Belgium’s federal government approved a €61 million convertible loan to save Lineas, the country’s largest rail freight operator serving Antwerp and Zeebrugge.
The federal government has green‑lighted a €61 million rescue package for Lineas in the form of a convertible loan from SFPIM, its financial arm. Without this lifeline, the freight operator risked bankruptcy. Argos Wityu, the 54 percent co‑shareholder, will see its stake diluted upon conversion.
This marks the third capital injection since early 2024. Argos Wityu and SFPIM jointly injected €60 million, followed by €46 million from the regions and banks. Despite these measures, authorities estimate Lineas will need an additional €105.9 million by mid‑term to secure its balance sheet.
CEO Erik van Ockenburg has unveiled a recovery plan targeting operational break‑even in 2026, backed by an 8 percent volume increase next year and modest price rises of 1–3 percent. Last year’s operating loss shrank from €82 million in 2022 to €13.6 million.
As the main user of over 1,000 km of rail tracks in Antwerp and Zeebrugge, Lineas plays a strategic role in Belgium’s logistics network. Yet the rail freight sector continues to grapple with high fixed costs, tight margins and a slow modal shift from road to rail.
