[Audio Gap] Finance and Investor Relations Vice President; Marcus Voloch, Coastal Shipping Vice President; Gustavo Paixao, Terminals Officer; and Mauricio Alvarenga, Road Cargo Transportation Officer. They will comment on the company's performance and main highlights of the quarter. Then they will be available to answer any questions that you might have. The slide presentation and earnings release in both Portuguese and English are available in the result center of the company's IR website, and we will be showing the presentation in Portuguese here on Zoom. In addition to the rooms available in Portuguese and English, we will also provide Brazilian sign language interpreting during the whole event.
[Operator Instructions] Be advised that this webinar is being recorded and will be available on the company's website. Before proceeding, as usual, we would like to clarify that forward-looking statements that might be made during this conference call relative to Log-In's business perspectives, projections and operating and financial goals are based on the beliefs and assumptions of Log-In's management and on information currently available to the company.
Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties and assumptions as they depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Log-In and could cause results to differ materially from those expressed in such forward-looking statements.
Now with the legal disclaimer is made, I would like to turn the floor to Marcio Arany, Log-In's CEO, to start with his initial remarks.
[Interpreted] Thank you, Sandra. Good day, everyone, and this is Marcio Arany speaking, the company's CEO. I would like to thank you all for attending Log-In Logistica Intermodal's Fourth Quarter 2024 Earnings Conference Call. We will start our presentation on Slide 3 by reviewing the main achievements of our strategic plan in 2024 in 4 blocks: Coastal Shipping and Integrated Solutions, TVV, our Vitoria terminal, road cargo transportation and ESG and capital structure. This is an approach of ours, which permeates all of the company's business units. Next, we will present our results.
In our coastal shipping business, we highlight a number of record marks in 2024. First, a historical annual record in coastal shipping volume with 732,600 TEUs and NOR, net operating revenue of BRL 1.726 billion, posting also a record EBITDA of BRL 476.7 million. We also highlight the 16% increase in road to sea conversion. The launch of the Navegantes Shuttle Service to supply the market and the receipt and start of operations of our vessels Log-In evolution and Log-In experience.
As for TVV, we highlight a record high NOR of BRL 437 million and the highest volume of containers handled, 228,700 boxes. Adjusted EBITDA for TVV was excellent and also in line with last year, even in a year where we had almost 6 months of the operation restricted because of the retrofit works in our equipment. And after the modernization of our equipment, we increased the operational productivity of the terminal by 39%.
Now with regard to road cargo transportation, we highlight record annual NOR of BRL 578.2 million, continued implementation of synergies with Log-In with 51,800 container operations that Tecmar and Tecmar Norte carried out for Log-In and also the turnaround plan with the creation of the warehousing and distribution department and the hiring of 2 new officers, very experienced people from the market and also the modernization of 8 branches with a strategic location.
Tecmar Norte supported a good part of Log-In operation in Manaus during the drought period. The fourth and final point relates to our ESG agenda and capital structure. Here, we highlight Log-In's inclusion among the 500 best companies in the world for sustainable growth according to Time Magazine. Log-In also won third place in the ANTAQ 2024 Awards in the regulatory compliance category. We also highlight Log-In's partnership with the Institutes Artes Sem Limites and Social Esperanca with 1,482 activities. We also launched the Compliance at Sea Project with the training of seafarers on board on compliance and ethical conduct. And lastly, the implementation of the ELLAS program, which focuses on the development of female leaders.
Now our team will present the quarter's results, starting with Marcus Voloch, Coastal Shipping VP, who will provide more detail about this business unit.
[Interpreted] Thank you, Marcio. Good morning, everyone. This is Marcus Voloch speaking, Coastal Shipping VP. I'll start on Slide 4 by highlighting our 30.5% growth in total volume handled in Q4 '24 year-on-year, reaching the mark of 173,300 TEUs in the fourth quarter. It is worth highlighting the continued growth in Feeder cargo and Mercosur trade, which is showing that it has turned the corner. As I mentioned before in the previous call and put the bad times behind it with the recovery of the Argentine economy now reporting a 10% growth over Q4 '23.
In 2024, according to ABAC, the Brazilian Association of Cabotage Shipowners, the volume of containers handled by Cabotage in Brazil grew by 9.6%, while again recorded growth of 11.2%. In Feeder cargo, the market grew by 33.8%, pushed by Log-In's strong growth, up 56%. And our market share in the end of 2024 in Feeder cargo was over 55%. In the fourth quarter, we recorded a slight increase in cabotage volumes despite operational problems at the main ports where we operate, which continued to cause port call delays and cancellations. In addition, the quarter was marked by drought on the Amazon River Basin, which naturally restricted the volume transported to and from Manaus.
However, by using the Itacoatiara floating pier, we transported significantly more volume on the stretch than in the fourth quarter of 2023. When shipping to Manaus was totally blocked, we were able to maximize the use of our assets with feeder volumes, which increased whenever there are major problems in the port. In this way, in addition to a slight increase in cabotage volumes, as I mentioned, we have managed to maintain the utilization of our ships at high levels, albeit with a cargo whose revenue per container transported is lower than cabotage.
In figures, we had a slight increase of 2% in cabotage volumes reinforced by 47% in feeder transport. Again, in a quarter-on-quarter comparison, in the Mercosur trade, as I mentioned earlier, Q4 saw a 10% increase in volume transported, confirming the trend towards recovery in this market. Our team remains committed to the commercial strategy of bringing new transportation alternatives to the market, also in Mercosur migrating from road to multimodal international transportation. For the full year, we still recorded a reduction of almost 6%, but with a substantially stronger second half of the year, showing that there is indeed a recovery in this market.
Moving on to net revenue for Coastal Shipping. We posted a record for a single quarter of almost BRL 477 million, with 36% growth over Q4 '23, driven by the continuity of services to Manaus, which last year was practically interrupted and more volumes in dollars with the appreciation of the U.S. dollar against the Brazilian real, considering more feeder cargo and more Mercosur trade. Adjusted EBITDA for Coastal Shipping totaled BRL 142.2 million, also a quarterly record, and we had an increase of 129.9% year-over-year with a consequent increase of 12.2 percentage points in EBITDA margin, demonstrating the success of our strategy to focus on better using our resources and also focusing on adapting to market needs.
In the full year, we achieved the highest EBITDA in our history, BRL 476.7 million with a slight reduction of 3.2 percentage points in EBITDA margin when compared to 2023 as a result of the logistic challenges faced throughout the year with congested ports, port call delays and emissions. In order to minimize these impacts for cabotage customers, alternatives were created, such as storing cargo outside the primary areas, both at origins and destinations. This ends up increasing our cost base, but it also increases the level of service offered.
In addition, the stronger growth in feeder ends up holding margins down since revenue per container shipped is indeed lower. Another relevant point of pressure is the increase in operating costs, mainly port handling. For example, trans shipment, storage and land transportation as a result of the complicated situation in Brazil's main ports. This situation also has an impact on bunker consumption as we need to speed up our vessels in order to partially make up for the delays at the ports.
Lastly, also on the expenses side, the operation of the Itacoatiara floating pier requires additional handling of cargo, increasing the cost of services provided. In any case, 2024 was an extremely challenging year, but one that relied on the versatility of our vessels. We received 2 new vessels during the year and also the creativity of the Log-In team, which was able to take advantage of every opportunity to bring positive results for the company.
I now hand over to Gustavo Paixao, who will present the results for Terminals. Thank you.
[Interpreted] Thank you, Voloch. Good day to all. This is Gustavo Paixao speaking, Terminals Officer. And now I'll be sharing with you TVV's results for the fourth quarter of the year 2024. Well, starting with volume of containers handled, our main cargo. In the last quarter of '24, we handled 52,200 boxes at TVV, a relevant number for a quarter, but still a 13.5% reduction compared to Q4 '23. This is due to normal seasonality in coffee exports, which was one of the major drivers of the terminals handling results in 2024, as well as the reduction in imports of electric vehicles in the period, a consequence of the tax and imports of this type of cargo that affected the whole of the second half of '24.
Looking now at the consolidated result for the year, our main highlight was the handling of 228,700 boxes in '24, an increase of 21.4% compared to 2023. This result is an all-time record for the terminal. In fact, for the first time in the terminal's history, we have exceeded our dynamic container handling capacity, which in and of itself would be a highlight. We achieved this result even with the restriction of around 30% of our operational capacity between January and September of 2024 due to the terminal's modernization works, which brings even more relevance to this achievement.
It is important to mention the contribution of coffee exports to this 2024 result. Espirito Santo broke a record that had stood since 2002 for the export of coffee bags around 8,260,000 bags were exported, most of them through the TVV. Another highlight of 2024 was the imports in general, with the most important item still being imports of EVs and flat racks with around 25,000 boxes handled in 2024.
Turning now to general cargo handled. We have the opposite scenario to that of containers. While in the last 3 months of 2024, we had a growth in handling. In the full year, we were down compared to 2023. In the last quarter of '24, we handled around 280,000 tons, which represents a result almost 30% higher than the same period in 2023 with emphasis on our bulk operations, mainly fertilizers. And also a small sample of the recovery of the terminal after the modernization period, showing the importance of recovering our full operational capacity from mid-September '24 onwards.
When we look at the result for the full year '24, we handled 714,300 tons, down 18.3% compared to 2023. In general cargo, the impacts of the period when the terminal was undergoing its modernization effort, the results were even more pronounced with the restriction of our berths, high occupation of our yard and the consequent loss of operating performance. Some cargo migrated to other terminals and even to other states with an impact on our revenues for the year, both the main and ancillary revenues.
However, with the resumption of our operating capacity once the modernization works were over, we have already shown an interesting recovery in these volumes in the last 3 months of '24. Before we get into our financial results, it is important to highlight the positive impact of BRL 59.1 million in Q4 '24. This cash inflow stems from a lawsuit that made it possible for Log-In to charge for cargo in forfeiture stored at TVV. With the final and unappealable decision by the court, it was possible to recognize this revenue in last year's financial year.
That said, when we look at our net operating revenue in Q4, our NOR totaled BRL 148.7 million, growing 58.5% compared to the same period of the previous year. While in the full year, we achieved 24.6% growth with NOI totaling BRL 437 million. Taking a look at our net operating revenue, disregarding the impact of the nonrecurring event, the result of the quarter totaled BRL 89.6 million, a reduction of 4.5% year-on-year, mainly due to lower container throughput in the period. In the full year '24, the year-on-year NOI comparison is positive, a growth of 7.8% with revenue totaling BRL 377.9 million.
Well, now to our EBITDA result, which is already shown here without the impact of that revenue of BRL 59.1 million mentioned earlier. We recorded BRL 38.6 million in Q4 '24, a result around 13% lower than that of the same period of 2023, in line with the reduction in container handling in the period. In the full year, we had a result practically flat with the previous year that stood at BRL 165.5 million following the reduction in general cargo handling in 2024. And the consequent loss of capacity to generate ancillary revenues at TVV, as well as the extra costs related to resources such as people, equipment and area rental, which were very important to cover the moment we went through in 2024 with the modernization work at the terminal, which I repeat, restricted TVV's operations between January and September last year.
The use of these resources was decisive for the significant growth in container handling, meeting the strong demand from our export and import customers.
Now I would like to give you an overview of the terminal after the modernization project. Now with its operational force fully restored, the terminal showed a 39% increase in its operating performance in the last few months of the year. This represented a reduction of almost 20% in the average berthing time of ships, leading to more berth availability, which in turn allows us to serve other ships and operations further strengthening TVV's multipurpose profile and making us ready for greater and better results in the future.
Moving on to the next slide, I bring you important and relevant news, which has already been duly communicated to the market, but which I would like to highlight in this call and celebrate. This week, we signed with the local port authority, a new contract for the exploration of a port facility. This means that we have grown by more than 60% our total terminal area, a move that aims to make us even more relevant in the Espirito Santo and Brazilian port landscape. This larger area will allow us to expand our range of port services further improving and boosting local foreign trade. BRL 35 million will be invested in revitalizing the area, obtaining licenses, implementing technologies and new equipment.
This revitalization process has an initial construction schedule of 9 months before it is fully operational. It is important to emphasize that this fact in itself reiterate Log-In's and TVV's commitment to the development of the state of Espirito Santo, reinforces the partnership with our customers and ratifies our position as the main player in the Port of Vitoria, acting as a multipurpose terminal and offering diversified port services with quality, safety, innovation and agility.
More folks, these are the results in facts of the Terminals division for Q4 and full year 2024, a very challenging year due to the whole context presented with modernization works, increased container handling and very high yard and berth utilization, perhaps nothing very different from the scenario in other Brazilian port, but a year also with many opportunities and the certainty that the terminals look into the future.
This concludes the presentation of the results of the Terminals Division, and I hand over to Mauricio Alvarenga, Officer in Charge for Tecmar Transportes. Thank you.
[Interpreted] Thank you, Gustavo. Well, hello. Good morning, everyone. This is Mauricio Alvarenga, Tecmar's Executive Officer. In the previous quarter meeting, I commented a little on the restructuring Tecmar is going through. In the fourth quarter of '24, we made progress on several fronts in the restructuring process, such as the creation of a new distribution department. The operational department is divided into 2, one with transport, one focused on transport and the other one focused on our DCs. And this new department is focused on operating our 19 own DCs with excellence, where we have the most number of people and the highest resources, as well as promoting cost optimization at the distribution centers and increasing productivity at the DCs.
In 2024, 8 of our cargo consolidation and distribution centers, which we call our DCs, underwent structural interventions, some of which some DCs even had to be physically relocated. These changes were necessary, primarily in order to improve our productivity and some structures were old and needed to be modernized and also due to licensing issues. We needed to make structural changes in order to comply with the licensing. Another point that we have been working hard on is reducing the fixed costs associated with the changes we are making. And we are also focusing on reducing fixed costs, particularly associated with the less than truckload business or LTL.
In 2024, we also implemented systems. One of the systems we implemented was one for the drivers to confirm deliveries on time, so that they can confirm delivery on time for the last mile when they are there at the customer's store. And at that moment, they scan the invoice, making the invoice steps that carriers normally find it very hard to control and handle given the volume for the less than Truckload business. Well, these invoice steps will be made easily and quickly available on the customer service platform for customers to consult.
At the same time, we deployed also in 2024, a new ERP system, while we had before did not support the growth of the business. So we chose SAP [ Business One ], and we started deploying in April of last year and the process ended during the year. The goal here was to strengthen our processes and to improve the company's governance. And even with all of these changes, we managed to grow our NOR both in the fourth quarter and in the full year 2024. This NOR growth was driven especially by the business units related to container transportation. I'd like to remind you that we currently have structures dedicated to container transportation in the states of Santa Catarina, Sao Paulo, Pernambuco, Amazonas, the old, Oliva Pinto, now Tecmar Norte and [ Horaima ].
EBITDA in Q4 was greatly affected by low volume in the less than truckload business given the restructuring process that we go through. And it was also affected by the write-off of costs related to fault and claims accumulated in the period and written off in Q4 '24.
Moving on to the next slide, it is possible to understand a little better how Tecmar's turnaround process is developing. Breaking down by business lines, we have Tecmar Norte, warehousing, full truckload and container transportation that are doing well as we had planned. What is not doing so well is less than Truckload. This business stands out in the restructuring process. So to give you an overview of the less than Truckload business process, speaking about what went well and what hasn't gone so well. So what went well?
Well, we have been improving the level of service. In the second half of 2024, we had a significant improvement in the level of service of the LTL business. And we also created express routes. We currently have dedicated routes, express routes to reduce transit time. We also hired 2 new officers with market experience focused on the LTL business, focused on improving productivity and reducing costs, both variable and fixed costs.
Now what hasn't done so well, the recovery in volumes in LTL volumes. This is the main point that we are focusing on. Volumes were still small, below expected despite the influx of pipeline of new customers and our faults and claims ratio has exceeded our expectations.
So now 2025, we are working on capturing more new clients for the Less Than Truckload segment. We have our commercial team out in the field focusing on that. And we have a team focused on handling faults and claims. We expect to see from now on quarter-after-quarter, a gradual return of results in this segment. On the other hand, we will continue to make progress in growing those lines of business linked to container transportation, both to increase the capturing of synergies with Coastal Shipping and Log-In and to bring in new customers, offering this service to the market in all of the regions where we operate.
Well, this is what I have for you. Thank you for your attention, and I'll hand over to Pascoal, who will continue the presentation.
[Interpreted] Thank you, Alvarenga. Hello, everyone. Well, in order not to be repetitive, the highlights, we have here the Log-In Group's consolidated results, but I think that Gustavo, Alvarenga and Voloch spoke a lot about the results. But we had a fantastic quarter Q4 posting a 30% increase in NOR. Of course, Gustavo mentioned there is a nonrecurring effect of BRL 29.1 million due to forfeiture cargo. But still, net of this amount, we still posted a strong growth.
In terms of adjusted EBITDA, we also had significant growth of around 30%, mainly related to Coastal Shipping. Coastal Shipping grew a lot in this Q4, particularly because of Feeder. Feeder was the big highlight of the quarter, as Marcus Voloch mentioned. Feeder is like a hedge for our operations, our Coastal Shipping operations. We normally have cabotage and Feeder. When cabotage is not doing so well and cabotage is much more associated with the economy of the country, although Brazil posted growth. We know that this was at a cost and some macroeconomic indicators are penalizing the economic activity in Brazil. And of course, that has an impact on the transportation of goods, and it impacts cabotage.
But still, we grew in cabotage. We grew more than the market grew even with a new competitor in the market, and that is very positive. TVV posted an EBITDA, which was slightly lower than last year, but as Gustavo mentioned, we had a year which operationally speaking was complicated because we had a retrofit. It's like you have to take one step back to take 2 strides forward.
Now the terminal is back to its operating capacity and operating efficiency with a good expectation for the foreseeable future. He also gave us this wonderful news of the terminals expansion project. There's an expectation of increasing the level of service, broadening the work with the cargo that we operate with. It is a multipurpose terminal. That is our strategy. And again, this will help hedge the portfolio of cargo that the terminal works with, containers, jumbo cargo, bulk and so on and so forth. And Alvarenga mentioned about Tecmar's result. We have been living through a restructuring process.
And again, we've said this in prior calls. This is part of the plan. We knew that the LTL business would need to be restructured. It has a very positive synergy with our main business, cabotage, mainly when we can carry a less than truckload in containers on our vessels. So this is positive for the main business of the company, but it is a harder market.
On the other hand, the other sublines of business of Tecmar doing well. Our operation with Tecmar Norte in the north of Brazil, the container business, which is new and is ramping up. We invested in new trucks. We expanded the fleet, of course, this brings a cost to the system, but with a positive margin. And it creates synergies with Log-In itself because it is a verticalization in this sub-business line.
Storage and warehousing is also a business that is doing really well. We're exploring Integrated Logistics Solutions. The Integrated Logistics Solution in itself, which is kind of flat in the yearly comparison, slightly below had restructuring of the customers' portfolio. Log-In always had in the heart of its strategy, transportation with a multimodal integration, particularly joining Coastal Shipping with road transportation in a door-to-door solution. Most of our operations are a door-to-door service. And we are more and more offering solutions, logistic solutions to the market, including other modes, warehousing, management and of course, this opens up a positive business outlook for the company.
In terms of the full year, our revenue was 20% higher. Again, in the revenue, there is this nonrecurring effect, but still, we would have posted a positive growth net of that nonrecurring event. EBITDA does not follow that growth because it is adjusted for the nonrecurring event in the quarter and also because we grew the operation. We have more vessels in operation. We started a new Feeder service, the Navegantes Shuttle Service. There is the whole part scenario that we had in 2024, which resulted in extra costs for us due to port emissions and cargo being relocated given the congestion of the ports in Brazil.
Some issues have an expectation of improvement in the short-term. Others did not share the positive outlook because infrastructure has a long-term outlook, but we are monitoring the scenario, hoping that it will improve. And naturally, we had to deal with the drought in the north. We turned the drought into an opportunity this year. But of course, it's a hard effect on the operation. We have restrictions in the navigability. But still, as Voloch highlighted, we were able to transport a lot more cargo this year than last year.
And of course, the road cargo transportation business had an increase in costs due to the container transportation operation in the restructuring of the company, as Alvarenga mentioned, we restructured 8 branches, own branches this year. And of course, that entails a cost for the operation, but this will be recovered. There will be a return on the investment. Hopefully, in the future, we're going to work in that direction.
Now moving to the next slide. You're speaking about our indebtedness. I always highlight our leverage level. Net debt over EBITDA ratio stood at 2x, which is a result in line with the previous quarter, marginally higher. Perhaps it would be more flat net of that nonrecurring effect. But this is good news because EBITDA in the last 12 months expanded the fact that we invested, we made recurring investments to sustain the business and then kind of aid up some of our cash, our net debt over EBITDA indicator remains stable.
Our average cost of debt is also stable because we have a balanced mix CDI, TJLP, dollar and IPCA. Regarding the amortization schedule, no news here. The major highlight that we spoke about in Q1 of 2024 was the liability management that we carried out. We lengthened operations that were due in the short and medium-term, pushing them to the long-term under better conditions and with a lower average cost of debt. And this has a reflection in the amortization schedule that we see on the bottom of the slide.
Moving on to the next slide. Here, we highlight Log-In's commitment to our sustainability agenda, our ESG agenda. Marcio has mentioned the main highlights, Log-In among the 500 best companies in the world for sustainable growth. That's an important ranking by Time magazine. We also got to place in the ANTAQ 2024 Awards in the regulatory compliance category. That was very, very positive for the company. And we highlight some other deliveries of the year. But -- we had our social project around TVV, what we call community on board. We had more than 1,300 or 1,400 points of contact with the community with ballet, guitar lessons and workshops to promote local development of the community around the terminal.
Now I turn the floor to Marcio Arany, our CEO, to continue the meeting.
[Interpreted] Thank you, Pascoal, Voloch, Gustavo and Alvarenga. We now move on to the question-and-answer session. We are here for you. Thank you very much.
[Interpreted] We will now began the Q&A session. If you want to ask a question, you can use the raise hand feature located at the bottom part of your screen, so then your microphone can be enabled. Those of you who prefer to send your questions in writing, you may do so using the Q&A button also located on the bottom of your screen. Questions received in writing will also be answered live. We have a question by [ Luiz Elena Araujo ]. What can we expect from cabotage volumes in 2025? Given the current scenario of port congestion and increased competition, how will Log-In's operations fair in this context of a faltering economy?
[Interpreted] I'll ask Voloch, our Coastal Shipping VP, to answer your question.
[Interpreted] So to 2025, right, well, we understand that -- well, we agree with your statement that the economy is faltering. There's some hesitation, high interest rates. We have been speaking with our customers and many customers are overstocked, selling less than they expected with a reduction in volumes. However, cabotage has a very interesting profile, which is when the economy is skidding, companies want to cut costs and logistics is a cost. So they tend to migrate from road to cabotage because this can mitigate costs and it improves cabotage profile. It's the famous road to sea or way to multimode conversion.
So we believe that although the economy has weakened, the companies will continue with that move. This is just one point. The second point is that we have filled our ships with feeder cargo. Brazilian foreign trade increased substantially. Last year, I think 19% exports, 14% imports increase, if I'm not mistaken. If the country grows 2.1% of GDP, foreign trade will grow by 1.5x the GDP. Last year was an exception. Last year, growth was gigantic. But as foreign trade grows, the volume of feeder cargo also grows particularly with the port congestion as the ports are. And we complement cabotage. We expect the market will grow together with or above the market. And we expect to complement the growth with feeder cargo.
And lastly, we should not forget to mention the Argentina economy improving significantly. Like I said, in the second half, they did much better than in the second half of last year. Q4, in particular, posted a 10% increase in the Brazilian -- in the Argentina economy. And this should confirm in the coming months. If on one hand, domestic economy is skidding, external economies are doing better. So putting all of this together, we expect to fulfill our mission, which is to generate results to our shareholders.
Thank you, Sandra. Back to you.
[Interpreted] Thank you, Marcus. We have another question from [ Cavega ]. Congratulations on the record marks in the operational improvement. Given the cost increases, cost of shipping, bunker cost and foreign exchange impact, what is the strategy to mitigate these impacts and protect the operating margins of the company in the next quarter?
[Interpreted] Voloch, over to you again.
[Interpreted] Okay. Well, I think that the foreign exchange is interesting. We have more revenues in dollars than expenses. So if the dollar appreciates, that's good for us. And as for bunker consumption, together with our results, we show the evolution of our fuel over time. And our shipping is priced according to bunker. If bunker drops, we reduce the shipping price. If bunker price increases, we increase our shipping price accordingly. In that regard, bunker fuel variation, well, this effect is hedged by the way we price our services. However, when we have to speed up the vessels due to operational reasons, well, we cannot pass that extra cost through to the customers. Customers are not to be blamed for port congestions.
So indeed, in this case, we have to work together with our operators so that our vessels will be able to berth and operate efficiently. And this is what we've been doing. We have been doing a good operational work. And we're doing beautiful work of improving operating level. To give an idea, in January and February of '25, our punctuality level is back to around 90%. Our goal is around 90%. Last year, we were below 60% in the average for the year, and that shows the fruits of this work to improve the operational side. And with that, when everything is running smoothly, the ports are doing a little better. This behavior costs, as we call them, the unplanned costs, these unnecessary costs end up reducing and the results improve. I hope I have answered your question, but this is a complex question with a long answer with a lot of details to be mentioned, but the team is very much devoted to mitigate, reduce and eventually 0 these unplanned costs.
Sandra?
[Interpreted] We have another question by [ Paulo Mendes ]. I would like to know more about the company, if the company is willing to pay dividends, if the company is indeed profitable?
[Interpreted] Well, thank you, Paulo, for the question. I'll hand over to Pascoal to answer the question.
[Interpreted] All right, Paulo. Log-In is not expecting to have a dividend payout, not yet. The good news, though, is that the accumulated loss we had in the past was much higher and accumulated loss that started before the turnaround of the company. And this loss has been reducing with the results that we are posting. So we're improving the situation. Now we have a loss of approximately BRL 300 million that's in our balance sheet. But as we improve the results of the company, we reverse the loss and that leads to a tax benefit. A part of our income tax can be reduced with this accumulated loss. But if we look at Log-In looking forward, even with a positive result, and we are all working for that. We are a company that wants to grow a lot more. We have plans to grow. We have a strategy, and we want to expand. We want to grow. We want to follow the market and even surpass market growth, and this will require investments. So, perhaps, we will reverse the whole accumulated loss. Perhaps eventually, we would be entitled to pay dividends, but everything will need to be very balanced with our expansion strategy. I think that this is the outlook regarding dividend payout.
[Interpreted] As there are no more questions, I would like to thank you all for your attention. And I'd like to turn the floor back to our CEO, Marcio Arany for his final statements.
[Interpreted] Well, thank you, Sandra. I think that the main messages have been conveyed during the presentation. I think we ended an extremely challenging year with good results in almost all of our business lines. We received 2 new vessels. We launched a new service in Coastal Shipping. We faced the level of port congestion that in my 20 years of experience in Coastal Shipping was unprecedented. TVV, on the other hand, had a strong restriction of capacity for 6 months. We overcame that with excellent operating performance, but also in terms of accidents, very low level of accidents even in an environment of works of construction works happening. Tecmar continues the process of turnaround, several sub business lines running very well. As Alvarenga mentioned, Less than Truckload is the segment that needs to be reversed, but we have a very engaged and motivated team to bring in good results. Log-In is very creative and every opportunity we have to bring new results for Log-In, while we focus on this, we seize those opportunities. So we, at the top management, the mid-management level and all of our team is very much dedicated and focused on that. So we had an excellent year. I'd like to stress that. And I would like to thank you all for attending our conference call. I wish you a good afternoon.
[Interpreted] Oh, we have one more question, that came in at the very last minute. It's by [ Cedric Miranda Mellow ]. He says. Congratulations on the results. It seems that the company has consumed cash during the year, right? I would like to know if there is a minimum level of cash, which is considered necessary to operate the company. If possible, could you mention if there is any need for new debt to be taken on along 2025? And this last question is important to me, given the high interest rates in 2025.
[Interpreted] Thank you, Cedric, for the question. I'll ask Pascoal to answer the question.
[Interpreted] Excellent, Cedric, yes, we consumed cash along the year of 2024. I'd like to remind you, Log-In had more than BRL 300 million invested in 2024 to pay the last installment of the vessels that started operations to invest in TVV, to acquire more trucks for Tecmar and also the current investments that we always make. Still with all of these investments with the liability management that we carried out, improving the indebtedness profile, our cash varied very little in that context. So we were able to generate cash with operations and we also consumed some cash in the investment program by the company. And as for new debt and new funding, you said it yourself in the question. The interest rates are high. It's quite expensive to take on more debt in Brazil today. This is a bad combination, increasing inflation, increasing dollar rate, increasing interest rate.
This is not an attractive environment for us to think about funding with debt. So in our investment decisions, we always take into account the general context to decide whether we should use our own cash to invest. And you probably heard Gustavo Paixao saying that we're expecting to invest about BRL 35 million to expand the TVV terminal. So we have the kind of internal discussion together with our Board of Directors to decide whether we are going to use our own cash or whether we're going to get any more funding to fund an important project of the company. Now just taking on debt in the market adjust for liability management, that's not in our plans because, like I said, this is not the right time for that. The current moment is not attractive.
I hope I have answered your question?
[Interpreted] Well, thank you, Pascoal and one more question, again, by Paulo [ Nangis ]. He asked about dividends. And he is asking, if there is no intent on paying dividends, are you thinking of any share buyback program?
[Interpreted] Thank you, Paulo, for the question. No. At the moment, this is -- our share buyback is not in our plan.
[Interpreted] Very well, I would like to thank you all for attending. The conference call of Log-In Logistica Intermodal to review fourth quarter 2024 earnings is ended. Please disconnect, and I wish you a great day.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
