IPA Terminal commences arbitration to prevent LOGISTEC from reneging on purchase agreement. Aug 31, 2026, 09:12 ET Deal Hailed by Mexican and Canadian Governments; Buyers Now Cite Bogus Sanctions Issue as Pretext for Backing Out ALTAMIRA, Mexico, Aug. 31, 2026 /CNW/ - 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 ([email protected]) if they have questions regarding their cargo, contracts with the Company Group, or any other matter. SOURCE Quinn Emanuel Urquhart & Sullivan, LLP Juan P. Morillo, [email protected]

Mexico pushed for trilateral CUSMA talks, hopes for meeting in early July: President Sheinbaum. June 23, 2026 (L-R) U.S. President Donald Trump, Mexican President Claudia Sheinbaum, and Canadian Prime Minister Mark Carney participate in the FIFA World Cup 2026 Official Draw with at the John F. Kennedy Center for the Performing Arts Dec. 5, 2025, in Washington, D.C. Photo by Andrew Harnik/Getty Images Mexico has pushed for trilateral talks on the review of the continental trade pact, while the United States has opted to negotiate separately with Canada and Mexico, according to Mexican President Claudia Sheinbaum. Sheinbaum made the comments on June 22 during her daily press conference in Mexico City while responding to questions from a Canadian media outlet on the the review of the Canada-United States-Mexico Agreement (CUSMA) on free trade. Sheinbaum said the trade talks are taking place in the framework of the U.S. administration adopting measures to protect its economy. "What is certain is that there are separate talks. That's how the United States decided. We have always insisted on tripartite talks," she said. In late May, Mexico and the United States held a formal round of bilateral talks on the review of CUSMA, and two other rounds have been scheduled for June and July. There have been no similar talks announced between Canada and the United States, although Ottawa says progress continues to be made with Washington on various trade issues. Prime Minister Mark Carney said in early June the United States has around 30 "technical" trade issues to iron out with Canada, and around 60 with Mexico. The CUSMA review is set for July 1, and both Canada and Mexico have already formally indicated their desire to extend the agreement for an additional 16 years. The United States has yet to state its official position, but U.S. President Donald Trump suggested in recent days that he may choose not to renew the pact - or could even move to terminate it altogether. If CUSMA is not renewed in July, it remains in force for another 10 years with annual reviews, unless one party decides to withdraw or all parties agree to extend it for a longer period. Sheinbaum did not express concerns the deal could be abandoned, noting it's a treaty that the three countries' legislatures have approved. "If something very fundamental had to change, it would have to go through the Congresses," she said. "And we don't believe that's the position of Canada, nor the position of the United States, nor our position." Sheinbaum said maintaining the agreement makes North America more competitive against China and other regions of the world. Among Washington's demands are stricter rules-of-origin requirements in CUSMA, to increase North American content in traded goods, and tougher measures aimed at limiting trade exposure to countries such as China. U.S. Trade Representative Jamieson Greer, the lead U.S. negotiator on CUSMA, said in April that Mexico is more aligned with Washington's trade priorities than Canada. Although Canada and Mexico have been holding separate talks with the United States, Sheinbaum said Mexico has, to some extent, adopted a common-front approach with Canada in its communications. "We have strengthened our relationship with Canada," she said, noting the investment by a Canadian firm in a Mexican port. Montreal-based Logistec purchased a cargo and steel terminal in the state of Tamaulipas earlier this year, which Sheinbaum said will boost maritime trade between Mexico and Canada. Sheinbaum said she hopes there will be trilateral CUSMA meetings in early July, but none have been announced as the deadline nears. Trump has been critical of the agreement in recent weeks, saying his country doesn't need anything being made in Canada or Mexico. "I don't know that I'm going to renew it, because to be honest with you, the United States does much better," Trump said on June 10. "We don't need anything that Canada has, we don't need anything that Mexico has, but they need everything that we have, and they have to treat us better." A non-renewal would not terminate the agreement, but Trump raised the stakes a week later in mentioning a potential withdrawal. "I would rather leave it unsigned. I'd rather have it terminated... I may sign it, but I would rather-we do better as a country if we don't have an agreement," Trump said June 17. In response, Carney said it's "no secret" that Trump dislikes CUSMA, while adding there are "specific things" that Canada can work on together with the United States.

Enstructure to acquire LOGISTEC terminal business. US terminal and logistics company Enstructure has agreed to acquire all marine terminal operations of LOGISTEC, creating a larger North American port and logistics platform. The deal covers LOGISTEC's marine terminal operations across Canada and the United States, including the Gulf Stream Marine and LOGISTEC Direct brands. LOGISTEC provides bulk, breakbulk and container cargo-handling services, as well as logistics solutions to marine and industrial customers. The company is headquartered in Montréal and operates across a network of 62 ports and 84 terminals. Enstructure said the combined business will operate a complementary network of terminals and logistics assets serving major trade corridors, industrial markets and supply chain customers. LOGISTEC will keep its head office in Montréal, where it has operated for more than 70 years. The companies said workers' jobs will be protected. "This transaction brings together two highly respected organizations with shared values, complementary operations, and a long-term commitment to investing in marine infrastructure," said Enstructure co-CEO Matthew Satnick. Blue Wolf Capital Partners will remain an investor in the combined business. Blackstone Credit & Insurance and OMERS are providing financing, while Viking Global Investors provided incremental equity capital. Financial terms were not disclosed.