Deal Hailed by Mexican and Canadian Governments; Buyers Now Cite Bogus Sanctions Issue as Pretext for Backing Out

ALTAMIRA, Mexico, Sept. 1, 2026 /PRNewswire/ -- Christian Hess Ratz, Jurgen Hess Ratz, and Steel Connect, B.V. (collectively, the "Sellers") will commence arbitration under the Rules of the American Arbitration Association against LOGISTEC Marine Services ULC and LOGISTEC Stevedoring Canada Inc. (collectively, "LOGISTEC") after LOGISTEC purported to terminate its contract to purchase the IPA Steel Terminal in Altamira, Mexico, including the companies Inmobiliaria Portuaria de Altamira, S. de R.L. de C.V. ("IPA"), Altamira Terminal de Multiservicios, S. de R.L. de C.V. ("ATEMSA"), Servicios y Maniobras de Altamira, S. de R.L. de C.V. ("SMA"), and Steel Terminal Altamira, S. de R.L. de C.V. ("Steel") (collectively, the "Company Group" or "IPA Terminal").  The Sellers were forced to bring this arbitration to protect their and the IPA Terminal's business, customers, employees and partners, avoid disruption at the Terminal and to compel LOGISTEC to fulfill its obligations and complete the purchase of the IPA Terminal. 

In a press release dated February 17, 2026, Canadian marine logistics company LOGISTEC announced that it had "successfully entered into a definitive agreement to acquire 100% of IPA Terminal … an industry-leading breakbulk and steel handling facility, at the Port of Altamira, Mexico".  Both the Mexican and Canadian governments hailed the deal as a pillar of the strengthening commercial relationships between the two countries.  That agreement was the culmination of an extensive due diligence process in which Sellers provided LOGISTEC with comprehensive documents regarding the IPA Terminal's operations, finances, and the cargo that it handled, including the national origin of all of the cargo.  The parties intended to close the acquisition later in 2026.

But on July 3, 2026, LOGISTEC issued a Default Notice claiming that the Sellers had breached the agreement because the IPA Terminal handled steel originating from Novolipetsk Steel (NLMK), a Russian company against whose majority owner, Vladimir Lisin, the Canadian government imposed economic sanctions in 2025.  LOGISTEC's claim is false: Neither Sellers nor any member of the Company Group has violated any Canadian sanctions.  Neither Sellers nor the IPA Terminal has any commercial relationship with NLMK or Lisin.  Instead, the steel in question was independently purchased and is entirely owned by a third party, a client of IPA Terminal.  In addition, that third party, Sellers and the IPA Terminal are Mexican companies doing business in Mexico and are not subject to restrictions imposed by the Canadian government.  The Sellers and the Company Group categorically deny LOGISTEC's false accusation that they violated any international sanctions related to the war in Ukraine.

LOGISTEC's claimed termination of the agreement followed closely the announcement that Enstructure Inc., a U.S. marine logistics company, is acquiring LOGISTEC's marine terminal division.  As Enstructure announced, "[t]ogether, Enstructure and LOGISTEC … will create a leading network of marine terminals across North America. The combined organization will operate a highly complementary network of terminals and logistics assets serving major trade corridors, industrial markets, and supply chain customers". These Enstructure and LOGISTEC terminals include multiple terminals in the Gulf of Mexico that directly compete with the IPA Terminal, raising questions about LOGISTEC's motivations for attempting to terminate.

To prevent LOGISTEC from reneging on its obligations, safeguard the IPA Terminal's business, clients and partners from the risk of unfair competition from LOGISTEC or Enstructure using the confidential information they obtained about the Terminal during due diligence, and to avoid disruption at the IPA Terminal, the Sellers and the Company Group had no choice but to commence this arbitration.  The Sellers and Company Group are also defending themselves against a separate arbitration brought by LOGISTEC on August 11, 2026 seeking to affirm its termination of the purchase agreement and falsely accusing the Sellers and Company Group of violating sanctions related to the war in Ukraine. 

The Sellers fully expect that both arbitration processes will confirm that they did not breach any provision of the purchase agreement and that LOGISTEC acted improperly in trying to terminate the agreement.  The IPA Terminal is seeking emergency relief to ensure the continuous and seamless operations of the Company Group and will endeavor to work hand in hand with the Mexican authorities, clients and suppliers while the dispute is pending.  Any customers of the Terminal should contact Mr. Jurgen Hess (jurgen@steelterminal.com) if they have questions regarding their cargo, contracts with the Company Group, or any other matter.

Source: Quinn Emanuel Urquhart & Sullivan, LLP