Cathay Pacific cuts cargo operations

Cathay Pacific will ground two 747-400BCFs and is deferring the completion of its new Hong Kong cargo terminal as a result of the global economic downturn.

The carrier also said freighter frequencies to Australia, North America and Europe would decrease, although it is still planning delivery of four new Boeing 747-400ERFs in 2009.

Cathay Pacific chief executive, Tony Tyler said: "This is a very difficult time for our airline and for the aviation industry as a whole, and we cannot see light at the end of the tunnel at this point.

"In view of this, and given the impact the current crisis is having on our core business, we have taken a number of measures to help ensure the financial health and long-term well-being of our airline. This is our number-one priority at this time, and we will continue to do all we can to keep our network intact and our team together."

Source: Routes News