LOGN3: quote, dividends and indicators for Log-In Logística Intermodal

Log-In Logística Intermodal S.A. is a Brazilian integrated logistics company focused on cabotage shipping, port operations and associated land transportation, originating from Vale S.A.’s logistics structures in the late 1990s. The company was listed on B3 on June 21, 2007, when it made its debut on the then Bovespa and its common shares began trading under the ticker LOGN3, joining the Novo Mercado corporate governance segment. Over the years, it has built a track record marked by investments in its own fleet of container and bulk carriers, the inauguration of port terminals and the evolution of its business model toward door-to-door logistics solutions, combining different transport modes. In 2013, Vale divested its stake in the company, which then adopted a more dispersed shareholder base and, in 2018, funds managed by Alaska Investimentos came to hold a significant stake in the voting capital, reflecting the presence of institutional investors in its shareholder structure.

Log-In’s shipping activity was consolidated through a shipbuilding program launched in 2007, which envisaged building a fleet of container and bulk carriers. Between 2010 and 2011, the vessels Log-In Jacarandá and Log-In Jatobá entered into operation, considered milestones in Brazilian container shipbuilding in that period, and the bulk carrier Log-In Tambaqui was launched, later followed by Log-In Tucunaré. The company at one point operated in bauxite transport in the North region for Alunorte, but in 2016 it sold the bulk carriers and the transport contract to Hidrovias do Brasil, a move that reinforced its focus on containers. In 2017, it ordered the container ship Log-In Polaris from a Chinese shipyard, a vessel of around 2,700 TEU that was added to the fleet in 2019, and, in 2020 and 2021, it increased capacity with the acquisition of the vessels Log-In Endurance and Log-In Discovery, strengthening its operations in cabotage and long-haul shipping as part of a strategy to modernize and increase operational efficiency.

Log-In Logística Intermodal’s business model is based on integrated logistics solutions that combine coastal shipping on container vessels, short-haul trucking, intermodal terminals and its own port operation. The company structures door-to-door services, taking responsibility for cargo movement from the client’s industrial plant to the final destination, coordinating truck collection, consolidation at distribution centers, port loading, maritime transport by cabotage, unloading and a new trucking leg for distribution. The maritime network includes, among others, the South Atlantic Service (SAS), which connects Brazil’s Northeast, Southeast and South regions to Mercosur countries, the Shuttle Rio Service (SSR) and Shuttle Vitória Service (SSV), linking Santos, Rio de Janeiro and Vitória, as well as the SEA service, with a direct route between Manaus and the Port of Santos. The offering is complemented by logistics planning and management, warehousing, cross-docking and multimodal operations, and is treated for accounting purposes as a single operating segment, although the company also classifies three internal fronts: integrated logistics solutions, port terminal and road freight transportation.

In infrastructure, Log-In controls TVV – Terminal de Vila Velha S.A., in the Organized Port of Vitória, in the state of Espírito Santo, which serves as a strategic asset for handling containers and general cargo. TVV is the only container terminal in the state, with an area of influence that covers Espírito Santo, eastern and western Minas Gerais, eastern Goiás and northern Rio de Janeiro. The terminal has annual handling capacity of around 350 thousand TEU, static storage capacity close to 6 thousand TEU, a bonded area exceeding 100 thousand m², berths with approximately 450 meters of quay and a draft of 12.5 meters, as well as a rail spur with 15 railcars, enabling integration with the rail mode. In 2020, TVV’s lease agreement was extended until 2048, with commitments to significant investments in modernization and maintenance. In 2025, TVV signed a contract to operate a port facility in the back area of the Port of Vitória, with around 70 thousand m² of additional space, which increases its capacity to handle import and export flows of containers, granite, steel products and fertilizers.

The company also operates intermodal terminals and trucking operations through specialized subsidiaries. The Navegantes Terminal, in Santa Catarina, operated jointly with MedLog, covers an area of approximately 205 thousand m² and provides storage, sorting and cross-docking services, serving as an access point to the North and South regions of the state and connecting the road network to the Port of Navegantes and the Port of Itajaí. In road transportation, Tecmar Transportes stands out for its focus on less-than-truckload and full truckload cargo, with a significant distribution network in Brazil’s Northeast and South regions, its own fleet and a distribution center and warehousing infrastructure; in 2025, Tecmar recorded around 51 thousand container trucking operations, with a fleet of truck tractors and dedicated container chassis. Oliva Pinto Logística, in turn, strengthens the company’s presence in the North region, focusing on trucking and logistics operations in the Manaus Industrial Hub, with a terminal of approximately 70 thousand m² near the customs ports in the capital of Amazonas, storage capacity of thousands of TEU and expansion to Boa Vista. These acquisitions and investments reinforce the integration between cabotage, warehousing and land transportation services, in line with the proposal of an articulated intermodal logistics solution.

Log-In’s customer base is diversified and includes large companies, with emphasis on sectors such as petrochemicals, hygiene and cleaning, food, construction and electronics, as well as industries that use the Manaus–Santos route and foreign trade flows served by TVV and Mercosur services. The company maintains relationships with companies based in Brazil, Argentina, Uruguay and Paraguay, supported by regional offices that cover the areas in which it operates. Despite this sector and geographic dispersion, the company reports that, in 2025, only one customer accounted for more than 10% of total net revenue. The activity shows some seasonality, with lower demand between late December and the beginning of the first quarter, due to a slower industrial pace and subsequent inventory rebuilding ahead of periods of higher consumption, especially during the year-end holidays.

From a regulatory standpoint, Log-In operates in a heavily regulated environment overseen by federal agencies, especially ANTAQ and ANTT. In 2008, it received authorization from ANTAQ to operate as a Brazilian Shipping Company in cabotage and long-haul shipping, which enabled it to structure its own fleet and charter vessels, including through the use of the Brazilian Special Registry (REB). The group’s corporate restructuring led to the authorization, in 2017 and 2019, of subsidiaries such as Log-In Navegação and Log-In Marítima Cabotagem as Brazilian shipping companies. The enactment of Law 14,301/2022, which created the BR do Mar program, broadened the possibilities for bareboat chartering without the need for own-tonnage backing, and the company began using this framework to employ vessels such as Log-In Discovery, MSC Belmonte III, Log-In Evolution and Log-In Experience in cabotage. In exceptional situations, such as the severe drought of the Amazon River in 2024, regulation also enabled specific solutions, such as the chartering of barges to supplement traffic to Manaus. In the land mode, the company is authorized by ANTT as a road freight carrier and multimodal transport operator, subject to rules such as the National Minimum Freight Floor Policy for Road Cargo Transport, which defines minimum freight rates, as well as regulations on the transport of hazardous products and registration with the RNTRC.

Log-In depends on critical inputs such as marine fuels (bunker), whose supply in Brazil is concentrated mainly at Petrobras, making ship operating costs sensitive to oil price and exchange rate volatility. To mitigate part of this exposure, the company applies an Emergency Bunker Surcharge (EBS), periodically adjusting ocean freight rates based on changes in fuel prices. In its port and terminal operations, in addition to bunker, costs with electricity, port labor, equipment maintenance and fuel for internal trucks are relevant, many of them under long-term contracts and, in some cases, subject to exclusive suppliers by legal requirement. In the road operations of Tecmar and Oliva Pinto, fuel, parts and tires are key inputs, with a direct impact on margins in scenarios of higher diesel prices, given that freight is adjusted in a competitive environment. The company also states that it complies with environmental requirements applicable to shipping, especially those set out in the MARPOL Convention for the prevention of pollution from ships, which influence equipment specifications, fuels and operating procedures.

In terms of consolidated economic and financial performance, Log-In reports a single operating segment of integrated logistics solutions, encompassing shipping, terminals and land transportation. The group’s net operating revenue exceeded R$ 3 billion in 2025, in line with growth seen in previous years, and net income remained positive, with profit in the tens of millions of reais, after successive years of revenue expansion. The capital structure has been managed with debenture issuances over time, both by the company itself and by subsidiaries such as TVV, with the aim of extending debt maturities, refinancing bank liabilities and supporting investment plans in fleet and port infrastructure. Through its LOGN3 shares traded on B3, Log-In Logística Intermodal maintains access to the domestic capital markets to finance its growth and adjust its capital structure, placing it among listed companies in logistics and infrastructure with an emphasis on cabotage and modal integration.