SFG Railway Operations

 is a division of Seagrounds Financial Group that acts as an holding and operations company of a number of railroads in several countries.

The division was founded in 1990 and is one of Seagrounds' most profitable assets. In January 2020, Seagrounds approached CPN Holdings about forming a joint venture focused on the railway industry, which ended up in negotiations about merging the two companies' operations under this joint venture, now called RKO Railways.

North America

 * Hampden County Lines (acquired 2001)
 * Whalom Central (acquired 1996)
 * Kenosha Lines (acquired 2000)

Foreign

 * Kuwait National Railways (co-owned with )

North America

 * Tennessee Pass Central (acquired 1998; sold 2006)

North America Lease Fleet
Under the AAR reporting mark SFGX, operates a lease fleet of locomotives run on SFG's railways and/or leased out to various railroads in Canada, the,  and El Kadsre, mostly comprised of second-hand locomotives no longer required by rail operators or re-manufactured units that have been given life-extending overhauls.