Hellenic Train Tests €760M Fleet on Athens-Thessaloniki

ATHENS – Hellenic Train has launched dynamic testing of the first Hitachi Rail Blues hybrid intercity trainset on the Thessaloniki–Larissa–Athens corridor, while the operator finishes certification of a 23-unit Alstom Coradia Stream electric fleet purchased for EUR 393M. The test phase marks Greece’s entry into a EUR 760M modernisation programme agreed between the Italian FS Group and the Greek Ministry of Transport in 2025. Hellenic Train continues to operate 274 passenger and freight services daily across its network.

What Is the Full Scope of This Project?

Greece’s fleet renewal is double-layered: 11 of the Coradia Stream six-car EMUs will be configured for Athens suburban service with 362 seats, while 12 intercity versions with 335 seats will replace conventional stock on the Athens–Thessaloniki mainline. The EUR 393M Alstom contract includes ten years of rolling stock maintenance, extending the project’s scope beyond simple train delivery. Each Coradia Stream carries ERTMS Level 2, ETCS and GSM-R, passenger counting systems and spaces for bicycles and prams.

The programme’s infrastructure half is larger: Greece has allocated more than EUR 400M to track upgrading and rebuilding storm-damaged routes, while Italy is contributing EUR 360M toward Hellenic Train operations, depots and maintenance facilities. Certification runs for the electric fleet were completed at 160 km/h, and Hellenic Train is now preparing the European Union Agency for Railways commercial authorisation file.

The first Blues hybrid — a 200-seat, 160 km/h diesel-electric-battery trainset — has started dynamic testing, with a second unit expected before the end of July 2026. Hellenic Train says the hybrid type will cut fuel consumption by up to 50% compared with conventional diesel traction, matching the operator’s pledge to keep long-distance services running on both electrified and legacy non-electrified infrastructure.

Key Project Data

How Does This Compare to Similar Projects?

The Greek order equals roughly 1.4% of Alstom’s record EUR 27.6B global order intake in FY 2024/25, but its 10-year maintenance component makes it a long-duration revenue commitment rather than a one-off equipment sale (Source: Alstom, 2025). In the same sales period, Alstom announced a German framework with Deutsche Bahn worth over EUR 600M and a French contract worth EUR 850M for 12 Avelia Horizon high-speed trains — about EUR 70M per unit against roughly EUR 17M per Greek Coradia Stream (Source: RailwayPro, 2025).

Greek procurement is proceeding under explicit competitive pressure from Chinese suppliers. CRRC recently won the Salvador Metro contract with an EUR 84M bid that undercut Alstom’s EUR 105M offer by 20%, a reminder that European manufacturers defending South-East European fleets cannot rely on list prices alone (Source: RailwayPro, 2025).

Seen historically, the investment step-change is dramatic: FS Group acquired TrainOSE, the predecessor of Hellenic Train, for EUR 45M in 2017, and the current EUR 760M package is about 17 times that acquisition price. For the wider ERTMS/signalling ecosystem, connected-rail and signalling demand is forecast to grow at a 6.9% CAGR from 2025 to 2034, with Siemens, Alstom, Hitachi Rail and CRRC named among lead suppliers (Source: Market Data Forecast, 2025). The per-train price of the Blues hybrid fleet and a hard commercial-service date for the Coradia Stream have not been officially disclosed.

Editor’s Analysis

The commercial logic is clear: FS Group bought Hellenic Train for EUR 45M in 2017 and now plans to invest EUR 760M to protect its foothold, an unusual follow-on ratio for a privatised European operator and one made politically urgent by the 2023 Tempi accident, in which 57 people died. Q1 2026 survey results — 49% of passengers very or completely satisfied, but only 31% expressing high confidence in safety — show that hardware will not deliver modal shift unless punctuality improves from its current satisfaction level of 36%. The demand side supports that shift: Greek tourism arrivals and receipts grew strongly in 2025 (Source: FTN News, 2025), giving the Thessaloniki–Athens rail corridor its best opportunity in decades to capture traffic — provided ERA authorisation and ETCS reliability follow the new trains into service.

FAQ

Q: When will the Alstom Coradia Stream trains enter passenger service in Greece?
A: Hellenic Train has finished certification testing at up to 160 km/h and is preparing its ERA authorisation dossier. No commercial service date has been officially confirmed.

Q: Why does Greece need hybrid trains if the Athens–Thessaloniki main line is electrified?
A: The Blues, with 200 seats, a diesel-electric-battery power architecture and a 160 km/h top speed, can run through onto non-electrified lines without time-consuming locomotive changes. This makes them a flexible choice for intercity services that continue beyond the electrified trunk.

Q: What are Hellenic Train’s punctuality and safety targets for the new fleets?
A: Hellenic Train did not publish a numerical punctuality target, but the Q1 2026 passenger survey recorded just 36% satisfaction with punctuality and 31% high confidence in safety. Regulatory authorisation and completion of track-side ERTMS fitment have not been given a public deadline.