Hong Kong-Based Carrier Builds Up Passenger, Cargo Fleets

On Thursday, Boeing and Cathay Pacific Airways announced the Hong Kong-based carrier has ordered 10 Boeing 747-8 Freighters and seven more 777-300ERs. At list prices, the entire deal is valued at $5.2 billion.

With the announcement, Cathay Pacific becomes the eighth airline to order the 747-8 Freighter, bringing the total to 73 orders for the upcoming, higher-efficiency cargo hauler. The new freighters will augment the airline's fleet of 19 747 Freighters used to connect Hong Kong to international markets.

The new 777-300ERs are in addition to previous Cathay Pacific orders for 19 777-300ERs; the airline also plans to lease four additional airplanes through a third party. Cathy Pacific will become one of the world's largest operators of the popular jetliner, eventually having 30 in service, and now holds the largest overall 777-300ER commitment among Asian carriers.

"This is a great day for Boeing and our friends at Cathay Pacific," said Larry Dickenson, vice president of Sales for Boeing Commercial Airplanes. "Our relationship goes back more than six decades and this will take us into the future together. We are delighted with this endorsement of our 747-8 and 777 by an airline as highly respected as Cathay Pacific."

"These orders highlight our long-term confidence in the future of both the cargo and passenger markets in Hong Kong and confirm our commitment to developing our home city as one of the world's premier aviation hubs," said Cathay Pacific Chief Executive Tony Tyler. "We are very excited about the 747-8 Freighter, which provides the highest payload of any commercial freighter. More importantly, this is a highly fuel-efficient aircraft which consumes 22 percent less fuel per revenue payload tonne than a 747-200F and 12 percent less than a 747-400F. Similarly, the 777-300ER is 22 percent more fuel-efficient than a 747-400 per payload tonne. The greater efficiency of both aircraft types is very important in these environmentally sensitive times and when fuel prices are at record highs."

General Electric engines will power the new airplanes -- GE90-115Bs for the 777-300ERs, and GEnx-2B67s for the 747-8 Freighters.

Cathay Pacific Airways is the sixth largest air cargo carrier in the world as ranked by revenue tonne-kilometers. It currently operates six 747-400 Freighters, six 747-400 Boeing Converted Freighters (BCF) and seven 747-200 Freighters, with six 747-400ER Freighters and two additional 747-400BCFs on order.

Cathay Pacific received its first 777-300ER in September and is placing its 777-300ER fleet on nonstop routes to North America and Europe to capitalize on the airplane's ability to carry full payloads on those routes.

FMI: www.boeing.com, www.cathaypacific.com