MAERSK Line, the Mediterranean Shipping Company (MSC) and CMA CGM, the first, second and third largest container lines in the world, have agreed to establish a long-term operational alliance on east-west trades within a year.

Under their projected P3 Network, ships will be run from a joint operating centre, but each carrier will continue to have competitive sales, marketing and customer departments, according to the joint statement.

"Declining volume growth and over-capacity in recent years have underlined the need to improve operations and efficiency. This has prompted the creation of alliances such as G6 and CKYH. Using the P3 Network the lines expect to improve efficiency through better utilisation of capacity," said the statement.

The carriers say operations remain subject to regulatory approval, adding that realisation of the P3 Network is also dependent on carriers agreeing to a definitive contract with final signing expected in the fourth quarter.

The P3 Network is expected to have a capacity of 2.6 million TEU provided by 255 ships on 29 loops on Asia-Europe, transpacific and transatlantic trade lanes. The network is expected to reduce disruptions caused by cancelled sailings.

"The P3 Network will provide customers with more stable, frequent and flexible services," said the joint statement, the statement said.

Under the scheme, each carrier will offer more weekly sailings in their combined network and more ports of call than they could individually, offering eight weekly sailings between Asia and Northern Europe.

Maersk Line will contribute 1.1 million TEU or 42 per cent of total capacity, and will continue to offer its Daily Maersk on request. MSC will contribute 900,000 TEU or 34 per cent while CMA CGM will contribute 600,000 TEU or 24 per cent.