Cathay Pacific Airways is in talks with Airbus and Boeing, the world’s two largest aircraft manufacturers, in order to renew its cargo fleet, Bloomberg reported.
Officials at the Hong Kong carrier, one of the world’s largest cargo operators in terms of capacity, are considering buying Airbus A350F or Boeing 777-8F aircraft. According to sources quoted by Bloomberg, the company could place a purchase order for up to six airplanes. However, further details are not yet known.
In a press release, the company reiterated that it is constantly assessing its cargo fleet needs. In any case, it has not yet decided to place an order. “We have not made a decision on when we will go to market, but it is something we are looking at very closely”, said Augustus Tang, the company’s CEO, back in June.
Cathay Pacific currently operates 14 Boeing 747-8Fs, which an average age of almost nine years old. It also has six 747-400ERFs, which average 13.5 years old, according to the company’s latest annual report.
Recently, it re-established its cargo operations at full capacity and currently operates about one hundred flights per week. However, the air cargo market has been slowing down in recent weeks after booming during the pandemic.
In this context, Cathay Pacific is also forecasting a slower end of year freight activity as a result of falling demand. Nevertheless, it remains an important business segment for its operations and the company continues to analyse the different options available in the market.
The expansion and modernisation of cargo fleets by nearby competitors are encouraging the Hong Kong carrier to follow suit and improve the performance of its fleet. Korean Air is also considering ordering new freighters from Airbus or Boeing. On the other hand, Singapore Airlines ordered seven A350F earlier this year, while Qatar Airways signed a contract for 34 777X-F.
