DB Cargo to lease 6,000 wagons from GATX in restructuring move
DB Cargo will sell 6,000 freight wagons to GATX Rail Europe in a sale-and-leaseback deal, as the loss-making German operator pushes to break even by 2026 under European Commission pressure. The transaction, expected to close by the end of 2025 pending regulatory approvals, will expand GATX Rail Europe’s fleet from 30,500 to 36,500 wagons.
The sale is a core element of DB Cargo’s restructuring. Losses reached EUR 357 million in 2024, though the company reduced its operating deficit to EUR 96 million in the first half of 2025. Under the terms of EU state aid approval, Deutsche Bahn can no longer cover its freight subsidiary’s deficits through profit-and-loss transfer. DB Cargo has reorganised into six business units, cut 2,300 jobs towards a 2029 target of 5,000, and received EUR 1.9 billion in EU-backed support.
For GATX, the acquisition consolidates its position as Europe’s leading independent wagon lessor and secures long-term revenues from one of the continent’s largest operators. “This agreement demonstrates our ability to provide flexible leasing solutions,” said Christopher LaHurd, Senior Vice President International.
The wagons cover multiple segments including steel, automotive, chemicals and intermodal traffic, ensuring DB Cargo retains operational capacity while releasing capital. Financial terms were not disclosed.
The deal highlights a wider trend in European rail freight as operators adopt asset-light strategies to cope with persistent losses and high capital requirements. For DB Cargo, the challenge remains its single wagonload business, which continues to run at a deficit despite heavy subsidies.
Regulatory approvals are expected in the coming months, with closing targeted before the end of 2025.
This is a smart move for both parties. DB Cargo gets to clean up its balance sheet and reduce capital teid up in physical assets, while GATX locks in a long term revenue stream from one of Europes biggest operators. The sale and leaseback model is becoming pretty common in freight rail as companies try to stay flexible without giving up opperational capacity. What strikes me is how GATX is positioning itself as the go to lessor for major carriers trying to restructure. Growing from 30,500 to 36,500 wagons is substantial growth in one deal.