Railway operator Transles bought private operator WTG with 5 thousand units of rolling stock
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Transles, part of Demetra-Holding, has expanded its fleet by more than 5 thousand cars through the purchase of the WTG operator. The purchased timber platforms, gondola cars and cement tankers will gradually be leased to various structures of Demetra-Holding. The cost of the acquired fleet, according to analysts, could be up to 10 billion rubles, but the deal was probably carried out at a discount. As experts note, despite the fact that it is now extremely profitable to buy rolling stock on the secondary market due to the sharp increase in the cost of new cars, it is in the timber transportation segment that there is currently no surplus, and rates are at a fairly low level.
The largest railway operator for the transportation of timber cargo, Transles, bought the private operator WTG with 5 thousand units of rolling stock. From SPARK data it follows that in July Transles bought 49% of the company, acquiring the private Management Company “Razvitie”, which owned them, and 51% in WTG directly. The cost of the transaction is not disclosed.
WTG did not respond to Kommersant’s request. Demetra-Holding, which controls Transles, confirmed to Kommersant that the company acquired the VTG group of companies consisting of Railcraft Service LLC (owner of the rolling stock) and Wagonpark Transgroup (VTG; management company). “As a result of the transaction, the total number of freight cars under the management of Demetra-Holding at the end of July 2023 exceeded 80 thousand units,” the holding clarified. “As the current operating lease agreements are completed, the VTG group’s wagon fleet will be transferred to the operating companies of at Demetra-Holding. The holding will strengthen its position in the segments of cement tankers, gondola cars and timber platforms.” Demetra-Holding includes the operators of grain cargo transportation “Rusagrotrans”, industrial and chemical cargo “LP Trans” and other logistics companies.
As reported on the WTG website, the company has more than 5 thousand fleet units, including 40-foot timber trucks, piggyback trucks, 40- and 80-foot flatcars, cement hoppers, tanks for various cargoes and gondola cars. The park’s share of ownership and management is not specified. Transles has more than 9 thousand cars, mainly different types of timber platforms, fittings, universal platforms and chip cars.
Currently, the market remains in high demand for rolling stock, and there is a shortage in a number of segments. However, the timber cargo segment stands apart. WhatWood believes that there are currently no problems with the number of rolling stock for transporting timber cargo. The head of Infoline-Analytics, Mikhail Burmistrov, notes that, unlike most types of rolling stock, there remains a stable surplus in the segment of timber platforms. Rates on long-term contracts for short-wheelbase platforms do not exceed 1 thousand rubles. per car per day. Closer to the winter period, there is some recovery, but still the rate for innovative cars remains at the level of 1.1–1.2 thousand rubles, for standard cars – 800–900 rubles, and there is no significant premium on the spot market. The surplus is associated with a stop in roundwood exports, the loss of Europe as a market and the inability to replenish all volumes at the expense of China, the expert notes. He estimates the value of the WTG fleet at no less than 10 billion rubles, but is sure that the deal was carried out at a discount and in any case it was profitable for the buyer, since now the cost of new cars has increased significantly.
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