By Maria Kalamatas | May 9, 2025
Valencia, SPAIN —
From the outside, everything looks stable. Containers keep moving, invoices keep going out, and clients are still calling. But under the surface, a very different story is unfolding in 2025 for small and mid-sized freight companies: liquidity is running thin, and fast.
“The shipments are flowing,” says Emilio Vega, founder of VegaCargo Iberia. “But we’re holding our breath every week just to make payroll.”
Busy, but broke
It’s a paradox. Despite healthy customer demand, most independent freight forwarders are struggling with delayed payments, shrinking credit lines, and rising day-to-day costs.
In April alone, over 50% of SME logistics firms across Europe reported overdue accounts receivable of more than 60 days, according to a survey by Regional Freight Watch.
“It’s not a revenue problem,” Vega adds. “It’s a cash control problem.”
The lending freeze hits hard
Mid-sized operators used to rely on short-term loans to bridge slow months. Not anymore. Since February, regional banks in Italy, Spain, and parts of Eastern Europe have tightened credit access — especially for companies without strong collateral or three-year profitability on record.
As a result, many forwarders are delaying fuel payments, deferring tax bills, and negotiating with suppliers to buy time.
“Some of us are using personal credit cards to keep trucks running,” admits one operator in Naples, who asked not to be named.
Shippers stretch terms, squeeze margins
At the same time, clients — particularly large retailers and manufacturers — are negotiating tougher terms: 60-, 75-, even 90-day payment windows, while demanding faster transit updates and carbon tracking on every shipment.
“We’re not a bank,” Vega says. “But they’re treating us like one.”
Internal data from FreightLedger shows that in Q1 2025, invoice aging increased by 12%, while operating costs climbed across the board — from diesel to driver wages to insurance premiums.
Networks become a safety net
Some forwarders are responding by joining networks, not just for sales, but for support. In March, both EAN and LogiChain reported record new memberships, as independents look for shared tools, pooled resources, and collective financial strength.
Bottom line
In 2025, the freight business is not about volume — it’s about who can hold their breath the longest. For many small operators, survival doesn’t depend on demand. It depends on whether they can get paid before the bills come due.
