recent surprise judicial and administrative decisions concerning the taxation of profits of energy companies and refineries, sectors that also attract the investment interest of foreign institutions. All this was reflected in the pressures that appeared on the Stock Exchange last week. The day after tomorrow, early in the morning, it will be the turn of the Bank of Cyprus to announce results and—above all—the remainder of the dividend it intends to distribute. From the dividend announcement it will also be seen the degree of freedom the Bank has achieved from the restrictions and directions of Frankfurt.

Farewells

There isn’t much that needs to be said about the career of Giorgos Gerardos. He played a significant role in shaping what retail and B2B trade look like in Greece today—especially in electronics. And he was a visionary. When he spoke about omnichannel sales back in the 1990s, the term didn’t even exist internationally. A tough negotiator, straightforward with everyone and never one to mince words, with a sense of humor and a workaholic nature, he managed to turn a tiny shop of just over 20 sq.m. on Stournari Street into a major retail chain, and himself into the last Greek entrepreneur standing in the sector. Last Saturday, at his final farewell, Kefalari Square outside the Church of the Transfiguration was packed. Among those present was the entire “competition.” Everyone came to pay their respects, to say a warm word, and to share an interesting or funny story about the deceased. That too was one of Giorgos Gerardos’s achievements: he earned the respect of the entire market. Present were Panos Germanos; Andreas Athanasopoulos and the entire management of Olympia Group and Public; the chairman of PPC’s board and deputy CEO G. Karakousis with the entire management of Kotsovolos; and of course many people from the broader retail sector and beyond—Makis Sklavenitis, Nikos Moustakas, Vassilis Furlis, among others. Everyone agreed that, in one way or another, the death of Giorgos Gerardos marks the end of an era.

It will take Koustas two years to order LNG carriers

Danaos, known for its large containership fleet and its activity in dry bulk shipping, is moving dynamically into a new vessel category with long-term prospects. In a recent conference call with analysts, Giannis Koustas revealed that the company will need about two years to order LNG carriers for the new LNG project in Alaska, in which it has invested $50 million through its partnership with developer Glenfarne Group. The number of vessels is estimated at between 6 and 10, depending on the route to Far East markets, and their use is expected to last about 20 years. The project is scheduled for completion in 2030 and will include an LNG export terminal capable of shipping up to 20 million tons annually, with 11 million tons already committed by buyers in Japan, South Korea, Taiwan, and Thailand. Danaos, which a few years ago began its first diversification away from containerships with the purchase of secondhand capesize bulkers, has now announced an order for two Newcastlemax newbuild bulkers, which will increase its fleet to 13 capesizes upon delivery in 2028. Koustas explained that the choice of newbuilding rather than secondhand vessels was a matter of value and strategic positioning in the dry bulk spot market, with prospects for future long-term charters linked to indices. At the same time, the company continues to invest in its core containership business: with new orders for six 1,800 teu feeders and four 5,300 teu mid-sized vessels, the orderbook now stands at 27 ships, four of which have 10-year long-term charters, providing revenue visibility of $4.3 billion through the end of 2025. In practice, Danaos confirms its intention not to limit itself to containers and to seize opportunities in both LNG and dry bulk, while maintaining a strong presence in its traditional market.

Pappas on fire – closing deals and renewing the fleet

The US-listed Star Bulk, led by Petros Pappas, continues consistently with a strategy that resembles portfolio management more than traditional shipping. The sale of the 175,900 dwt capesize Star Scarlett (2014) for around $36 million fits into a broader divestment program that takes advantage of high valuations in the secondhand market. The speed at which the deal closed shows that demand for large bulkers in Asia remains active. Since the beginning of 2023, the company has sold 42 vessels, with total gross proceeds estimated at $700 million, mostly to Chinese interests. These funds are being directed along two axes: financing newbuildings and returning capital to shareholders. The message to Wall Street is clear—discipline in capital allocation and active fleet management. Despite the sales, Star Bulk remains the largest listed bulker owner in the US, with about 140 cargo vessels including those under construction. At the same time, the company has shifted toward kamsarmax vessels. It has eight of this type under construction in China, with deliveries within the year. The choice signals positioning in a more flexible size segment, with a better balance of risk and employment across different trades. In a market where capesize values are at multi-year highs, the moves do not suggest aggressiveness but methodical execution.

Emissions increase destinations: Minoan showed the way, Attica follows

At first glance, adding an intermediate stop on the Piraeus–Heraklion route looks like a simple commercial move. But nothing is random when it comes to Crete’s “golden” line. Minoan Lines led the way on February 1, 2024, adding Milos as an intermediate destination. This year, Attica Group is following its competitor by requesting a call at Serifos starting today, Monday 16/2/2026. Coincidentally—so to speak—the Coastal Shipping Council also meets today. The aim is for both companies to save money by restructuring costs within the EU Emissions Trading System. Crete, as the only Greek island with more than 200,000 inhabitants, is at the center of these charges, while all other Greek islands are exempt due to having populations below 200,000. The cost of emissions allowances can be significant—hundreds of thousands to millions of euros per ship per year, depending on consumption and carbon prices. However, when a vessel includes an intermediate stop at a smaller island such as Serifos or Milos, a technically different routing structure is created and the voyage falls outside the EU-ETS. A window with a view.

Chang’s “Golden Panda”

Among the various companies established in recent days, one stood out to me for its interesting name: “Golden Panda Investments.” The company, which began operations last Friday, is based in Palaio Faliro on Agiou Alexandrou Street and aims at real estate trading, construction activities, and holding company operations. Its initial share capital is €700,000, divided into 700,000 company shares of €1 nominal value, contributed by Junxiang Zhang. However, the management of the company was assigned to Orestis Phaedon Chang, known at least to those who have long followed Survivor. Orestis Chang, born and raised in Thessaloniki to Chinese parents, participated in the popular reality show in 2017 and in Nomads in 2018. He studied Agricultural Development and Management of Agricultural Enterprises, later worked as a freelance Chinese-language translator, and also had a stint in entertainment with roles in the series IQ160 and the film Eureka: Don’t Disturb My Circles. Now he has decided to get involved in domestic real estate, so we wish him to prove a true… survivor.

ATHEX on the road to Euronext

The day after tomorrow afternoon, after the close of the session, ATHEX will announce its financial results for fiscal year 2025. The figures are expected to confirm—and even exceed—the upward trend seen in the nine-month results. Everyone now knows that trading volume, transaction value, and corporate actions on the Athens Stock Exchange in the second half of 2025 were at least 50% higher than in 2024. Especially in the Derivatives Market during October–November–December, a turnover record was set with thousands of open contracts. Wednesday’s announcement will be the last “purely Greek” results announcement. From here on, ATHEX enters the Euronext framework—a pan-European exchange group with 1,900 listed companies and a market capitalization of €6.8 trillion. For the Greek market, the upcoming announcements mark the end of an era.

Greece–UAE memorandum in Abu Dhabi

Tomorrow, Tuesday 17 February in Abu Dhabi, Deputy Foreign Minister Haris Theocharis and H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates, will sign a Memorandum of Cooperation covering AI data centers, health, education, and defense. The framework agreement provides for project mapping, exchange of know-how, investment missions, and fast-track licensing, so that the first infrastructure projects can begin within 2026. Information suggests there is a clear and tight timetable. Tomorrow’s signing is considered a milestone: it opens the way for an “AI gigafactory” in Greece and gives the UAE what the tech market calls one of its strongest anchor tenancies in the European Union. Discussions began last May. Tomorrow, words turn into signatures.

China is now a major exporter of capital

Analyst Torsten Slok of Apollo revealed a major truth that changes the global economic discussion. China now invests more abroad than it receives in foreign capital inflows. For more than 35 years, China was the ultimate destination for foreign direct investment. Multinationals built factories, tech giants constructed infrastructure, financial institutions opened offices in Shanghai. The Chinese model was based on inflows of foreign know-how and capital to develop its productive base. Today, the game has reversed. Chinese companies are buying European infrastructure, ports in Africa, mines in Latin America, and technology firms in Southeast Asia. The Belt and Road Initiative has turned China into a global-scale lender and investor. Two conclusions emerge. First, China has “matured” and may have lost part of its attractiveness as an investment destination. Second, capital exports reflect Beijing’s effort to secure access to raw materials, technology, and geopolitical influence in an era of intensifying competition with the West.

Trump is rushing to cut rates and the dollar, US debt swells

A towering mountain of debt: bonds totaling $9.6 trillion mature over the next 12 months, according to Bank of America. This amount is double what was maturing before the 2020 crisis. The US Treasury Secretary must either refinance this debt by issuing new bonds or find a way to repay it. Both options carry a cost. Refinancing in an environment of higher interest rates than in the past means increased debt-servicing costs. The US fiscal deficit is already approaching 7% of GDP. Each additional percentage point of interest translates into tens of billions of dollars in extra annual spending. Understandably, President Trump is exerting intense pressure on the Fed to cut dollar interest rates, even if this affects the dollar’s exchange rate. Attention now turns to the publication of the Fed minutes next Thursday, which will reveal the degree of consensus among central bank members regarding the path of rates during the year. So far (Presidents’ Day and a US holiday), markets are betting only on a quarter-point cut by year-end, with a more than 50% chance that the Fed Funds rate will close the year at 2.75%–3%, down from the current 3.5%–3.75%. In the meantime, the time horizon is such that many changes may occur within the Fed’s leadership.