Operail sells Ukrainian rolling stock

Estonian state-owned rail freight company Operail has sold 552 wagons located in Ukraine to a joint venture between local transport, infrastructure and agriculture investor Fortior Capital and Estonian wagon leasing company Teslar Trans for EUR 6.51 million. It is reported by the Railway Supply magazine with reference to the Railway Gazette.

Operail said the sale “is not related to Russian aggression” but is part of a long-term plan to sell non-core assets, including the leasing fleet of railcars. The government adopted the plan in 2016 with implementation starting in April 2021.

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“After analysing the offers, we decided that it was more reasonable to sell the wagons in two stages: the wagons in Ukraine and the rest of the wagons separately”, said Managing Director of the Operail Leasing business Merle Kurvits. The competition to acquire the wagons in Ukraine attracted 20 companies, with the wagons sold to the highest bidder. “In view of the war in Ukraine it was a good transaction for Operail”, Kurvits said.

“Most wagons are untouched by war, are in working condition, and are earning rental income on Ukrainian territory, but railway connections with neighbouring countries are poor.”

Operail said wagon leasing was its most profitable business in the past six years, accounting for 99% of its profits. The process of selling the remaining 2,000 wagons from the leasing fleet is at the final stage. These wagons are mainly located in Estonia, Kazakhstan and Mongolia, with most of them being leased by European companies. Operail said that the cars are not being leased to Russia.

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