The dispute centers on a February 2026 agreement that saw the Mexican and Canadian governments celebrate the IPA Terminal acquisition as a milestone in bilateral trade. Following a rigorous due diligence process, the deal appeared set for completion until July 3, when LOGISTEC issued a default notice. The buyer alleged that the terminal handled steel from Novolipetsk Steel, a Russian firm sanctioned by Canada. The sellers categorically reject this, noting that the cargo was owned by a third-party client and that as Mexican entities, they are not subject to Canadian sanctions.

Observers suggest the sudden termination coincides with Enstructure Inc.’s acquisition of LOGISTEC’s marine division. With the combined entities now operating competing terminals in the Gulf of Mexico, the sellers argue that LOGISTEC is using the false sanctions pretext to escape the contract and stifle a regional competitor. The sellers, represented by Quinn Emanuel Urquhart & Sullivan, are now seeking emergency relief to ensure uninterrupted operations at the Altamira facility while contesting a secondary arbitration initiated by LOGISTEC on August 11. The sellers expect a ruling to confirm that the purchase agreement remains valid and that LOGISTEC’s attempts to exit the deal are legally groundless.