Altamira, Mexico – September 03, 2026 -- The sellers of IPA Steel Terminal have launched an arbitration under American Arbitration Association (AAA) rules against LOGISTEC Marine Services ULC and LOGISTEC Stevedoring Canada Inc. after the Canadian marine logistics firm attempted to terminate its agreement to acquire the Port of Altamira facility.
Christian Hess Ratz, Jurgen Hess Ratz and Steel Connect B.V. filed the action to force LOGISTEC to complete the purchase of the Group of Companies, which includes Inmobiliaria Portuaria de Altamira, Altamira Terminal de Multiservicios, Servicios y Maniobras de Altamira and Steel Terminal Altamira.
LOGISTEC announced the acquisition on February 17, 2026, calling IPA a leading breakbulk and steel handling facility
The deal, which followed extensive due diligence covering IPA's operations, finances and cargo origin documentation, was celebrated by both the Mexican and Canadian governments as a milestone in bilateral trade relations. Closing was slated for later in 2026.
LOGISTEC issued a default notice on July 3, 2026, alleging sanctions violations tied to Russian steelmaker NLMK
LOGISTEC claimed the sellers breached the agreement because IPA Terminal handled steel from Novolipetsk Steel (NLMK), whose majority owner Vladimir Lisin was sanctioned by Canada in 2025. The sellers reject the claim, stating neither they nor any Group Company had any commercial relationship with NLMK or Lisin. They say the steel was independently owned by a third-party client and that all entities involved — the client, the sellers and IPA Terminal — are Mexican companies operating in Mexico, outside the scope of Canadian sanctions.
LOGISTEC's termination followed Enstructure Inc.'s announced acquisition of LOGISTEC's marine terminal division
Enstructure, a US marine logistics company, announced it would combine with LOGISTEC to build what the companies described as a leading North American terminal network serving major trade corridors and industrial markets. The sellers note that the combined Enstructure-LOGISTEC network would control multiple Gulf of Mexico port facilities in direct competition with IPA, raising questions about LOGISTEC's motive for abandoning the deal.
Sellers seek emergency measures to protect operations from alleged competitive misuse of due diligence data
The sellers argue the arbitration is necessary to prevent LOGISTEC or Enstructure from exploiting confidential information obtained during due diligence and to shield IPA Terminal's business, employees, clients and partners from disruption. They are separately defending against a related arbitration LOGISTEC filed on August 11, 2026, seeking to ratify the termination and reiterating the sanctions allegations.
IPA Terminal is requesting emergency relief to maintain uninterrupted operations while the disputes proceed and says it will coordinate with Mexican authorities, customers and suppliers throughout.