The Finnish company Nurminen Logistics has published a business outlook for the remainder of 2026. Russia’s implementation of higher tariffs for freight bound for Finland will exert a negative effect on Nurminen, but there is a positive side to the situation.
Russia announced that it would double its rail fees for freight destined for Finland, Estonia and Latvia earlier this year. The measure entered into effect on 1 July, the same day that it closed seven border checkpoints with those same EU countries. Only one Russian-Finnish rail border remains open as of the time of reporting.
The increased tariffs will weaken Nurminen Logistics’ business outlook through its subsidiary North Rail Oy. Net sales are expected to decline by four to five million euros during the second half of 2026. Nurminen believes that this will also negatively affect the group’s profitability.
The doubling of railway tariffs impacts fertiliser transports. Beyond those operations, Nurminen Logistics does not believe that the decision will have a significant impact on other business segments. The domestic Finnish railway business, which acts as an important foundation of profitability, will continue to sustain said profitability “at a strong level”.
Still, the logistics company revealed that North Rail Oy would enter “change negotiations” to safeguard competitiveness. It announced this a day after communicating that the domestic segment would remain profitable. It is looking to implement efficiency measures that should save three million euros annually. Nurminen specifies that these negotiations could eventually lead to the employment termination of 25 people.
The positive: de-risking
Despite the negative impact associated with Russia’s railway tariff measure, Nurminen Logistics highlights that the situation also has another, more positive impact. “(…) the geopolitical risk related to the company’s business will decrease materially”, it writes. Rather than relying on Russia, money could be made in a more secure and stable environment elsewhere, seems to be the thought.
Ultimately, the Finnish company expects net sales to be at an equivalent or slightly lower level than in the same period of 2025. Profitability, however, should be at “a good level”.
Central European growth
Besides the key issue of Russian political moves, Nurminen Logistics emphasises its newfound success in north-south transports. A new, non-Russian, market where one can make money. The company launched an Italy–Sweden direct block train service four months ago, which has proven to be a fruitful endeavour. This follows from its high utilisation rates and the enabling of rapid growth. “The company’s target is to double capacity at the turn of the third and fourth quarters”.
Moreover, Nurminen is looking to emulate this success on a new Spain–Sweden route starting in January 2027.
“The company sees significant near-term growth in the Central European block train concept and believes that it will become one of the Group’s key growth drivers in the coming years”, Nurminen concludes. “The company has the capacity to invest in the implementation of its Central European growth strategy.”
