Renfe Mercancias-MSC joint venture faces further delay ahead of Spanish election

The planned joint venture between Spain’s Renfe Mercancías and MSC’s rail freight subsidiary Medway looks increasingly unlikely to be signed before the end of 2026. Industry sources have told Spanish media that the government had been waiting for a suitable moment to announce the agreement, but with general elections approaching on 29 November, the decision could now fall to the next government.

The two companies began negotiations in 2022, eventually agreeing on a proposed 50/50 joint venture intended to revive Renfe Mercancías’ struggling freight business. As RailFreight.com reported, a detailed agreement was reportedly finalised in late 2025, but its implementation has repeatedly been delayed, initially amid opposition from railway unions.

According to Spanish logistics publication El Mercantil, the government had been waiting for a suitable moment for the transport minister to publicly present the agreement. However, with elections now approaching, it appears there is little prospect of the deal being signed or its terms being disclosed before the end of the year.

The uncertainty has also raised questions over whether the partnership will go ahead at all. El Mercantil cites unnamed industry sources who speculate that Renfe Mercancías could instead be wound down, with its assets transferred to Renfe’s rolling stock leasing business and employees reassigned elsewhere in the group. No such plan has been formally announced.

This story was originally published by RailFreight.com. Read the full story at RailFreight.com →