The General Directorate of Ports of Mexico has "seized" the assets of Cabo Marina, a subsidiary of IGY Marinas, and initiated a sanctioning procedure, according to a filing to the US Securities and Exchange Commission (SEC) by IGY Marina's parent company MarineMax.
On 11 April 2024 MarineMax reported that the Administration of the National Port System for Los Cabos (ASIPONA) had taken possession of the port "without warning or notice" via the Mexican Navy.
The seizure occurred on the same day that ASIPONA had rejected Cabo Marina's application (filed on 21 March 2024) for a new concession agreement regarding the Port of Cabo San Lucas. According to MarineMax, the General Directorate of Ports and ASIPONA subsequently forced Cabo Marina to cease operations before assuming control of the Port.
"Operation of the one affected facility is currently being handled by the government with security and electricity intact," Kitty McGowan, president of the US Superyacht Association, told BOATPro. "However, the water is still off and there are other fuel facilities and concessions available in the area."
In its filing to the SEC, MarineMax has contended that "the takeover of Cabo Marina's facilities is illegal" and "the alleged violations underlying the sanction proceedings against Cabo Marina are illegitimate". The Group also stated it has engaged both Mexican and US Government officials to resolve the dispute and could resort to legal action "to enforce its rights" if diplomatic efforts fail.
Since the initial filing, Mexican newspaper Diario El Independiente reported that normal operations appeared to resume on Friday morning (19 April) at the marina, but that the dispute had yet to be resolved. McGowan added that the marina is not accepting any new dockage requests at this time, but it will honour all previous bookings. "I have been told that a number of captains were pleased with the professional conduct of the government officials who have asked for patience in this transition," she said. "Despite what the rumour mill might be grinding, the area continues to be safe and secure for visiting superyachts. There are no vessels or companies being seized."
IGY Marinas has declined to comment on the situation.