Cathay Pacific to cancel orders 8 Boeing 777-200 type

Cathay Pacific Airlines, owner of the world's largest international cargo planes, canceled ordered eight Boeing 777-200 type for airline repairs. Instead, Cathay will buy three Boeing 747-8 worth U.S. $ 1 billion.

According to the airline, as quoted by Bloomberg page, Friday, March 1, 2013, the company is considering the purchase of five Boeing 777-200. Cathay plans to sell four Boeing 747-400 as part of the restructuring. The airline had slashed capacity and operate more efficient aircraft to boost cargo business.

Cathay cargo business contributes about a quarter of the airline's total revenues. Global aviation market shrank 1.5 percent last year. According to the International Air Transport Association (IATA), it occurs due to the uncertainty of economic demand.

The planes were brought in Cathay will be operated for a long distance in North America and Europe. Airlines are awaiting the arrival of the planes this year. Some payments received from the sale of the aircraft will be used to buy three new aircraft.

Airlines joint venture between Cathay and Air China, Air China Cargo, will also sell seven Boeing 747-400 and eight Boeing 777-200 purchase.

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