LOGISTEC to Acquire IPA Terminal at Mexico’s Port of Altamira

LOGISTEC will enter Mexico by acquiring the IPA Terminal at the Port of Altamira, strengthening its breakbulk and steel platform. The deal aligns with Altamira’s expansion plans, customs, and dredging upgrades, hybrid crane rollout, and rising LNG activity, even as 2025 port cargo fell nationwide.

LOGISTEC has signed a definitive agreement to acquire 100% of IPA Terminal, a breakbulk and steel-handling operation at the Port of Altamira, expanding the Montréal-based marine terminal operator’s footprint into Latin America and deepening its exposure to Mexico’s industrial supply chains. 

“This expansion is a defining moment for LOGISTEC, as we position our organization for accelerated international growth. Mexico is a dynamic market, and by joining forces with IPA, we are extending our reach, connecting our network to new markets and reinforcing our commitment to safety and collaboration. Together, we will continue to grow the business, deliver exceptional service and create new global opportunities for our customers and partners,” says Sean Pierce, CEO, LOGISTEC.

In its announcement, LOGISTEC says the transaction positions the company for international growth by linking its North American network to “key industries” in Mexico through value-added cargo solutions. IPA, which operates in Altamira’s port community, is described as a pivotal hub for specialized breakbulk and steel commodities in the Gulf of Mexico, supported by deepwater access, modern infrastructure, and an experienced workforce.

The acquisition will follow customary closing conditions and regulatory approvals, including authorization from Mexico’s antitrust authority, now referred to as the National Antimonopoly Commission (previously COFECE), as well as approvals from Mexican port authorities and the Navy. 

Why Altamira, Why Now

The deal lands as Altamira ramps up both expansion planning and operational modernization. Mexico’s National Port System Administration in Altamira (ASIPONA Altamira) is preparing the north section of the customs-controlled port zone to host six new terminals, with excavation and technical assessments designed to offer future sites to private developers. Work began in 2025 and is expected to leave the area ready for construction by the first quarter of 2026, MBN reports. 

ASIPONA Altamira has also placed the initiative inside its 2026 internal works portfolio alongside two other priorities: customs modernization and dredging to raise channel capacity. The port reports a draft of 13.5m, while some companies have requested up to 16m in the navigation channel.  

On customs modernization, the port said works reached 35% completion by the end of 2025, and expects acceleration in 2026 and 2027 backed by a budget of more than MX$1.5 billion (US$83.7 million). 

Parallel to the terminal-site expansion, private operators at Altamira are investing in lower-emissions cargo-handling equipment. Infraestructura Portuaria Mexicana (IPM), which operates Terminal 2 in Altamira, acquired four next-generation hybrid rubber-tired gantry (RTG) cranes. The company says the hybrid system is intended to raise yard productivity while reducing fossil fuel consumption and emissions, MBN reports. 

IPM’s hybrid RTGs are described as having a stacking configuration of 6+1 high by six wide, supporting higher container-yard density and faster maneuvers. 

Beyond traditional cargo, Altamira is increasingly tied to North America’s LNG buildout. US EIA data shows that the United States, Canada, and Mexico are expected to add more than 17 Bcf/d of new liquefaction capacity by 2029, more than doubling regional export capacity and accounting for over half of projected global LNG growth through the period. The US EIA has noted initial LNG production and shipments tied to the Fast LNG Altamira export project, supplied by US natural gas delivered via the Sur de Texas–Tuxpan pipeline.

National Context

Altamira’s investment cycle is unfolding against a mixed national backdrop, stronger customs-linked tax collection, but softer port cargo volumes.

ANAM data shows cash-flow revenue from foreign trade operations reached MX$1.32 trillion (US$73.46 billion) in January-November 2025, up 14.3% in real terms year over year, driven by VAT (IVA) and a sharp rise in excise (IEPS) tied to hydrocarbon imports, reports MBN. Maritime customs represented 51.74% of that January–November revenue and posted 19.4% real growth.

For the full year, total collections across Mexico’s 50 customs offices hit MX$1.45 trillion in 2025, up 15.5% year over year, with maritime customs contributing MX$755.56 billion (52.1 pesos out of every 100 collected from foreign trade).

At the same time, Mexico’s ports moved 248.665 million t of cargo in 2025, an 8.8% annual decline, according to figures reported from the Navy’s port statistics.

For LOGISTEC, acquiring IPA Terminal provides a platform in a strategic Gulf port with direct links to heavy industry and steel supply chains, while aligning with the broader modernization push underway in Altamira’s terminal ecosystem.

President Claudia Sheinbaum announced last year a plan to modernize key ports, including additional private investments being made across the country, including Altamira MX$802 million.