Log-In Logística Intermodal S.A

What it is

Log-In plans, manages and operates cargo-handling solutions through coastal shipping, backed by road transport — an intermodal network covering Brazil and the Mercosur region.

Its three business areas are: Coastal Shipping (maritime routes along the Brazilian coast and Mercosur, combined with short-haul road legs); Port Terminal (managing the Vila Velha Terminal, TVV, in Espírito Santo); and Intermodal Terminals (land hubs integrated with the coastal service).

Founded in 2007, the company was formerly known as Docenave Navegação Vale do Rio Doce before becoming Log-In. Its customer base of more than 1,500 companies spans food and beverage, steel, chemicals, automotive, and electronics.

Who owns it

In January 2022, SAS Shipping Agencies Services completed the purchase of a 67% stake in Log-In; the company was not absorbed — it continues to operate independently with its own results and expansion strategy.

SAS Shipping is a wholly owned subsidiary of MSC Mediterranean Shipping Company, the Geneva-based group that is the world’s largest container carrier, which drove the acquisition. Insiders collectively hold 73.5% of shares and institutional investors a further 19.6%, leaving a free float of roughly 7% (EODHD data).

Who runs it

Marcus Voloch was elected as the new CEO by the board, taking office on 1 January 2026 with a mandate running to the 2027 annual general meeting.

Voloch brings roughly 27 years in maritime transport, international logistics and coastal shipping; he previously held leadership roles at the Hamburg Süd group across South America and in Hamburg, and served as executive director of Aliança Navegação e Logística. The CFO and Investor Relations officer is Pascoal Cunha Gomes, per the company’s own corporate information page.

The money, in plain words

Revenue has grown 31.7% over two years — from R$2.34bn (US$454 mn) in 2023 to R$3.08bn (US$598 mn) (~$598m) in 2025 — and jumped 10.2% in the last year alone (our calculation). Full-year 2025 earnings per share came to R$0.88, (US$0.17)up from R$0.51 (US$0.10)in 2024, on revenue of R$3.08bn (US$598 mn), with net income of R$93.7m (US$18 mn) — a gain of 75% year on year.

For every real of sales, Log-In keeps about 3 cents as profit after all costs — a net margin of 3.0% — and for every real shareholders have put in, it earns roughly 8.6 cents a year — a return on equity of 8.6% (both our calculations); thin margins typical of asset-heavy transport, but improving fast. The price-to-earnings ratio of 99.7× is very high, meaning investors are pricing in considerably more profit growth ahead, not paying for today’s earnings.

The balance sheet carries net debt of R$1.74bn (US$338 mn) (~$338m) — total borrowings of R$2.04bn (US$396 mn) against cash of R$300m (US$58 mn) (our calculation). Earnings cover interest charges only about 1.3 times, which analysts flag as the company’s primary financial risk.

What it is doing now

Recent moves include expanding into northern Brazil through Tecmar Transporte & Logística in Manaus, and upgrading the Vila Velha Terminal (TVV), which has increased its container-handling capacity and broadened the range of cargo types it handles.

Incoming CEO Voloch — who has three decades in shipping — has signalled that his first priorities are strengthening business units beyond the core coastal-shipping arm and removing internal bureaucratic barriers to give frontline teams more authority to decide.

What to watch

• Margin recovery: Revenue is growing well but net margin remains thin at 3.0%; whether Voloch’s operational drive can expand it to a level that justifies a near-100× P/E is the central question.
• Debt cover: Interest payments are covered by earnings at only 1.3×, a level analysts consider a major risk — any revenue softness would tighten that further.
• MSC strategy: Log-In operates independently of MSC, but with the world’s biggest container line as a 67% owner, decisions on fleet, routes and capital will always carry a Geneva dimension.
• Amazon expansion: The push into northern Brazil via Tecmar in Manaus opens river-logistics territory that few competitors reach — high potential, but operationally complex.

This is news, not investment advice.