LOGN3 Log-In Logística Intermodal

Log-In Logística Intermodal S.A. is a Brazilian integrated logistics company whose common shares trade on B3 under the ticker LOGN3. The company emerged from activities originally developed by Vale S.A. in the late 1990s and was listed on the Novo Mercado in June 2007, becoming one of the first logistics companies with this governance standard. Since then, it has structured a business model based on coastal shipping with container ships, port operations and complementary land services, consolidating itself as a provider of intermodal services for containerized cargo. Over its trajectory, it has invested in its own fleet, terminals and storage capacity, and has undergone significant changes in its control block, with investment funds taking on a relevant equity position starting in 2018.

Log-In Logística Intermodal’s business model is centered on offering door-to-door logistics solutions in a single integrated segment, combining coastal and long-haul maritime transport with short-distance road transport, intermodal terminals and port operations. The company organizes its network around container ships that connect Brazil’s main ports and Mercosur countries, complemented by land-based storage, cross-docking and distribution infrastructure. Its operational proposal is to control the entire cargo flow chain, from pickup at the customer’s industrial plant to final delivery, using the container as the basic transport unit and integrating different modes under a single logistics management structure.

In coastal and long-haul shipping, Log-In operates regular services connecting the Northeast, Southeast and South regions of Brazil to ports in Mercosur countries and to the North region. Notable services include SAS (Serviço Atlântico Sul), which links Brazilian ports to Mercosur countries; the Shuttle Rio (SSR) and Shuttle Vitória (SSV) services, connecting Santos, Rio de Janeiro and Vitória; and Shuttle Navegantes (SSN), which integrates Rio de Janeiro and Navegantes. There is also the SEA service, with a direct route between Manaus (AM) and the Port of Santos (SP), focused on the outflow of cargo from the Manaus Free Trade Zone and the supply of the region. The company’s fleet consists of owned and chartered container ships, registered in the Brazilian Special Registry (REB), operating under the regulation of the National Waterway Transport Agency (ANTAQ) and subject to international rules such as the MARPOL Convention, which addresses the prevention of pollution from ships.

Log-In also operates in the management and operation of port assets and intermodal terminals. The main asset is TVV – Terminal de Vila Velha S.A., located at the Capuaba pier in the Organized Port of Vitória, in the state of Espírito Santo. TVV specializes in container loading and unloading operations and in handling general cargo such as equipment, machinery, parts, vehicles, granite and steel products. The terminal is the only container terminal in the state and serves an area of influence that includes Espírito Santo itself, eastern and western Minas Gerais, eastern Goiás and northern Rio de Janeiro. It has annual handling capacity of around 350,000 TEUs, static storage of approximately 6,000 TEUs, a large bonded area, a 450-meter quay with 12.5 meters of depth and a rail spur for 15 wagons, operated under a lease contract extended until 2048. Additionally, the company operates the intermodal terminal of Itajaí, in Santa Catarina, with an area of 44,000 m², dedicated to storage, sorting and cross-docking services connected to the port of Navegantes.

In the land segment, Log-In Logística Intermodal expanded its operations through the acquisition of road operators, more broadly integrating maritime flows with domestic distribution. Tecmar Transportes Ltda. specializes in less-than-truckload (LTL) and full truckload (FTL) road transport, with a distribution network in Brazil’s Northeast and South regions, using its own fleet, distribution centers and storage facilities. In 2024, truck container transport operations totaled tens of thousands of trips with a fleet composed of truck tractors and container chassis, aimed at reinforcing synergies with Log-In’s other services. Oliva Pinto Logística Ltda., in turn, has been operating for more than three decades in road freight transport and storage with a focus on the North region, running its own terminal in the Industrial District of Manaus with significant storage capacity in TEUs and a second terminal under development in Boa Vista (RR), geographically complementing Tecmar’s operations.

The company’s customer base is diversified and composed of large industrial and commercial groups, with no significant concentration above 10% of annual net revenue. Notable clients include companies in the petrochemical, hygiene and cleaning, food, construction and electronics sectors, which use cabotage, terminal and road transport services as part of their supply and distribution chains. Log-In organizes its managerial reporting into three operational fronts – integrated logistics solutions, port terminal and road freight transport – but from an accounting standpoint it reports a single operating segment, with net operating revenue of more than R$ 2.7 billion in 2024. Revenue is mostly concentrated in the domestic market, which accounted for 96.6% of net operating revenue in 2024, although the company also generates revenue in the foreign market mainly tied to routes with Argentina, Uruguay and Paraguay.

Log-In’s activities are strongly influenced by the regulatory frameworks of the maritime, port and road sectors. In maritime transport, the company and its subsidiaries are authorized by ANTAQ as Brazilian Shipping Companies in cabotage and long-haul routes, and can operate owned and chartered vessels, including under the Brazilian Special Registry regime. Recent regulatory developments include Law 14,301/2022, which created the BR do Mar program, increasing flexibility for chartering foreign vessels on a bareboat basis without rigid linkage to owned tonnage, which enabled the expansion of cabotage capacity and the flagging-in of new vessels such as Log-In Evolution and Log-In Experience. In the port sphere, the TVV lease contract is governed by the private port authority VPORTS, successor to CODESA, and sets operational targets and investment obligations subject to oversight and potential sanctions. In road transport, the company is registered as a freight carrier and multimodal transport operator with ANTT, following specific rules for the National Registry of Road Cargo Carriers (RNTRC) and for the transport of hazardous products when applicable.

Log-In Logística Intermodal maintains an international presence with subsidiaries in Austria, Argentina and Uruguay. Log-In International GmbH, based in Austria, supports the structuring of investments and assets related to the group’s vessel fleet on a global scale. Log-In Mercosur S.R.L., in Argentina, provides administrative and logistics services, supporting land, sea and river transport and distribution operations, as well as storage and customs clearance. Log-In Intermodal del Uruguay S.A. focuses on equity interests and the management of investments and assets, including real estate, linked to logistics activity. These structures enable the operation of shipping and logistics services in Mercosur, allowing the company to serve foreign trade flows between Brazil, Argentina, Uruguay and Paraguay in a variable regulatory environment, as evidenced by recent currency and trade changes in Argentina that have affected payment flows and foreign trade.

In terms of sustainability and operational risk management, Log-In is affected by environmental, social and governance issues that relate directly to its fleet, terminals and road operations. In the maritime mode, the company states that it complies with the requirements of the MARPOL Convention aimed at preventing pollution from ships, which involves controlling emissions and fuel (bunker) use. Port operations at TVV and land terminals require management of energy consumption, fuel use in equipment and trailers, and waste handling and safety for port workers. In road transport, fluctuations in fossil fuel prices have a significant impact on operating costs and tariff pass-through, which reinforces the need for efficiency policies and constant updating of freight pricing. The company’s governance structure includes compliance with the requirements of B3’s Novo Mercado segment, aligning practices of transparency and protection of minority shareholders in the context of LOGN3 shares traded on the Brazilian capital market.

From a sectoral perspective, Log-In Logística Intermodal S.A. is positioned as a transport and logistics operator with integrated activities across cabotage, port terminals, intermodal facilities and road transport. LOGN3 shares therefore reflect exposure to a business that is asset-intensive in infrastructure and subject both to the cargo transport demand cycle and to the regulatory environment of maritime and land modes. The combination of significant domestic operations, presence in Mercosur and long-term contracts such as the TVV lease characterizes a business profile geared toward providing medium- and long-term logistics services, with strong interdependence between investment decisions in fleet and terminals and Brazil’s transport matrix, in which cabotage has gained increasing importance for the flow of long-distance cargo.