Maersk Line, the world's largest shipping line, has had a tie-up with the Swiss MSC Mediterranean Shipping Company and France's CMA CGM, two of its closest rivals, approved by US regulators.

The approval, however, only covers trades to and from US ports. The new alliance, called 3P, is expected to start operating from the middle of the 2014 after it has also received approval from the Chinese and European regulators. 

The shipping industry has been suffering from over capacity throughout the financial crisis and subsequent recession and now the new vessels ordered before the downturn have flooded the market. This has resulted in the main routes between Asia and Northern Europe making losses.

The alliance has agreed to cut costs by pooling some 250 vessels to operate on the trade routes of Asia-Europe, trans-Pacific and trans-Atlantic. The Asia Shippers Council, which represents cargo owners in Asia, estimates the alliance will have 42 percent of the Asia-Europe trade and 24 percent of the trans-Pacific trade.