The French liner operator reported net income of $102m during the period compared to a loss of $240m a year earlier.

Earnings before interest, taxes, depreciation and amortisation surged by more than 700% to $258m, up from $31m in the first quarter of 2012.

“Profitability rose sharply in the first three months of 2013,” Jaques Saade-led CMA CGM said.

A 6% increase in revenue to $3.8bn