Maersk Line has posted a net profit of $25 million for the first nine months of the year, compared with a net loss of $698 million in the same period last year.

Reports say the turnaround came on the back of an 18% volume growth in the Asia-Europe routes and a rise in freight rates. Volumes on Asia-US routes dropped 17%.

Maersk Line, the world’s biggest ocean container carrier, said last week that it was planning changes to its Asia – Europe network to improve reliability and save fuel.

Among the changes announced was the decision to use slower sailing speeds on some routes. Maersk says its bunker costs have doubled in the last 12 months.

Maersk Line is a division of the AP Moller-Maersk Group and generates more than half of the group's sales.

AP Moller-Maersk is undertaking a major restructuring of its container operations.  Senior group executives have said Maersk’s overall container business had become bureaucratic and cumbersome and risks losing its position as market leader.

Maersk Line CEO (chief executive officer) Eivind Kolding said in September that it was expecting to move into profitability in 2007, with further improvements in 2008 and “satisfying” results in 2009.