<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif">Media
reports indicate that Mediterranean Shipping Company (MSC), through its global
port operating arm, Terminal Investment Ltd, intends to acquire a 49% stake in
Adani Vizhinjam Port Private Limited (AVPPL), the concessionaire for Vizhinjam
International Deepwater Multipurpose Seaport under the concession agreement
executed with the Government of Kerala (GoK) in August 2015. <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif">I
view this investment as a defining inflection point for India’s maritime
sector. AVPPL’s parent company and MSC already operate joint terminals at
Mundra and Ennore. Vizhinjam would be their third partnership in India.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><b><span style="font-family:"Arial",sans-serif">1.
Validation of the Vizhinjam thesis<o:p></o:p></span></b></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif">When
the GoK conceived Vizhinjam nearly three decades ago, the premise was simple: a
20m natural draft, just 10 nautical miles off the East-West trade lane, would
let India reclaim transhipment cargo now lost to Colombo, Singapore, and Jebel
Ali. MSC’s entry at a reported $2.85 billion enterprise value validates that
premise. No global carrier commits capital at this scale without assured liner
support. <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif">In
FY26, Vizhinjam handled 615 vessels and 1.3 million TEUs, including 70+
ultra-large container ships. Within 18 months of commercial operations, it
crossed 2 million TEUs and welcomed its 1,000th vessel in June 2026. No Indian
port has ramped up faster. The port has demonstrated operational credibility.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><b><span style="font-family:"Arial",sans-serif">2.
Cargo assurance and growth<o:p></o:p></span></b></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif">MSC,
the world’s largest container line, brings assured volumes. This partnership
will accelerate Vizhinjam’s growth towards the planned 5.7 million TEU capacity
by December 2028. It will help shift Indian cargo from foreign hubs and build
new relay traffic to East Africa and Bangladesh.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><b><span style="font-family:"Arial",sans-serif">3.
Impact on Kerala’s port ecosystem<o:p></o:p></span></b></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif">Vizhinjam’s
success cannot remain confined to the terminal. This is India’s coming of age
in global transhipment. The real task is to spread gains beyond the gates into
the wider Kerala economy.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif">To
leverage this deepwater asset, Vizhinjam must evolve from a transhipment
terminal into a multi-dimensional maritime ecosystem. This includes industrial
parks, a multi-modal logistics park, free trade warehousing zone, bunkering,
and a ship repair complex, backed by road and rail connectivity. These will
drive socio-economic growth and employment.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif">The
true multiplier lies in linking Vizhinjam with Cochin Port and Kerala’s 17
minor ports through coastal shipping. MSC provides mainline connectivity. The
State must now build feeder infrastructure: small vessels, coastal barges, and introduce
innovative concepts to activate the minor ports and fully utilize the
infrastructure created.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify;line-height:115%"><b><span style="font-family:"Arial",sans-serif">4.
Regulatory compliance<o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif">While MSC’s 49% stake is strategic and
will drive cargo growth for all stakeholders, the concession agreement mandates
prior approval from the Government of Kerala for any change in control of
AVPPL. I am confident AVPPL will ensure full compliance with its contractual
obligations.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif"> </span></p>
<p class="MsoNormal" style="text-align:justify;line-height:115%"><span style="font-family:"Arial",sans-serif"> </span></p>