Cathay unparks 747F, invests in Air China Cargo

CATHAY Pacific is to bring back into operation one of its five parked 747-400 freighters.

The freighter has been undergoing maintenance and was due to start operations in late January 2010. The freighter will not be part of the airline’s scheduled freighter fleet, but will be saved for special charters.

As reported previously in Air Cargo News, Cathay Pacific has just invested CNY1.7 billion (US$248 million) in Air China Cargo (ACC), which will allow it to control 49 per cent of the company. The Hong Kong-based carrier will pay for the investment using four 747-400 freighters and two spare engines.

Christopher Pratt, chairman of Cathay Pacific, said: “The joint venture airline will provide the two most important cargo-generating regions in the mainland with two highly competitive and efficient home-based carriers – Cathay Pacific in the Pearl River Delta and ACC in the Yangtze River Delta.

“As a strong home-based cargo airline with a firm foothold in the Yangtze River Delta, ACC will ensure an efficient capture of cargo movements that may otherwise divert to rival hubs in the region. It makes good sense for Cathay Pacific and Air China to team up for this joint venture.”

Share this story