In order to replace its ageing Boeing 747 cargo planes, Hong Kong's Cathay Pacific Airways announced on Friday that it had put in a formal order to buy six Airbus A350 freighters at a list price of $2.71 billion.
In a statement, Cathay, which now operates 14 newer 747-8Fs and six older 747-400ERFs, stated that it anticipates receiving the six A350s by the end of 2029 or by 2027.
"These highly fuel-efficient, next-generation freighters will provide important additional cargo capacity, expand our global network and contribute to our sustainability leadership goals," CEO Ronald Lam said.
Cathay also obtained the right to purchase an additional twenty A350 freighters as part of the agreement.
According to Cathay, it has worked with Airbus to reduce prices below list. Plane manufacturers usually give significant discounts to major carriers.
Last month, there were rumours that the airline was giving Airbus preference for the highly anticipated agreement.
After delaying a decision for several months, Cathay will now replace its fleet of Boeing 747s with the new Airbus aircraft as a result of the selection.
There were no comments from Boeing on the issue.
With Cathay operating both the Boeing 777 and A350 passenger models, the airline's decision about the next phase of cargo operations was considered a critical test for the two freighters.
According to Cathay, the Airbus freighters will connect long-haul locations in North and South America, Europe, and Hong Kong with the Chinese mainland.
According to data from the International Air Transport Association, Cathay Pacific is the fifth-largest air freight carrier in the world and, when speciality express parcel companies like FedEx and UPS are taken out of the picture, the third-largest traditional freight airline, behind only Emirates and Qatar Airways.
In addition, 49 Airbus A320neo and A321neo aircraft are anticipated to be delivered by 2029, while 21 Boeing 777-9 passenger planes are scheduled for delivery starting in 2025.
(Sourec:www.nasdaq.com)
In a statement, Cathay, which now operates 14 newer 747-8Fs and six older 747-400ERFs, stated that it anticipates receiving the six A350s by the end of 2029 or by 2027.
"These highly fuel-efficient, next-generation freighters will provide important additional cargo capacity, expand our global network and contribute to our sustainability leadership goals," CEO Ronald Lam said.
Cathay also obtained the right to purchase an additional twenty A350 freighters as part of the agreement.
According to Cathay, it has worked with Airbus to reduce prices below list. Plane manufacturers usually give significant discounts to major carriers.
Last month, there were rumours that the airline was giving Airbus preference for the highly anticipated agreement.
After delaying a decision for several months, Cathay will now replace its fleet of Boeing 747s with the new Airbus aircraft as a result of the selection.
There were no comments from Boeing on the issue.
With Cathay operating both the Boeing 777 and A350 passenger models, the airline's decision about the next phase of cargo operations was considered a critical test for the two freighters.
According to Cathay, the Airbus freighters will connect long-haul locations in North and South America, Europe, and Hong Kong with the Chinese mainland.
According to data from the International Air Transport Association, Cathay Pacific is the fifth-largest air freight carrier in the world and, when speciality express parcel companies like FedEx and UPS are taken out of the picture, the third-largest traditional freight airline, behind only Emirates and Qatar Airways.
In addition, 49 Airbus A320neo and A321neo aircraft are anticipated to be delivered by 2029, while 21 Boeing 777-9 passenger planes are scheduled for delivery starting in 2025.
(Sourec:www.nasdaq.com)