Could you provide us with a summary of 2025 for the company?

2025 has been a strong year for us, marked by steady development and growth despite multiple challenges, including new regulations and supply chain disruptions stemming from geopolitical tensions. We successfully consolidated our position as market leaders in chemical product handling, a status recognized by the chemical sector, but also by CPKC, which included us in their Premium Transload Program.

Our growth has been driven by several key investments in terms of storage, notably increasing our tank capacity, as well as in transloading capacities. We have also streamlined the unloading of products and have implemented operational and administrative systems upgrades to enhance agility and to provide our clients with a better service. 

How is the logistics sector adapting to the disruption of supply chains?

Many now operate with larger inventories, which has led to our storage capacity being nearly full. In response, we have increased our tank capacity.  We expect the situation to persist in the coming years, given the current climate of global tensions and uncertainties. 

Is the sector noticing the impact of nearshoring?

Although this process has somewhat decelerated in recent times amid global uncertainties, we expect it to continue in the long term. This dynamic has impacted companies like FR Terminales. Foreign investment has been very supportive of our operations, as we offer strategic logistics in a high-added-value corridor for our clients. Our terminals are located in Mexico’s main economic centers, enabling us to help companies expand their reach, including to the US market. 

What can the impact of tariffs and the USMCA renegotiation be on the logistics sector?

So far, Mexico has been adept at managing and delaying major decisions on this front, but eventually a revision will take place, and its outcomes are still uncertain. We believe that logistics will not be directly affected; however, the chemical sector likely will be, which could generate a cascading effect across the broader economy.

Is the recent focus of distribution companies on specialty chemicals affecting logistics by decreasing freight volumes?

High-volume products need to be transported, too, as the market is relevant. While distributors may be increasingly drawn to specialties because of the higher margins they offer, I do not think one market will replace the other, as both products will remain necessary. If anything, this trend has benefited us by complementing our commodity transport operations, allowing us to further capitalize on our infrastructure. Transport of specialties tends to be slower, which increases our revenue, and in times of instability, rising storage rates add a second layer of benefit.

What is your assessment of the rail investments incorporated into the Plan México?

Most of the investments are directed to passenger transport, which can present challenges to rail cargo, as both will have to share tracks in many sections. We hope both modalities will succeed in coexisting without major disruptions, but this balance will be difficult to achieve. Nonetheless, the stronger the rail system becomes, the more confident clients will be in this mode of transport, and the stronger our position as a rail freight operator will be.

How is the government collaborating with the sector to improve infrastructure?

The government has opened certain spaces to listen to the sector’s inputs to advance infrastructure development. The potential to fully seize the opportunities generated by nearshoring will be limited if free transit of goods is hindered. Security is another factor that limits freight transport by road and increases its price. Thus, authorities are striving to identify the barriers that constrain the industry to overcome them. 

What are FR Terminales future plans?

We intend to keep growing our storage tank portfolio across our terminals, working closely with our customers to develop projects tailored to their needs. AI is another area of focus to enhance both our internal auditing capacities and our customer service, which will allow us to remain at the forefront of the sector. 

Another major priority will be our ability to adapt to new regulations. This will require significant effort and investment. However, we are confident that we will successfully meet these changes, something not all companies in the market will be able to achieve.