Data of the week: Spanish Q1 reports confirm Medway’s dynamic expansion

Rail freight in Spain posted positive figures in the first quarter of 2025 compared to the last quarter of 2024. However, when compared year-on-year with the data from Q1 in 2024, the numbers paint a less positive picture. Intermodality is doing better than block train traffic and private operators are doing better than the incumbent.
When it comes to the market players, state-owned Renfe Mercancías retains the largest slice of the pie (39%) but keeps losing volumes. On the other hand, Medway continues to post skyrocketing figures and is currently the third largest operator with Continental ( both at 12%) behind Captrain (20%), with Transfesa closing the line at 5%.

The data was put together by the National Commission for Markets and Competition (CNMC) and considered trains/kilometre, net tonnes, net tonnes/kilometre and revenues.

As the graph shows, the numbers are better than the last quarter in all categories. However, comparisons with the same period of 2024 show lower growth and even negative figures.

This is especially true for the block train sector, which lost some ground in all categories on a year-on-year basis despite the positive comparison with the previous quarter.

On the other hand, intermodality seems to be growing since it performed positively in all categories except trains/kilometre when compared year-on-year.

Market outlook

The CNMC data on the first quarter of 2025 also confirmed recent market trend: Renfe Mercancías is slowly but constantly losing volumes, while Medway continues to grow. The subsidiary of MSC is the only company that has posted better figures year-on year rather than on a quarterly basis. For these data, CNMC only provides net tonnes, net tonnes/kilometre and trains/kilometre for the five main operators, leaving out the revenues.