ALTAMIRA, MEXICO -- August 31, 2026 -- Christian Hess Ratz, Jurgen Hess Ratz and Steel Connect, B.V. have launched an American Arbitration Association (AAA) proceeding against LOGISTEC Marine Services ULC and LOGISTEC Stevedoring Canada Inc., seeking to force completion of a stalled acquisition of IPA Steel Terminal in Altamira, Mexico.
LOGISTEC announced the $100%-stake acquisition of IPA Terminal in February 2026
On February 17, 2026, Canadian marine logistics operator LOGISTEC announced a definitive agreement to acquire 100% of IPA Terminal, a breakbulk and steel-handling facility at the Port of Altamira. Mexican and Canadian officials publicly praised the deal as a boost to bilateral trade ties. The transaction followed a full due-diligence review in which sellers disclosed complete operational, financial and cargo-origin records to LOGISTEC.
LOGISTEC issued a default notice on July 3, 2026, citing sanctioned Russian steel
LOGISTEC alleged the sellers breached the purchase agreement because IPA Terminal handled steel from Novolipetsk Steel (NLMK), a Russian producer whose majority owner, Vladimir Lisin, was sanctioned by Canada in 2025. The sellers reject the claim outright, stating neither they nor any Group Company entity has any commercial relationship with NLMK or Lisin. They say the steel cargo was owned independently by a third-party customer and that all entities involved — the customer, the sellers and IPA Terminal — are Mexican companies with no legal exposure to Canadian sanctions.
Enstructure's parallel deal to buy LOGISTEC's terminal division raises conflict concerns
LOGISTEC's move to unwind the IPA transaction came shortly after U.S. marine logistics firm Enstructure Inc. announced plans to acquire LOGISTEC's marine terminal division. Enstructure described the combination as creating "a leading marine terminal network across North America" serving major trade corridors and industrial markets. Combined, Enstructure and LOGISTEC would control multiple Gulf of Mexico terminal assets that compete directly with IPA, a overlap the sellers argue exposes LOGISTEC's true motive for terminating the deal.
Sellers warn confidential due-diligence data could fuel unfair competition
The sellers say they filed the AAA arbitration to prevent LOGISTEC and Enstructure from exploiting confidential IPA Terminal data obtained during due diligence to gain competitive advantage in the Gulf market. They are simultaneously defending a separate arbitration LOGISTEC filed on August 11, 2026, seeking to ratify the contract rescission on the same sanctions-related grounds.
IPA Terminal seeks emergency measures to keep Altamira operations running
The sellers say both arbitration processes will confirm they did not breach any provision of the purchase agreement and that LOGISTEC acted improperly in attempting to terminate it. IPA Terminal has requested emergency measures to ensure uninterrupted operations at the Altamira facility while the dispute proceeds. The Group Company said it will continue working with Mexican authorities, customers and suppliers throughout the arbitration.
Customers with questions about cargo, contracts or terminal operations have been directed to contact IPA Terminal management directly.