Cathay Pacific Airways in Hong Kong announced on Friday that it has placed a firm order for six Airbus A350 freighters worth $2.71 billion, aimed at replacing its aging Boeing 747 freighters.
Order Clarification
Cathay expects the six aircraft to be delivered from 2027 to the end of 2029, according to a statement from the company. The CEO of the company, Ronald Lam, said: “These new, fuel-efficient freighters will provide significant additional cargo capacity, expand our global network, and contribute to our sustainability goals”.
Additional Details
Under the deal, Cathay also secured the option to purchase 20 additional Airbus A350 aircraft. The company indicated that it was able to negotiate price reductions with Airbus from the list prices. Major companies typically receive significant discounts from aircraft manufacturers.
Cathay Pacific’s Choice
Last month, Reuters reported that the company was leaning towards choosing Airbus for this closely watched deal. This choice means that Cathay will replace its Boeing 747 fleet with the new Airbus aircraft after several months of postponing the decision.
Impact on Cargo Operations
Cathay’s selection for the next phase of cargo operations is a crucial test for both aircraft types, as the company currently operates passenger aircraft of the Boeing 777 and Airbus A350 models. The Airbus freighters will connect Hong Kong with mainland China, as well as long-haul destinations in North America, South America, and Europe.
Cathay Pacific’s Position
Cathay Pacific is the fifth largest freight carrier in the world and the third largest traditional cargo airline after Qatar Airways and Emirates when excluding specialized express parcel companies like FedEx and UPS, according to data from the International Air Transport Association. The company’s aircraft order list also includes 21 Boeing 777-9 passenger planes scheduled for delivery starting in 2025, and 49 Airbus A320neo and A321neo aircraft expected to be delivered by 2029.
Source: Reuters
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