Shock from the War in Ukraine Cripples Rail Giants. PKP Cargo CEO: “We Won’t Wait for Better Times”
Agnieszka Wasilewska-Semail, Chairwoman of the Management Board at PKP Cargo, speaks to RAILTARGET about the company’s ongoing restructuring and its strategic focus on intermodal transport. She also reflects on the challenges facing European rail freight amid the continuing war in Ukraine.
In Europe, a crisis in rail freight is unfolding. How will this crisis specifically affect the restructuring of PKP Cargo S.A.?
What we are witnessing in European rail transport today is not a temporary slowdown but a structural phenomenon. We are dealing with a combination of several factors: a decline in demand for freight transport, rising energy and rolling-stock maintenance costs, as well as increasing competition from road transport. In addition, there is a lack of stable contracts with customers and uncertainty in those sectors of the economy that have so far been the driving force of the railway, especially in heavy industry and energy.
For PKP Cargo S.A., this means in its restructuring, the need for a deep reorganisation of how the company operates. In recent years, the market has not recovered from the shock caused by the outbreak of the Russian war in Ukraine, supply chain disruptions, and administrative decisions. Under such conditions, it is not enough to “wait for better times.” It is necessary to build a new model for the functioning of a railway transport company.
Within the PKP Cargo Group, we have launched a restructuring process aimed not only at stabilising the financial situation but above all at restoring our competitive position. It is a long-term plan that includes cost optimisation, process modernisation, and strengthening of the intermodal offer, where rail still holds an advantage over road transport.
Personally, I believe that although this situation is difficult, it can also be a turning point. Crises often force the courage to make decisions that, in times of prosperity, tend to be postponed. Right now, we are building the foundations for a more modern, flexible, and customer-oriented PKP Cargo.
I believe that, through consistent implementation of the restructuring plan, our company will once again achieve sustainable profitability and play its role as a stabiliser of the Polish economy.
New markets and transport types are emerging. How do you intend to develop intermodal transport?
The intermodal segment is today one of the pillars of our development strategy. In the first quarter of 2025, we transported over 92,000 intermodal units, which represents an increase of 20 percent compared to 2023. This is a clear signal that the market is returning to rail container and trailer transport, and that we are able to respond effectively to these needs.
We are regaining customers we lost at a time when the Group was heavily focused on coal transport, but we are also winning new partners, like logistics operators ordering the transport of rail trailers or containers in a door-to-door system. Our advantage is that we operate on a European scale. We hold licences in nine EU countries and have modern multisystem locomotives, thanks to which we can carry out cross-border transport without having to change locomotives or drivers.
We focus on developing connections in key corridors, the Baltic-Adriatic and East-West, as they will determine Poland’s future role as a logistics hub in Central Europe. At the same time, we are looking for ways to invest in terminal infrastructure in Medyka, Małaszewicze, Gliwice, and Sławków to provide our customers with comprehensive services at every stage of the supply chain.
In the restructuring plan, we have clearly stated that the share of intermodal transport in the revenue structure should increase to 19 percent by 2031. This is ambitious but, in my opinion, realistic. Intermodal is not only the future of PKP Cargo but also the direction in which the entire European logistics sector is developing.
What do the state and the EU need, and what investments are required for economic growth to be more meaningful and for railways to compete with road transport?
If we want rail freight in Europe to gain a real competitive advantage, we must consistently invest in infrastructure, both line and terminal. This means modernising rail infrastructure, building new intermodal terminals, sidings, and transshipment centres, but also developing supporting infrastructure such as customs offices, warehouses, and distribution centres. These are not investments that make media headlines, but they are precisely the ones that determine the fluidity and efficiency of the entire transport system.
No less important are regulatory measures. Railways need simpler procedures, greater harmonisation of regulations among countries, and lower access charges. The EU should continue developing the TEN-T network and supporting interoperability of railway systems so that trains can truly travel across Europe without barriers.
From a Polish perspective, we also need priority for freight trains, because at present they do not have precedence over passenger transport. It is also important to support national rail carriers, as Germany, France, and the Czech Republic do, through subsidies, preferential investment programmes, or incentives for intermodal operators.
From my perspective, I see one thing clearly: the railway does not need pity but equal conditions. If we provide it with efficient infrastructure, predictable regulations, and a partnership approach from the state, I am convinced it will once again regain its rightful place in the European transport system. In the long term, it is rail transport that remains the most efficient, environmentally friendly, and crisis-resistant.
The subsidiary PKP Cargo International has a solid balance sheet and is growing. Are you planning expansion in the Czech Republic and other countries?
PKP Cargo International is now a stable and well-managed company that is part of the PKP Cargo capital group. The Czech Republic is one of the most dynamic markets in the region, where the structure of the economy and industrial transformation create new opportunities for rail transport.
A key element of our operations in this market is the Ostrava-Paskov intermodal terminal, a facility of strategic importance and a key logistics hub for the entire Central European region. Its potential allows us not only to handle the growing volume of transport between the Czech Republic, Poland, and Southern Europe but also to offer our customers comprehensive intermodal transport solutions. It is also part of the development plans of the entire PKP Cargo Group, which is integrated into the Baltic-Adriatic-North Sea logistics triangle. Its role is increasing with plans to include the New Silk Road and Polish ports into the network of Central Corridor transport services.
We are also looking at Slovakia, Hungary, and Austria, where transit and intermodal transport are gaining importance. Our goal is not expansion for its own sake, but a meaningful international presence that allows us to make use of our experience, fleet, and partner network.
The development of PKP Cargo International, in my view, proves that our group can operate effectively in competitive foreign markets. It is also an example of how Polish railways can build value based on cooperation rather than competition. And that is the direction we will continue to follow.
Czech Republic, PKP Cargo International owns railway infrastructure. The Moravian-Silesian region is undergoing a major industrial transformation. Do you see opportunities here for further long-term development, and what is needed to achieve it?
Absolutely. The industrial transformation of the Moravian-Silesian region is not only a challenge for our group but also a huge opportunity. This region has been the heart of Czech mining and heavy industry for decades. Today, we are seeing new industrial investments, logistics centres, and projects related to ecological transformation emerging in place of former mines and steelworks.The railway sidings around Karviná, which for many years served coal mines, are now completing their historical mission. Some will indeed be decommissioned, but many can get a “second life.” Developers are planning new industrial zones, and local authorities are even considering using part of the lines for passenger transport. This is a very interesting direction because it allows the infrastructure to remain in service of the region.
From our perspective, as the PKP Cargo capital group, we see great operational potential here. We plan to use some of these sidings for bulk material storage, terminal service, or container handling. These are solutions that genuinely support the development of modern logistics in the region and can become part of a larger network of multimodal connections in Central Europe.
In the long term, however, maintenance and modernisation of infrastructure will be crucial. Even the best-located siding will not be attractive if it lacks sufficient capacity or access to the TEN-T network. Therefore, close cooperation with partners in the Czech Republic – both local governments and private investors – is essential to connect logistics with industry and the new energy economy.
Personally, I believe that the Moravian-Silesian region has the potential to become a symbol of successful transformation from a mining legacy to a next-generation logistics and industrial centre. And the railway, including the infrastructure of PKP Cargo International, can play the foundational role in this change.
Profile: Agnieszka Wasilewska-Semail
Agnieszka Wasilewska-Semail graduated in law from the Catholic University of Leuven (Belgium) and the Faculty of Law and Public Administration at the University of Warsaw. She worked for 18 years in the financial sector. At Bank Brussels Lambert (now ING Bank Belgium), she worked in the international department. From 2021, she served as a Board Member of the Eneris Group companies (Eneris Re-Energia, Eneris Siemiatycze, Eneris Ruda Śląska, Eneris Ekopark). Between 2014 and 2020, she was President and Vice-President of the Polish state-owned energy company Rafako S.A.. From 2007 to 2014, she held senior positions at PKO Bank Polski S.A., successively as Managing Director of Transaction Banking, Corporate Sales, and Strategic Clients divisions. Before that, in 2006–2007, she was a Director at Bank Handlowy S.A. (Citigroup); two years earlier, she headed a department at ING Bank Śląski, and between 2002 and 2005 she was Head of Division at Kredyt Bank S.A.
Within the Rafako and PKO Bank Polski groups, she also served on supervisory boards. She is a member of the Management Board of the Polish Chamber of Commerce for Energy and Environmental Protection.
Wasilewska-Semail has been managing PKP Cargo under a special restructuring regime since 1 February 2025.
