THE three shipping lines that make up the P3 alliance - Maersk, MSC and CMA CGM, - filed details of their vessel-sharing agreement to the US Federal Maritime Commission (FMC).

The FMC has 45 days in which to study the agreement before reaching a decision. But it also can stop the clock to ask questions and there is no time limit on how long it takes carriers to answer them.

In theory the P3 alliance could be approved in the US by mid-December, though it would seem unlikely that the FMC would not raise questions about the tie-up.

Owing to the scale of the planned P3 alliance, the FMC has proposed to hold a global summit of regulators, which is likely to be held in mid-November, Commissioner Richard Lidinsky told Lloyd's List.

The closed-door meeting could take place in Washington or through a video link-up, he said. The main purpose would be to determine whether the P3 would have a negative impact on competitiveness.

FMC chairman Mario Cordero has invited competition authorities in Europe and China to take part. The European Commission has indicated that it favours such an exchange, but Beijing has not replied.

Speaking on the fringes of the European Maritime Law organisation conference in London, Mr Lidinsky said the commission would need to take court action to stop the alliance going ahead, if the commissioners voted against P3 after the 45-day inquiry.

Under the US Shipping Act, the FMC would be required to apply to a district court, which could either issue a temporary restraining order or preliminary injunction, or a permanent injunction if it concluded that the agreement was likely to damage competition, whether by reducing transport services or by driving an unreasonable price hike.

If the FMC obtains an injunction, it will be unprecedented for a shipping line agreement, according to Mr Lidinsky.

In Europe, the P3 alliance shipping line must conduct a self-assessment to ensure they do not abuse a dominant position.

The Commerce Ministry in China has indicated that it regards the joint fleet operation as a merger, delivering an added complication, the report said.