Cathay Pacific predicts long-term gloom as it cuts back freighter fleet

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Cathay Pacific has confirmed that it is reducing its future fleet, as poor market conditions continue to prevail. The Hong Kong-based carrier’s new fleet plans hit the headlines after it cancelled an order for eight 777 freighters, and replaced it with an order for an additional three 747-8 freighters. The new orders will arrive in November and December this year, suggesting that it is taking over another airline’s delivery slots.

Several airlines have cancelled or postponed freighter orders in past months. ...