##### 



EXHIBIT 7.1


Grupo TMM, S.A. and Subsidiaries


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES UNDER
U.S. GAAP


|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |         |        |  
|---------------------------------- | ----------------------------------------------------------------------------------- | --------------------------------- | ---- | ------- | ------- | - | ---- | -------- | ------- | - | ---- | ------- | ------ | ---- | ---- | ------- | ------ | - | ---- | ------- | ------ | -
|                                   |                                                                                     | December 31,                      |     
|                                   |                                                                                     |                                   |     
|                                   |                                                                                     | 2004                              |      |         | 2003    |   |      | 2002     |         |   | 2001 |         |        | 2000 |     
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|                                   |                                                                                     | (Amounts in thousands of dollars) |     
|Historical ratio (U.S. GAAP):      |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |        
|Fixed charges:                     |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |        
|                                   | Interest costs and amortization on debt discount or premium in
    all indebtedness |                                   |      | 97,367  |         |   |      | 61,004   |         |   |      | 64,337  |        |      |      | 53,317  |        |   |      | 58,800  |       
|                                   | Portion of rent expense representative of interest
    factor(A)                    |                                   |      | 16,777  |         |   |      | 12,048   |         |   |      | 10,225  |        |      |      | 17,491  |        |   |      | 19,302  |       
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|                                   |                                                                                     | Fixed charges                     |      |         | 114,144 |   |      |          | 73,052  |   |      |         | 74,562 |      |      |         | 70,808 |   |      |         | 78,102 |  
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|Earnings:                          |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |        
|                                   | Pretax income from continuing operations                                            |                                   |      | (65,752 | )       |   |      | (118,335 | )       |   |      | (52,631 | )      |      |      | (54,772 | )      |   |      | (35,864 | )     
|                                   | Less:                                                                               |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |         |       
|                                   |                                                                                     | Minority interest                 |      |         | 2,635   |   |      |          | 1,588   |   |      |         | (669   | )    |      |         | 4,400  |   |      |         | 7,759  |  
|                                   |                                                                                     | Equity investee income/loss       |      |         | (885    | ) |      |          | 759     |   |      |         | (918   | )    |      |         | (1,374 | ) |      |         | (541   | )
|                                   | Fixed charges                                                                       |                                   |      | 114,144 |         |   |      | 73,052   |         |   |      | 74,562  |        |      |      | 70,808  |        |   |      | 78,102  |       
|                                   | Amortization of capitalized interest                                                |                                   |      | 345     |         |   |      | 345      |         |   |      | 345     |        |      |      | 345     |        |   |      | 345     |       
|                                   | Distributed income of equity investees                                              |                                   |      |         |         |   |      |         |         |   |      | 1,274   |        |      |      |        |        |   |      |        |       
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|                                   |                                                                                     | Earnings                          |      |         | 50,487  |   |      |          | (42,591 | ) |      |         | 21,963 |      |      |         | 19,407 |   |      |         | 49,801 |  
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|Ratio of earnings to fixed charges |                                                                                     |                                   | (N/A | ) (B)   |         |   | (N/A | ) (B)    |         |   | (N/A | ) (B)   |        |      | (N/A | ) (B)   |        |   | (N/A | ) (B)  
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     






|    |  |                                                                                                                                                                                                                                                                                                                                    
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(A) |  | The Company considered one-third of the rent expense as imputed
    interest factor.                                                                                                                                                                                                                                               
|   
|(B) |  | Due to the registrants loss in 2004, 2003, 2002, 2001 and
    2000, the ratio of earnings to fixed charges was less than 1:1.
    The registrant must generate additional earnings of
    $63.6 million, $115.6 million, $52.6 million,
    $51.4 million and $28.3 million, respectively, to
    achieve a coverage ratio of 1:1.





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##### 



Grupo TMM and Subsidiaries


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES UNDER
IFRS


|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |         |        |  
|---------------------------------- | ----------------------------------------------------------------------------------- | --------------------------------- | ---- | ------- | ------- | - | ---- | -------- | ------- | - | ---- | ------- | ------ | ---- | ---- | ------- | ------ | - | ---- | ------- | ------ | -
|                                   |                                                                                     | December 31,                      |     
|                                   |                                                                                     |                                   |     
|                                   |                                                                                     | 2004                              |      |         | 2003    |   |      | 2002     |         |   | 2001 |         |        | 2000 |     
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|                                   |                                                                                     | (Amounts in thousands of dollars) |     
|Historical ratio (IFRS):           |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |        
|Fixed charges:                     |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |        
|                                   | Interest costs and amortization on debt discount or premium in
    all indebtedness |                                   |      | 89,317  |         |   |      | 61,297   |         |   |      | 61,632  |        |      |      | 54,100  |        |   |      | 58,509  |       
|                                   | Portion of rent expense representative of interest
    factor(A)                    |                                   |      | 17,851  |         |   |      | 13,121   |         |   |      | 13,511  |        |      |      | 19,895  |        |   |      | 21,211  |       
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|                                   |                                                                                     | Fixed charges                     |      |         | 107,168 |   |      |          | 74,418  |   |      |         | 75,143 |      |      |         | 73,995 |   |      |         | 79,720 |  
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|Earnings:                          |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |        
|                                   | Pretax income from continuing operations                                            |                                   |      | (68,314 | )       |   |      | (122,472 | )       |   |      | (68,521 | )      |      |      | (58,507 | )      |   |      | (30,716 | )     
|                                   | Less:                                                                               |                                   |      |         |         |   |      |          |         |   |      |         |        |      |      |         |        |   |      |         |       
|                                   |                                                                                     | Minority interest                 |      |         | 2,655   |   |      |          | 2,042   |   |      |         | (552   | )    |      |         | 4,199  |   |      |         | 12,633 |  
|                                   |                                                                                     | Equity investee (income) loss     |      |         | (885    | ) |      |          | 759     |   |      |         | (918   | )    |      |         | (1,374 | ) |      |         | (541   | )
|                                   | Fixed charges                                                                       |                                   |      | 107,168 |         |   |      | 74,418   |         |   |      | 75,143  |        |      |      | 73,995  |        |   |      | 79,720  |       
|                                   | Amortization of capitalized interest                                                |                                   |      | 345     |         |   |      | 345      |         |   |      | 345     |        |      |      | 345     |        |   |      | 345     |       
|                                   | Distributed income of equity investees                                              |                                   |      |        |         |   |      |         |         |   |      | 1,274   |        |      |      |        |        |   |      |        |       
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|                                   |                                                                                     | Earnings                          |      |         | 40,969  |   |      |          | (44,908 | ) |      |         | 6,771  |      |      |         | 18,658 |   |      |         | 61,441 |  
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     
|Ratio of earnings to fixed charges |                                                                                     |                                   | (N/A | ) (B)   |         |   | (N/A | ) (B)    |         |   | (N/A | ) (B)   |        |      | (N/A | ) (B)   |        |   | (N/A | ) (B)  
|                                   |                                                                                     |                                   |      |         |         |   |      |          |         |   |      |         |        |      |     






|    |  |                                                                                                                                                                                                                                                                                                                                    
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(A) |  | The Company considered one-third of the rent expense as imputed
    interest factor.                                                                                                                                                                                                                                               
|   
|(B) |  | Due to the registrants loss in 2004, 2003, 2002, 2001 and
    2000, the ratio of earnings to fixed charges was less than 1:1.
    The registrant must generate additional earnings of
    $66.2 million, $119.3 million, $68.4 million,
    $55.3 million and $18.3 million, respectively, to
    achieve a coverage ratio of 1:1.