Operadora Portuaria De Tuxpan Sa De CV F-1 Registration statement (foreign)

Exhibit 12.1

GRUPO TMM, S.A. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in thousands)

			June 30,				December 31,
			2004		2003		2003		2002		2001		2000		1999
Historical ratio (IFRS GAAP):
Fixed charges:
	Interest costs and amortization on debt discount or premium in all indebtedness		85,413		89,925		173,860		163,430		141,103		165,767		167,919
	Portion of rent expense representative of interest factor (A)		17,106		15,448		31,777		33,194		38,839		35,653		24,148
		Fixed charges	102,519		105,373		205,637		196,624		179,942		201,420		192,067
Earnings:
	Pretax income from continuing operations		(26,279	)	30,085		(45,105	)	(22,808	)	1,775		(15,783	)	29,349
	Less:
		Minority interest	(274	)	(8,548	)	(31,248	)	(3,455	)	91,139		57,643		(39,873	)
		Equity investee income/loss	(501	)	(800	)	230		(2,187	)	(459	)	(522	)	(1,247	)
	Fixed charges		102,519		105,373		205,637		196,624		179,942		201,420		192,067
	Amortization of capitalized interest		173		172		345		345		345		345		345
	Distributed income of equity investees		—		—		—		1,274		—		—		—
			75,638		126,282		129,859		169,793		272,742		243,103		180,641
	Less:
		Interest capitalized
		Earnings	75,638		126,282		129,859		169,793		272,742		243,103		180,641
Ratio of earnings to fixed charges			(N/A)(B)		1.20		(N/A)(B)		(N/A)(B)		1.52		1.21		(N/A)(B)
COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES FOR ADJUSTMENT FOR ISSUANCE OF DEBT
	Pretax income from continuing operations less minority interest and equity investees plus fixed charges, amortization of capitalized interest and distributed income of equity investees														101,744
	Fixed charges as above														205,637
	Estimated net increase in interest for refinancing														28,115
	Total pro forma fixed charges														233,752
	Pro forma ratio of earnings to fixed charges														N/A(C	)

(A)

The Company considered one-third of the rent expense as imputed interest factor.

(B)

Due to the registrant's loss in June 2003 and years 2003, 2002, and 1999, the ratio of earnings to fixed charges was less than 1:1. The registrant must generate additional earnings of $26.9 million, $75.8 million, $26.8 million and $11.4 million, respectively, to achieve a coverage ratio of 1:1.

(C)

Due to the registrant's loss in 2003, the ratio of earnings to fixed charges was less than 1:1. The registrant must generate additional earnings of $132.0 million to achieve a coverage ratio of 1:1.

GRUPO TMM, S.A. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in thousands)

			December 31,
			2003		2002		2001		2000		1999
Historical ratio (U.S. GAAP):
Fixed charges:
	Interest costs and amortization on debt discount or premium in all indebtedness		173,904		162,498		142,036		165,767		167,919
	Portion of rent expense representative of interest factor (A)		29,879		27,574		34,310		31,597		21,500
		Fixed charges	203,783		190,072		176,346		197,364		189,419
Earnings:
	Pretax income from continuing operations		(168,496	)	(102,648	)	(14,761	)	(30,423	)	70,523
	Less:
		Minority interest	27,947		87,126		71,134		46,846		(104,628	)
		Equity investee income/loss	230		(2,187	)	(459	)	(522	)	(1,247	)
	Fixed charges		203,783		190,072		176,346		197,364		189,419
	Amortization of capitalized interest		345		345		345		345		345
	Distributed income of equity investees		—		1,274		—		—		—
			63,809		173,982		232,605		213,610		154,412
	Less:
		Interest capitalized
		Earnings	63,809		173,982		232,605		213,610		154,412
Ratio of earnings to fixed charges			(N/A)(B)		(N/A)(B)		1.52		1.21		(N/A)(B)

COMPUTATION OF PRO FORMA RATIO OF EARNINGS
TO FIXED CHARGES FOR
ADJUSTMENT FOR ISSUANCE OF DEBT

Pretax income from continuing operations less minority interest and equity investees plus fixed charges, amortization of capitalized interest and distributed income of equity investees	40,315
Fixed charges as above	203,783
Estimated net increase in interest and amortization of debt expense for refinancing	23,494
Total pro forma fixed charges	227,278
Pro forma ratio of earnings to fixed charges	N/A(C	)

(A)

The Company considered one-third of the rent expense as imputed interest factor.

(B)

Due to the registrant's loss in 2003, 2002 and 1999, the ratio of earnings to fixed charges was less than 1:1. The registrant must generate additional earnings of $140.0 million, $16.1 million and $35.0 million, respectively, to achieve a coverage ratio of 1:1.

(C)

Due to the registrant's loss in 2003, the ratio of earnings to fixed charges was less than 1:1. The registrant must generate additional earnings of $186.7 million to achieve a coverage ratio of 1:1.