Cathay Pacific buys 14 planes in its first Boeing deal in more than a decade
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Cathay’s latest order makes it one of the largest buyers of the 777X, behind Gulf carriers Emirates Airline and Qatar Airways.
PHOTO: REUTERS
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Hong Kong – Cathay Pacific Airways said it would place a US$8.1 billion (S$10.4 billion) order for 14 more Boeing 777-9 jets in its first deal with the US planemaker in 12 years.
The Hong Kong-based carrier has the right to buy seven more, it said in a statement. It expects the aircraft to be delivered by 2034.
The climate around the latest round of plane orders has become more political with US President Donald Trump combining jet orders with trade deals.
Cathay’s latest order makes it one of the largest buyers of the 777X, behind Gulf carriers Emirates Airline and Qatar Airways.
The announcement came as Cathay reported a small rise in first-half profit on strong demand for air travel. The company reported net income of about HK$3.7 billion (S$607 million) in the six months ended June 30, up 1.1 per cent from a year earlier. Revenue rose 9.5 per cent to HK$54.3 billion.
The order for additional Boeing jets is a major boost for the 777X programme, which is still to be certified and is years late coming into service. Cathay’s last Boeing order was in 2013. Since then, the US planemaker has lost to rival Airbus on commitments amounting to about 150 jets.
Cathay was one of the first airlines to commit to the 777X programme when it placed an order in December 2013 for 21 777-9s.
The carrier had also been closely studying the 787 Dreamliner, an aircraft type it does not operate as well as additional Airbus A350s.
New jets would help Cathay replace existing older-generation Boeing 777 aircraft and help support growth that it forecasts coming from an expanded Hong Kong International Airport.
Cathay Pacific, whose major shareholders include Swire Pacific and Air China, operates a fleet of 236 aircraft: 73 Boeing planes and 163 Airbus jets. It has agreements to buy more than 110 new aircraft, according to its 2024 annual report.
Airbus has previously scooped up consecutive orders with Cathay for passenger widebody, single-aisle and freighter jets. BLOOMBERG
