Grupo TMM is a Mexican maritime logistics and transportation company, primarily serving Mexico's oil and gas industry. The company's core business is chartering vessels to PEMEX and other energy companies operating in the Gulf of Mexico, which drives roughly three-quarters of total revenue. Its fleet includes five offshore "mud vessels" that support PEMEX's drilling operations by handling drilling fluids, product tankers and an LPG vessel that transport petroleum products and propane gas between Mexican ports, and a parcel tanker that moves liquid chemicals and vegetable oils between Mexican and U.S. Gulf Coast ports. Grupo TMM also provides maritime agency services at Mexico's main ports. Beyond maritime operations, the company runs a shipyard in Tampico that repairs over 30 vessels per year, a warehousing business (ADEMSA) with over 71,600 square meters of space including government-licensed bonded warehousing, and a small logistics segment focused on just-in-time parts delivery for automotive manufacturers. Grupo TMM primarily earns revenue through time charter contracts, where customers pay a fixed daily rate and cover fuel and port costs, while Grupo TMM bears crew, maintenance, and insurance costs. Customer concentration is very high — PEMEX dominates Maritime Operations revenue, creating meaningful exposure to PEMEX's drilling activity and payment behavior. Mexico's Navigation Law, which reserves intra-Mexican shipping for Mexican-flagged vessels, provides Grupo TMM a degree of protection on domestic routes.