Market Data
Lease rates & yields
VEGA is the public index for swap-body day rates. Rail has no equally dense public spot — we therefore use long-lease bands and institutional gross yields (2024–25), framed by UIC, ERA and lessor reports.
| Asset | Gross yield | Net after fee + dep. | Rate cue |
|---|---|---|---|
| Standard wagon E/G/R/S | 7–9% p.a. | 4–6% | Portal KPI often €70–80/day long lease; class spot €12–25 |
| Tank Z | 8–11% | 5–7% | €30–55/day |
| Special T | 8–12% | 5–8% | type-dependent |
| Vectron/Traxx MS | 9–13% | 6–9% | ~€1,700/day at 90% utilisation → ~€558k p.a. |
| EuroDual | 10–14% | 7–10% | heavy-haul premium |
1–2 points above standard containers, thinner resale. Frame: ELL market report, Akiem, Eurostat tran_sf_railpass, UIC fleet stats.
Regional rail markets
Poland is to rail what the Brenner corridor is to swap bodies: a growth axis rather than saturation. ~250 Mt / ~67 bn tkm (2023), third-largest EU market, +4–6% p.a. since 2018 versus 1–2% EU average.
Poland
PKP Cargo ~40%, CTL, Lotos Kolej/ORLEN, DB Cargo Polska, PCC Intermodal, Captrain. Drivers: Gdansk/Gdynia/Świnoujście hinterland, China Railway Express via Małaszewicze (~430 trains/month in 2024), Corridor 8 electrified + ETCS.
Germany
DB Cargo plus competitors; volume leader, maintenance backlog on the Rhine axis. Cross-border premium 15–25% at Frankfurt/Oder ↔ Rzepin and Görlitz ↔ Zgorzelec — multi-system locos only.
AT / CZ / IT
ÖBB pool with PL-CZ-AT, ČD Cargo, Rail Cargo Austria. Italy couples via Brenner/Gotthard to the CT swap-body flow.
Investment implication
Higher cross-border rents and diversification versus saturated Western Europe — without claiming an Atlas-owned workshop as a location advantage.