The (always) hesitant Europeans, K.M’s rally “Round the Flag”, the “Barbie” Hotel, sweet little Zoe, Nikos and Odysseas, the shipowners’ deals of the war

Hello, arsenic the days (and nights) of warfare successful the Middle East continue, anxiousness is rising worldwide. Until the time earlier yesterday, determination was a consciousness that limits were being respected, but things worsened aft the Israeli strikes connected Iran’s vigor infrastructure and the consequent retaliatory attacks connected refineries and substance depots successful Gulf countries. The interaction connected markets was immediate, affecting lipid and earthy state prices arsenic good arsenic banal exchanges.

The Summit and its decisions

As expected, yesterday’s European Summit did not nutrient a unified determination among Europeans regarding the emerging vigor crisis, arsenic not each countries are affected successful the aforesaid way. Additionally, the terms increases successful the state marketplace affecting energy are not the aforesaid arsenic those successful the lipid market. The absorption going guardant is connected the flexibility subordinate states volition person for nationalist measures that whitethorn transcend their existent fiscal capabilities, peculiarly regarding “spending caps.” The European Commission is moving successful this direction, albeit astatine the acquainted gait of Brussels.

The European defence mechanism

Beyond economics, Kyriakos Mitsotakis made a notation yesterday that whitethorn person gone unnoticed: citing the illustration of the onslaught connected Cyprus, helium raised the request for an automated European effect mechanics successful lawsuit of an onslaught connected European territory. This is fundamentally what Article 42, paragraph 7 of the EU Treaty provides, but presently it lone functions aft a subordinate state’s request, past utilized by France aft the Bataclan attack. Some comparison it to the Civil Protection Mechanism, with a cardinal operation for RescEU coordinating European responses. However, we are not determination yet, arsenic subordinate states are mostly hesitant connected subject issues. Mitsotakis wants to unfastened the discussion, arsenic helium has mentioned successful different caller interventions, including successful Foreign Policy. Nikos Christodoulides raised a akin constituent astatine the Summit, adding that helium volition bring it up astatine the informal European Council connected April 23-24 successful Cyprus, which holds the EU Presidency.

Polls – warfare meets COVID-style effects

Critics mightiness say, “the wolf rejoices successful the chaos,” friends telephone him Gastone (lucky), but immoderate we say, Mitsotakis does look to summation points successful crises amended than others. I had mentioned earlier this week that pollsters saw the New Democracy party, and particularly Mitsotakis, rising owed to the crisis, confirmed by yesterday’s polls. My ain polling root showed akin trends to those reported by Metron Analysis (Mega) and MRB (OPEN). Currently, New Democracy is astatine 34%, and Mitsotakis has gained 4 points successful the suitability question; the percentages for New Democracy’s outright bulk are besides increased. Importantly, arsenic the root notes, portion the caller warfare events caused a spike, the government’s upward inclination started successful January. It near down a atrocious December with OPEKEPE issues, benefited from measures announced astatine Thessaloniki by Pierrakakis, and peaked present with the “rally-round-the-flag effect.” The opposition’s circus helps too.

Calls that “unlocked” the state presumption owners

Veteran negotiator Theodorikakos did not privation to hazard the representation of a onslaught astatine respective state stations, truthful yesterday’s treatment with presumption owners was exhaustive and lasted 3 hours. Even the “hardliners” representing determination stations near with a conciliatory mood, portion stressing the authorities should revisit the substance excise tax. Following the confrontation with open-air markets, the Gordian knot with state stations was solved, requiring telephone calls from Minister Theodorikakos to Thanos Petralias astatine the Treasury and Giorgos Pitsilis of AADE during the meeting, to finalize a €3,000 voucher for each presumption to instal a caller inflow-outflow system. Since the headdress was non-negotiable, this was indispensable to fulfill the owners.

New meetings with Chevron and Exxon

While the planetary vigor country is chaotic, beingness goes on, and truthful bash section projects. Papastavrou, who attended Parliament yesterday for the exigency measures bill, is heading to Houston, Texas this weekend, wherever connected Monday helium and Deputy Minister Tsafos volition enactment successful the largest vigor accumulation successful the satellite (CERAWeek). On the sidelines, helium is expected to conscionable with American giants Chevron and ExxonMobil to accelerate exploration drilling successful the Ionian Sea wrong 12 months and behaviour seismic and geophysical probe southbound of Crete.

Zoe’s jab astatine Androulakis

It is wide that Odysseas’ expulsion upset the “universe” of PASOK, some wrong and extracurricular Parliament. Konstantinopoulos received hundreds of congratulatory calls for his stance, from astir each parties and MPs, including Alexis Tsipras, and mean radical successful Arcadia. The champion moment, however, was unrecorded successful Parliament: the time earlier his resignation, Odysseas confronted the caller vice president of Parliament, Paris Koukoulooulos, during a roll-call vote, making a constituent adjacent the KKE and Plevsi benches. Zoe Konstantopoulou approached the PASOK benches afterward, moved to the beforehand row, and commented to the president connected Odysseas’ decision: “Great determination by Konstantinopoulos!” The president smiled awkwardly and said nothing.

The Paris-Odysseas duo successful crisis

Interestingly, immoderate of Nikos’ MPs were absent erstwhile Odysseas gave his farewell speech. In the PASOK benches were 13 MPs, including Pavlos Geroulanos, Manolis Christodoulakis, Evangelia Liakouli, and vice president replacement Paris Koukoulooulos. Despite generational differences, Paris and Odysseas person worked intimately since the days of Venizelos’ presidency, with Paris becoming enactment caput and Odysseas serving arsenic property spokesperson. Even aft diverging paths, they maintained a adjacent partnership, which is wherefore Paris remained successful the PASOK benches alternatively than the presidium to salute his friend. The farewell was expressed with hugs, kisses, and prolonged cross-party applause. Some adjacent stood to grant him, contempt his pointed criticisms of the enactment leader. Geroulanos expressed anticipation that Odysseas’ “goodbye” successful Parliament was not final.

Ptochos’ “report card”

Rarely bash I screen section government, but successful this case, Dimitris Ptochos, 1 of the much mean determination governors successful Peloponnese, presented an relationship of his clip successful office, with data, numbers, and governmental impact. His presumption highlighted accrued resources, ongoing absorptions, and projects coming to life. So erstwhile Ptochos says, “Peloponnese is changing,” the connection is backed by factual figures. There is besides speech successful Tripoli of creating a new, much technocratic administrative exemplary with measurable indicators and accountability to citizens.

Varvitsiotis siblings…

Two days agone we wrote (via Government Gazette) that Miltiadis, Thomas, Konstantinos, and Eleni Varvitsiotis are entering existent estate. A follow-up telephone clarified: “We volition person our household spot connected Gennadiou Street into a tiny boutique hotel, that’s all.” Cheers to that, and you’re invited for a drink.

Karampouzis’ Concern

Nikos Karampouzis appeared acrophobic astir the economic, business, and marketplace consequences of the warfare successful Iran, should it proceed and escalate. The enforcement president of the concern money SMERemediumCap, speaking connected the sidelines of an lawsuit for an concern program exceeding €12 cardinal successful the portfolio companies Arosis-Gi Voio and Organic3S, referred to an unpredictable President and asymmetric impacts if subject conflicts persist and captious vigor infrastructure successful the Gulf continues to beryllium destroyed. In that scenario, helium predicted that ostentation successful Europe could emergence to precocious levels, perchance 4–5%, since “infrastructure is not restored the adjacent day, clip is needed, and determination is simply a hazard of entering a concern of expanding ostentation that volition trigger involvement complaint hikes and propulsion economies into recession.” He stressed that Europe volition look important pressure, arsenic American state is much expensive, and highlighted that we are entering a captious phase: if the struggle does not extremity wrong 3–4 weeks, the economical harm volition go serious.

The enactment of the century

The experienced Karampouzis added different dimension, namely the ever-growing U.S. nationalist debt. He emphasized the request to support adjacent attraction connected the trajectory of U.S. debt, which has present reached $38.86 trillion and is increasing, arsenic the warfare successful Iran is estimated to outgo the U.S. astir $1 cardinal per day. It was reported that the Pentagon volition taxable a petition for an further $200 cardinal to money the warfare successful Iran, which the Trump medication could contiguous to Congress. If indebtedness enlargement continues rapidly, Karampouzis warned, markets whitethorn yet reassess U.S. debt, and then, arsenic helium said, “the enactment of the century” volition happen.

GEK TERNA, EYDAP, and large-scale PPP h2o projects

The lone large- oregon mid-cap banal that moved upward and optimistically yesterday connected the declining banal speech was EYDAP (+4.88% astatine €9.24). This followed a ample artifact merchantability of 2.8% of its stock superior (3 cardinal shares worthy €29.1 million) astatine €9.70, +10.1% from the erstwhile adjacent of €8.81. The seller was the UK-based money WestBourne, and the purchaser was the GEK TERNA Group, which present intelligibly takes a spot astatine the captious decision-making array of EYDAP, holding a 12.8% stake. A fewer days earlier, done URBAN SERVICES, GEK TERNA had acquired 9.71% from American billionaire hedge money manager John Paulson astatine €10 per share. GEK TERNA, on with a smaller involvement from Giorgos Salonikis, are present the 2 astir almighty backstage shareholders of EYDAP. The marketplace interprets GEK TERNA’s expanding involvement arsenic a ballot of assurance successful the semipermanent prospects of the h2o resources absorption assemblage and upcoming ample PPP projects. Even though the General Index fell 2.5% owed to planetary uncertainty, EYDAP moved upward due to the fact that the beingness of a strategical capitalist similar GEK TERNA provides a beardown information nett for the stock. EYDAP recorded its 8th consecutive gain, closing supra €9.2—a caller 12-year high. Its marketplace capitalization present approaches €984 million, nearing the €1 cardinal milestone.

Container emergence and hidden hazard for the Port of Piraeus

The caller representation astatine the Piraeus Port Authority warrants cautious reading. The summation successful instrumentality postulation does not needfully bespeak a inclination reversal, but alternatively a marketplace accommodation amid heightened geopolitical risk. Instability successful the Middle East has abruptly altered shipping routes. In this context, Piraeus emerges arsenic an alternate unloading point, chiefly for cargo avoiding ports successful warfare zones. However, these flows stem from hazard absorption alternatively than accrued demand. Container postulation astatine piers II and III reached 312,400 TEUs successful February 2026, up from 301,400 TEUs successful January. Yet, year-over-year, it remains little than February 2025 (353,500 TEUs), leaving a antagonistic “gap” of astir 11–12%. COSCO Shipping remains decisive, acting arsenic a superior operator of larboard supply. This signifier supports short-term stableness but highlights Piraeus’ structural dependence connected circumstantial commercialized networks and strategical choices. Overall larboard show remains positive, with cruise enactment offsetting weaker sectors.

Million-dollar deals of Greeks whispered successful the market

In the vessel chartering market, wherever deals are made distant from the spotlight, the week had a beardown Greek presence. Greek shipowners proceed to put successful newbuilding. Venergy Maritime, owned by Vyron Vassiliadis, agreed to 2 positive 2 enactment Suezmax tankers of 158,000 dwt astatine Shanghai Waigaoqiao, to beryllium delivered successful 2029–2030. Seanergy Maritime, owned by Stamatis Tsantani, reportedly closed a 181,500 dwt bulker astatine a Japanese gait for 2029 transportation with a scrubber. In containerships, Costamare of Kostis Konstantakopoulos reportedly ordered 4 3,100 TEU feeder vessels astatine Zhoushan Changhong for 2028. Secondhand enactment was selective but targeted: Greek interests acquired the Kamsarmax TRABZON (81,660 dwt, 2011, Hyundai Mipo, South Korea) for ~$17.5 million, with mid-March transportation and adjacent SS/DD successful November 2026. The Capesize SQUIRESHIP (170,018 dwt, 2010, Sungdong, South Korea) changed hands via United Maritime for $29.5 million, portion NORD ARIES (81,895 dwt, 2020, Jiangsu Newyangzi, China) went to Primebulk for $32 million, and the Ultramax ABILITY (64,253 dwt, 2021, Shin Kurushima, Japan) to Astrobulk for ~$37 million. Greek interests besides bought MR S FONTVIEILLE (49,990 dwt, 2013, Hyundai Mipo, South Korea) for ~$32.5 million, with contiguous delivery. Containership moves included the Pmax SUNNY PHOENIX and FELIXSTOWE (4,253 TEU, 2002, Samsung Heavy Industries) astatine ~$18 cardinal each.

Cyberattacks connected Greek-owned ships successful the Middle East

Greek shipping is present facing a new, integer section of hybrid threats. From the Ukraine warfare to the Iran conflict, Greek-owned vessels are experiencing attacks that spell beyond drones and missiles, straight targeting shipping offices successful Greece. Well-informed sources study that incidents person multiplied successful caller months and are nether reappraisal by authorities. Greek companies person been fixed wide instructions: each 168 Greek-owned ships successful the Persian Gulf, Strait of Hormuz, and Gulf of Oman indispensable instantly pass authorities of immoderate physics strategy issues. This measurement demonstrates however earnestly the authorities treats the threat, portion maintaining a information web betwixt nationalist statements and operational action. Shipping executives admit GNSS jamming and spoofing person caused impermanent connection glitches with vessels, but the astir notable facet is the behind-the-scenes coordination. The Ministry of Shipping, the Central Cybersecurity Coordination Body, and backstage companies are softly moving to make mechanisms for contiguous effect without alarming the public.

Lamda’s Opening to Gulf Big Wallets

The relentless bombings, speech from the carnal destruction, permission down a grim and harmful environment. Material damages volition yet beryllium repaired, but the planetary representation of the tiny earthly paradises—lush, joyful, and tolerant—that had been created successful Dubai, Abu Dhabi, and Oman has been earnestly harmed, and it volition instrumentality clip to instrumentality to their erstwhile state. This concern creates a unsocial accidental for Greek existent property targeting affluent buyers seeking prime of beingness and information successful charismatic environments. Lamda Development is already trying to exploit this accidental (yesterday -3.57% astatine €5.95), showcasing not lone the advancement of its projects and infrastructure but besides its plans for a modern metropolis being built astatine Elliniko.

The luxury of the TITAN Group

The €1.1 per stock dividend distributed by TITAN did not excite the market, nor did it disappoint. The management’s “cautiously optimistic” forecasts for the future, successful a clip overshadowed by war, highlighted the highly blimpish equilibrium expanse management, which successful specified periods proves “golden.” The cardinal metric successful yesterday’s TITAN announcement (-2.65% astatine €44) is neither gross nor profits—it is the debt-to-operating-profit (EBITDA) ratio. With nett indebtedness astir €213 cardinal and EBITDA exceeding €606 million, the radical shows a leverage ratio beneath 0.35 times. In an manufacture that traditionally operates with precocious leverage owed to capital-intensive production, TITAN appears arsenic a harmless haven. The marketplace expected a somewhat higher dividend from management, which has abundant liquidity. However, the blimpish approach, amid a volatile geopolitical and macroeconomic scenery with vigor shocks, returning inflation, and uncertainty successful the U.S. (where TITAN has important presence), is simply a strategical choice. Cement request remains resilient—from U.S. infrastructure to European defence projects—but vigor costs could rapidly change projections. With minimal indebtedness comparative to currency travel generation, the radical has the luxury to choose: to acquire, invest, oregon instrumentality capital.

It’s inactive aboriginal to measure the extent of the crisis

European leaders are not lone monitoring Brent crude and earthy state prices. The concern is acold much complex. Bloomberg published charts showing Oman crude astatine $173 per barrel—a historical grounds surpassing adjacent the 2008 peak. Dubai crude exceeded $150 arsenic buyers conflict to regenerate proviso that has efficaciously been chopped successful half. Meanwhile, Brent traded astir $115 and WTI adjacent $95. Brent reflects North Sea conditions, WTI U.S. conditions, and some mostly disregard the carnal world of the Middle East. When the Strait of Hormuz closes, cutting astir 20% of planetary production, what we spot successful Oman and Dubai is simply a existent terms warfare implicit carnal barrels, not insubstantial contracts oregon futures. The terms spread betwixt Brent and WTI is widening, the largest since 2013. The situation hits asymmetrically the portion of Europe astir babelike connected Middle Eastern crude. The U.S., with shale production, absorbs the daze much easily—but not indefinitely. If the Straits stay closed, Western inventories volition beryllium depleted astatine a complaint nary alternate proviso tin offset. Brent and WTI prices would past attack Oman levels, with catastrophic consequences for vigor prices, inflation, and planetary involvement rates. That is erstwhile the existent magnitude of the situation volition beryllium revealed.

Gold, silver, and Bitcoin are not immune to the crisis

Bitcoin, the largest cryptocurrency, plunged beneath $70,000 (-2.3% successful 24 hours). Gold, traditionally the safest haven successful times of war, collapsed -5%, losing $1,000/oz successful a week. Silver fell -8% successful a azygous session. This reflects a marketplace violently repricing the future. Theoretically, investors bargain golden to hedge against geopolitical shocks, but the strengthening dollar forced over-leveraged investors into forced liquidations. Rising vigor prices resurrect the specter of inflation. Markets present terms a “higher for longer” involvement complaint environment, expanding the accidental outgo of holding low-yield assets similar precious metals. A akin signifier occurred during the 2008 and 2020 crises, erstwhile investors sold golden to screen different collapsing plus positions. Silver, too being a harmless haven, has concern use. Yet, everyone remembers the achromatic league of February 2026, erstwhile metallic fell up to 14% successful 1 day—technically connected “Black Friday,” January 30, 2026, metallic suffered the largest intraday driblet successful its history, plunging implicit 36% astatine 1 point, beneath $85. The repercussions affected the full period of February. That Friday, golden experienced its biggest regular driblet successful 40 years, falling implicit 12%. Bitcoin’s trajectory is not surprising; precocious it has acted arsenic a “leveraged bet” exploiting abundant liquidity. When liquidity risks rise, Bitcoin collapses. It is surely not the “digital gold” that endures crises, contrary to its advocates’ claims.