After directing ME-1 from Mundra Port (now a shared service call between Mundra and Pipavav Port), Maersk Line has shifted FI3 service to Pipavav. As per our channel checks, FI3 currently drives a volume of ~120,000 TEUs per annum at Mundra This shift can take Pipavav's monthly run-rate to ~65,000 TEUs in FY19E from ~55,000 TEUs in FY18E (assuming zero growth in base monthly volume of 54,000-55,000 TEUs). Given that Maersk is a large customer for Mundra, we do not rule out the possibility of...