Log-In Logística Intermodal S.A. is a Brazilian integrated logistics company, with common shares traded on B3 under the ticker LOGN3. The company originated 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 to adopt 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 history it has invested in its own fleet, terminals and storage capacity, and has gone through significant changes in its controlling shareholder group, with investment funds assuming a relevant equity stake 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 the main Brazilian ports and Mercosur countries, complemented by land-based infrastructure for storage, cross-docking and distribution. The operational proposal is to control the entire cargo movement chain, from pickup at the client’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 that connect the Northeast, Southeast and South regions of Brazil to ports in Mercosur countries and to the North region. Notable services include SAS (South Atlantic Service), 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 links 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 region’s supply. The company’s fleet is composed 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 standards such as the MARPOL Convention, which deals with preventing pollution from ships.

Log-In also operates in the management and operation of port assets and intermodal terminals. Its main asset is TVV – Terminal de Vila Velha S.A., located at the Capuaba quay, in the Organized Port of Vitória, in 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. It 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 thousand TEUs, static storage of approximately 6 thousand TEUs, a large bonded area, a 450-meter quay with 12.5 meters of depth and a rail spur for 15 railcars, operated under a lease agreement whose term has been extended to 2048. Additionally, the company operates the intermodal terminal in Itajaí, in Santa Catarina, with an area of 44 thousand 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 with the acquisition of road operators, more broadly integrating maritime flows with domestic distribution. Tecmar Transportes Ltda. specializes in road transport of less-than-truckload (LTL) and full truckload cargo, with a distribution network in the Northeast and South regions of Brazil, using its own fleet, distribution centers and storage structures. In 2024, container transport operations by truck 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 cargo 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 client base is diversified and composed of large industrial and commercial groups, with no relevant concentration above 10% of annual net revenue. Notable sectors include petrochemicals, hygiene and cleaning, food, construction and electronics, which use cabotage, terminal and road transport services as part of their supply and distribution chains. Log-In structures its managerial reporting into three operating fronts – integrated logistics solutions, port terminal and road cargo transport – but from an accounting standpoint it reports a single operating segment, with net operating revenue exceeding 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 foreign-market revenue mainly associated with routes to Argentina, Uruguay and Paraguay.

Log-In’s operations are strongly conditioned by regulatory frameworks in the waterway, port and road sectors. In maritime transport, the company and its subsidiaries are authorized by ANTAQ as Brazilian Shipping Companies in coastal and long-haul navigation, and may 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 the bareboat chartering of foreign vessels without strict linkage to owned tonnage, which enabled expansion of cabotage capacity and the flagging-in of new vessels such as Log-In Evolution and Log-In Experience. In the port sphere, TVV’s lease contract is governed by the private port authority VPORTS, the successor to CODESA, and sets operational targets and investment obligations, subject to supervision and possible sanctions. In road transport, the company is registered as a cargo 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, where 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 linked to the group’s vessel fleet on a global level. Log-In Mercosur S.R.L., in Argentina, provides administration and logistics services, advising on road, maritime 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 activities. These structures enable the operation of shipping and logistics services in Mercosur, supporting foreign trade flows between Brazil, Argentina, Uruguay and Paraguay in a variable regulatory environment, as evidenced by recent exchange-rate 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 topics directly related to its fleet, terminals and road operations. In maritime operations, the company states that it complies with MARPOL Convention requirements aimed at preventing pollution from ships, which involves controlling emissions and the use of fuels (bunker). Port operations at TVV and land terminals require management of energy consumption, fuel use in equipment and trailers, and waste management and worker safety in port activities. In road transport, fluctuations in fossil fuel prices have a significant impact on operating costs and tariff pass-through, reinforcing the need for efficiency policies and constant freight-price updates. 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.

At the sector level, Log-In Logística Intermodal S.A. positions itself as a transport and logistics operator with integrated activities spanning cabotage, port terminals, intermodal structures and road transport. LOGN3 shares therefore reflect exposure to a business that is asset-intensive in infrastructure and subject both to the freight transport demand cycle and to the regulatory environment of waterway and land modes. The combination of significant domestic operations, presence in Mercosur and long-term contracts, such as the TVV lease, characterizes a corporate profile focused on 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 been gaining increasing importance for long-distance cargo flows.