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Estonia's EVR Cargo to invest EUR 35 mln in freight cars

BC, Tallinn, 14.06.2017.Print version
Estonia's state-owned rail cargo operator EVR Cargo has entered into a contract worth 17.8 mln euros to buy 300 container platforms and 200 open wagons, which is the first part of a plan to invest 35 mln euros in wagons, reports LETA/BNS.

"Wagon rental is a growing business trend which we have been more engaged in since last summer. We have increased the income from wagon rental by 157 %. In our estimation the positive trend will continue, therefore we consider investing in wagons reasonable and plan to continue with it," CEO Raul Toomsalu said.

EVR Cargo is to buy the wagons directly from two Russian factories, while previously such purchases have been made through brokers. According to plans, the first wagons are to reach EVR Cargo already at the end of June and the last ones in August.

If the deal goes according to plans, the company will start realizing the second stage of the investment plan, Toomsalu said.

EVR Cargo is planning to rent out the container platforms to major international customers who service the cargo carriage between China and Europe. The open wagons are to be rented out for carrying bulk goods on the growing Russian domestic market.

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