Cathay Pacific Continues Fleet Modernisation and Growth with Latest Boeing Order

Cathay Pacific Airways today announced that it is continuing to make significant investments to modernise and grow its fleet, entering into an agreement with The Boeing Company to purchase four Boeing 777-300ER passenger aircraft and eight Boeing 777-200 Freighters. The 12 new aircraft have a list price of about HK$25.6 billion but will be acquired at a considerable discount, as is the usual practice in such transactions. The aircraft are expected to be delivered to the airline between 2013 and 2016 and will be powered by General Electric GE90 engines. The airline already operates 22 Boeing 777-300ERs on its key long-haul routes, and with the latest purchase will have another 28 on order for delivery up to 2015. The airline plans to retire the older aircraft in its fleet, including 21 Boeing 747-400s and 13 Airbus A340-300s, before the end of the decade as it progressively takes delivery of new-generation aircraft that will provide much greater fuel and operating cost efficiencies.