CMA CGM's profit for the third quarter tumbled to $70m this year, down from $363m in Q3 2012.

Despite the weaker quarter, the year-to-date total for the French company is up 50% from $284m last year to $434m in 2013.

During Q3 consolidated revenue was largely stable, dropping 2.1% year-on-year to $4.1bn in 2013, despite volumes rising by 11% to 3m teu. The volume rise was counteracted by an 11.8% drop in revenue per teu.

Along with Maersk Line and MSC, CMA CGM await the approval of various authorities for the P3 alliance on the Asia-Europe, Transatlantic and Transpacific trades. Subject to that approval, services are expected to start in the second quarter of 2014.