The Poseidon remake stars Kurt Russell and Richard Dreyfuss

Poseidon entered in second place behind the Tom Cruise thriller, taking $20.3m (£10.7m) in its opening weekend.

Director Wolfgang Petersen's remake of the 1972 epic The Poseidon Adventure reportedly cost $160m (£84m) to make.

Mission: Impossible III took $24.5m (£13m) in Canada and the US over the weekend, according to studio estimates.

NORTH AMERICAN BOX OFFICE 1 Mission: Impossible III - $24.5m (£13m) 2 Poseidon - $20.3m (£10.7m) 3 RV - $9.5m (£5m) 4 Just My Luck - $5.5m (£2.9m 5 An American Haunting - $3.7m (£1.96) Source: Exhibitor Relations

It brings the film's two-week total to $84.6 (£44.8m).

Poseidon, starring Kurt Russell and Richard Dreyfuss, retells the story of a luxury ocean liner that capsizes under a freak wave.

The original film, which starred Gene Hackman and Shelley Winters, was a box-office sensation and has since attained classic status.

Dan Fellman, president of domestic distribution at Warner Bros, said: "While we had hoped for a slightly stronger opening, it's a little premature to assess the financial viability of the movie."

Other films in the top five included family comedy RV, starring Robin Williams, which took third spot with $9.5m (£5m), taking its three-week total to $42.8m (£22.7m).