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Financial assets and liabilities
 12 Months Ended
Dec. 31, 2024
Financial assets and liabilities [Abstract]  
Financial assets and liabilities
13
Financial assets and liabilities
 
Categories of financial assets and liabilities
 
The financial assets and liabilities as of December 31, 2024 and 2023, are summarized as follows:
 
   
2024
    
2023
  
Financial assets
            
Valued at amortized cost
            
Cash and cash equivalents
  
$
207,110
    
$
98,379
  
Restricted cash
    
-
      
1,665
  
Trade receivables
    
206,867
      
239,988
  
Other accounts receivable
    
15,599
      
19,173
  
Related parties
    
74,187
      
70,078
  
Total financial assets
  
$
503,763
    
$
429,283
  

Financial liabilities
                
Valued at amortized cost
                
Short-term portion of the financial debt
  
$
102,388
    
$
64,139
  
Trade payables
    
356,200
      
350,653
  
Accounts payable and accrued expenses
    
514,964
      
275,540
  
Related parties
    
172,409
      
147,098
  
Total short-term portion of the financial debt
    
1,145,961
      
837,430
  
Long-term financial debt
    
374,660
      
12,374
  
Total financial liabilities
  
$
1,520,621
    
$
849,804
  
 
As of December 31, 2024, and 2023, the carrying value of the financial assets and liabilities at amortized cost is considered similar to their fair value.

Financial debt
 
The information for financing as of December 31, 2024 and 2023 is summarized as follows:
 
   
2024
    
2023
  
   
Short-term
    
Long-term
    
Short-term
    
Long-term
  
Payable in Mexican pesos
  
                   
Daimler Financial Services México, S. de R.L. de C.V.
  
$
320
    
$
-
    
$
6,720
    
$
-
  
   
                           
Recognition of debt and substitution of debtor for $40.9 million at a fixed rate of 12%, with monthly payments of principal and interest and maturing in November 2019.  
                           
   
                           
In order to improve the profile of the schedule of payments, a new debt recognition was formalized on October 11, 2018, in the amount of $28 million at a 12.9% fixed rate, with monthly payments on principal and interest, due October 2021.  
                           
   
                           
In order to face the effects of the Covid-19 pandemic, the Company obtained two grace periods of 3 months each for the principal payment from April to September 2020, extending the term of the loan to January 2022.  
                           
   
                           
On June 19, 2021, a new agreement was signed with the finance company in order to extend the amortization period for a total amount of $19.9 million at a fixed rate of 12.9%, with monthly payments of principal and interest and maturity in June 2024.  
                           
   
                           
On August 2, 2022, a new agreement was signed with the financial company in order to extend the amortization period, for a total amount of $15.4 million at a fixed rate of 13.0%, with monthly payments of principal and interest and maturing in December 2024.  
                           
   
                           
These credits were paid in the first quarter of 2025.
  
                           
   
                           
Banco Autofin México, S.A. Institución de Banca Múltiple  
-
      
-
      
3,000
      
-
  
   
                           
Five simple lines of credit with mortgage guarantee initially contracted for $25.5, $45.8, $34.6, $21.6 and $8.4 million at a variable rate of 28-day TIIE plus 450 base points, with monthly payments of principal and interest and maturing in September 2024. The credit for $25.5 was settled on January 14, 2022. The credits for $45.8, $34.6 and $8.4 were settled on July 29, 2022.  
   
                           
On November 26, 2018, a new credit line for $20.0 million was drawn down at a 28-day TIIE variable rate plus 550 base points and due in November 2023. This credit was settled on January 27, 2023.  
                           
   
                           
In order to deal with the effects of the Covid-19 pandemic, the Company obtained a 6-month grace period in the principal payment of 4 of the 6 lines, the period applies from January to June of 2020, extending the maturity of these lines accordingly.  
                           

 
                           
This loan was paid on March 27, 2024.
  
                           
                                 
INPIASA, S.A. de C.V.
    
-
      
-
      
202
      
-
  
                                 
Contract for line of credit, the first for $15.7 million at a variable rate of the 28-day TIIE plus 450 basis points, with monthly payments of principal and interest, and maturing August 2021.
                               
                                 
In 2022, an amending agreement was signed with INPIASA in order to extend the amortization period, maturing in December 2024, date on which it was paid.
                                
                                 
Others investors    
11,711
      
-
      
11,711
      
-
  
                                 
Two unsecured loans were contracted, each for $6.0 million at a fixed annual rate of 15.0%, with principal and interest payments due, originally in October 2020. In January 2021, a principal payment of $1.0 million was made to each line. As part of the negotiations carried out by the Company, new conditions were agreed for each line, increasing the interest rate by 0.25%, as well as extending the maturity date in October 2023.
                                

                               
In July 2021, a credit line with multiple drawdowns was contracted, the first being made on July 28, 2021. The balance as of December 31, 2024, is $5,061 million with a rate of 15%.
                                
                                 
For the above drawdowns the Company is in negotiations to change the payment terms and/or improve the amortization profile of the current loan balance.
                                

    2024
     2023
  
    Short-term     Long-term     Short-term     Long-term  
Hewlett Packard     192
       147
       159
       324
  
                                 
In January 2022, an additional line was contracted for $622.5, at a fixed rate of 9.87%, monthly payments of principal and interest on unpaid balances with maturity in December 2025.                                
                                 
On July 14, 2022, the contract was renegotiated with the following conditions: a fixed rate of 11.20%, monthly payments of principal and interest on unpaid balances, and maturity in September 2026.                                
                                 
Desarrollo del Crédito Sustentable, S.A. de C.V.                                
SOFOM, Non regulated entity
     34,010       -       25,068
       -
  

                               
In March 2023, a line of credit was contracted for $7.7 million at a fixed annual rate of 13.50%, maturing in March 2024.
                                
                                 
In April 2023 a line of credit was contracted for $11.6 million and in June 2023 a line of credit was contracted for $5.651 million, both at an annual fixed rate of 13.50%, with maturity dates in April and June 2024, respectively.                                
                                 
These credits were paid in the first quarter of 2025.
                                
                                 
Excavsa, S.A. de C.V.     -
       -
       3,000
       -
  
                                 
On October 2, 2023, a line of credit was contracted for $3.0 million at a monthly fixed rate of 2.0%, with a maturity date of October 2, 2024.                                
                                 
This loan was paid on April 3, 2024.                                
                                 
Grupo MSQR, S.A.P.I. de C.V. SOFOM
     18,000       -       -       -  
                                 
In September 2024, a line of credit was signed for $18 million, at a fixed monthly rate of 2%, monthly payments of ordinary interest on the outstanding principal balance maturing in March 2025. As of the date of the authorization of the consolidated financial statements, the Company is in negotiations for the payment restructuring.
                                
                                 
Interest payable
    
11,544
      
-
      
4,942
      
-
  
Total debt payable in Mexican Pesos
    
75,777
      
147
      
54,802
      
324
  

    2024
     2023
  
    Short-term     Long-term     Short-term     Long-term  
Payable in US dollars                        
Hewlett Packard
    
9,423
      
5,968
      
6,383
      
12,050
  
                                 
Two lines of credit for $607.8 thousand dollars and $201.6 thousand dollars, at a fixed rate of 6.84% and 6.13%, monthly payments of principal and interest on unpaid balances and maturing in March and October 2024, respectively.                                
                                 
In order to face the effects of the Covid-19 pandemic, the Company obtained a grace period of 3 months in the payment of principal for the months of May to July, extending the term of each credit line 3 months.                                
                                 
In order to continue with the Company’s technological transformation strategy, 3 additional simple credit lines were contracted for $86.6 thousand dollars, $96.9 thousand dollars and $ 252.1 thousand dollars, at a fixed rate of 5.96%, 7.16% and 4.58% fixed annual, respectively, monthly payments of principal and interest on unpaid balances and maturing in March, April and August 2025.                                
                                 
In January 2021, two additional lines were contracted for $43.3 thousand dollars and $385.0 thousand dollars, at a fixed rate of 5.14% and 4.76%, monthly payments of principal and interest on unpaid balances and maturity in December 2025.                                
                                 
On July 14, 2022, the contracts were renegotiated with the following conditions for each line, increasing the rate by 0.25%, as well as extending the maturity date for one year.                                
                                 
On September 25, 2023, the contracts were renegotiated with the same conditions for each line, increasing the rate by 0.25% and extending the maturity date to March 31, 2027.                                
                                 
PNC, Bank, N.A.    
-
      
-
      
2,906
      
-
  
                                 
Line of credit with collateral for $860 thousand dollars hired on August 22, 2019, at a fixed rate of 4.40%, semiannual payments of principal and interest on unpaid balances and maturing in July 2024, date on which it was paid.
                                
                                 
Atrafin LLC
     6,820       33,323       -       -  

                               
In February 2024, a financing contract was signed with Eximbank (Atrafin LLC dba America Trade & Finance Company) for $2.3 million at an annual rate of 6.89% with semi-annual payments of principal and interest for working capital in the conversion of mud vessels.
                                

    2024
     2023
  
    Short-term     Long-term     Short-term     Long-term  
Bancomext, S.N.C.
     10,368       335,222       -       -  
                                 
In 2024, a new floating dock was acquired through financing provided by Bancomext for $16.8 million dollars, equivalent to approximately 85% of its value at a rate of SOFR + 2.35% with quarterly payments of principal and interest and maturing in 2034. This transaction involves a mortgage guarantee of a property, as well as the maritime mortgage guarantee of the floating dock acquired.
                                
                                 
Interest payable     -       -       48       -  
Total debt payable in US dollars
     26,611       374,513      
 9,337       12,050  
Total debt
   $
 102,388     $ 374,660     $
 64,139     $ 12,374  

Covenants
 
Some of the agreements related to the abovementioned loans contain certain covenants including restricting the payment of dividends, not reducing the capital stock and not splitting, as well as conditioning the sale of assets, the foregoing without prior authorization from the creditor; likewise, in some cases, a copy of quarterly and audited financial statements must be delivered, as well as reasonable information requested by the creditor. As of December 31, 2024, and 2023, Grupo TMM and subsidiaries complied with the covenants set forth in those contracts.

The interest expense on the financial debt was $13,465, $9,411 and $9,096 for the periods of twelve months ended December 31, 2024, 2023, and 2022, respectively.

The maturity of the long-term financial debt as of December 31, 2024 and 2023 is as follows:
 
Maturity   2024     2023  
2025
   $
-
     $
7,312
  
2026
    
37,438
      
4,518
  
2027
    
36,101
      
544
  
2028
    
40,624
      
-
  
2029
     260,497       -  
   
$
374,660
    
$
12,374
  

The reconciliation of changes in financing activities during 2024 and 2023 is as follows:

   
2024
  
   
Financial debt
    
Lease
liabilities
    
Total
  
Opening balance
  
$
76,513
    
$
167,579
    
$
244,092
  
Cash proceeds from bank borrowings
    
412,349
      
-
      
412,349
  
Repayment of bank borrowings
    
(25,614
)
    
-
      
(25,614
)
Repayment of leases
    
-
      
(87,529
)
    
(87,529
)
Accrued interest
    
21,635
      
16,193
      
37,828
  
Interest paid
    
(4,784
)
    
(13,641
)
    
(18,425
)
Unrealized foreign exchange gains
    
(3,051
)
    
-
      
(3,051
)
Total
  
$
477,048
    
$
82,602
    
$
559,650
  

   
2023
  
   
Financial debt
    
Lease
liabilities
    
Total
  
Opening balance
  
$
67,505
    
$
287,075
    
$
354,580
  
Cash proceeds from bank borrowings
    
28,068
      
-
      
28,068
  
Repayment of bank borrowings
    
(24,027
)
    
-
      
(24,027
)
Lease liabilities arranged
    
-
      
40,467
      
40,467
  
Repayment of leases
    
-
      
(159,963
)
    
(159,963
)
Accrued interest
    
13,347
      
22,163
      
35,510
  
Interest paid
    
(8,416
)
    
(22,163
)
    
(30,579
)
Unrealized foreign exchange gains
    
36
      
-
      
36
  
Total
  
$
76,513
    
$
167,579
    
$
244,092