BELGIUM’s sovereign wealth fund SFPIM has granted a €61m loan to rail freight operator Lineas to enable it to continue to operate and meet its immediate financial needs.
This is the latest attempt to address Lineas’ financial difficulties. Last year SFPIM increased its holding in Lineas by 10% to 45%, with French investment fund Argos Wityu retaining a 55% stake. In 2021 Lineas achieved a sale and leaseback arrangement for locomotives and wagons with rolling stock leasing companies Beacon Rail and Ermewa.
Lineas, which employs 1500 staff, has undergone a fundamental transformation of its business model designed to put it on a sound and stable financial footing. The operator has cut its negative Ebit from €82m in 2022 to €13.6m in 2024. The company says it is winning new transport contracts, in particular for intermodal and chemical traffic.
“This loan from the Belgian government is a strong recognition of Lineas’ role in building the logistics of tomorrow,” says Lineas’ CEO, Erik van Ockenburg. “We are pleased to be able to send our customers, partners and employees a message of continuity.”
“The Belgian state has always considered rail freight to be a pillar of our ecological and industrial transition,” says Belgium’s federal minister for mobility, Jean- Luc Crucke. “Lineas is at the heart of this ambition and this public financing is fully aligned with our long-term vision.”
