Cathay Pacific Airways announced Friday it has placed an order for six Airbus A350 freighter aircraft, providing the aerospace manufacturer a boost after a quiet year for purchases of cargo jets and getting the better of Boeing.
Airbus will begin deliveries of the large, long-haul freighter to Cathay Cargo in 2027. Hong Kong-based Cathay Pacific has options for 20 additional aircraft. The deal is worth $2.7 billion at list price, but airlines usually negotiate discounts with manufacturers.
Cathay Pacific’s freighter fleet is still relatively young and executives have previously said additional aircraft would be for growth to meet future demand.
“These highly fuel-efficient, next-generation freighters will provide important additional cargo capacity, expand our global network and contribute to our sustainability leadership goals,” said Cathay Group CEO Ronald Lam.
Cathay Cargo has 20 Boeing 747 freighters, including 14 747-8s and six older 747-400s. It also manages cargo carried in the lower decks of Cathay’s passenger aircraft. It is the 13th largest cargo airline in the world by transported volume, and the 11th largest traditional freighter operator when express carriers FedEx and UPS are excluded, according to the International Air Transport Association. It fell eight spots in the rankings during the past year because of extended COVID travel restrictions in Hong Kong and China that only fully lifted at the end of 2022.
Cathay is already one of the largest operators of the A350, with a current fleet of 47 aircraft. The freighters will provide maintenance and training commonality with the passenger aircraft.
Cathay Pacific also operates a large number of Boeing 777 passenger jets in addition to the 747 freighters. And it has ordered 21 Boeing new-era 777-9 widebody passenger aircraft. But the airline passed over Boeing’s 777-8 freighter, the redesigned replacement for the current 777 freighter that must still be certified by U.S. regulators. Boeing plans to begin deliveries of the 777-8 freighter in 2027.
Airbus earlier this year said it expects to deliver the first A350 freighter, currently under development, in 2026. The Cathay Cargo order brings Airbus’ total orderbook for the new widebody jet to 41. Other customers include Qatar Airways, CMA CGM Air Cargo, Etihad Airways, Silkway West Airlines and Singapore Airlines. The last order prior to Cathay Cargo’s was by Air France/KLM in January.
Airlines and leasing companies have shied away from freighter investments this year because of prolonged weakness in the air cargo market, which has led to a sharp decline in cargo revenues.
The A350F is designed to carry a payload of up to 122 tons and fly up to 4,700 nautical miles at significantly lower cost than existing cargo jets. Powered by Rolls-Royce Trent-XWB97 engines, the A350 is estimated to achieve a 40% reduction in fuel consumption and carbon emissions compared to the 747. Airbus claims it is 20% more efficient than Boeing’s new 777-8 freighter.
Over 70% of the airframe is made of advanced materials, resulting in a 50-ton lighter take-off weight than the Boeing competitor, according to Airbus.
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