Cathay Pacific Sets Sights on Boeing 777-9 Deliveries in 2025 Amid Fleet Expansion
Cathay Pacific is gearing up for a significant fleet expansion, with the airline expressing confidence in receiving its first Boeing 777-9 aircraft by 2025. This optimism stems from the carrier’s recent financial results announcement, which outlines plans to incorporate 22 of these state-of-the-art jets into its fleet, starting with two expected deliveries next year.
The Hong Kong-based airline is also preparing for the arrival of four more A321-200NX aircraft within this year, with a broader strategy to welcome an additional 40 aircraft by 2026 and beyond. This ambitious procurement plan includes the remainder of the 777-9s and A350 Freighters, highlighting Cathay Pacific’s commitment to modernizing its operations with more efficient and capable aircraft.
As of the end of 2023, Cathay Pacific’s fleet consisted of 181 aircraft, featuring a diverse mix of Airbus and Boeing models, primarily owned or on finance and operating leases. This fleet enables the airline to maintain a robust global network, supported by a strategic focus on rebuilding and investing in its core operations.
CEO Ronald Lam emphasized the airline’s progress in 2023, noting the recovery to 70% of pre-pandemic passenger levels and 85% of cargo capacity. The forward-looking orders for thirty-two A321neo and A320neo aircraft, with options for an additional 32, alongside a pre-existing order for thirty-two A321neo and six A350Fs (with options for 20 more), underscore Cathay Pacific’s ambitious growth trajectory.
Lam also revealed the exploration of options for a new mid-size widebody aircraft, indicating the airline’s proactive approach to fleet diversification and enhancement. This strategic expansion is part of Cathay Pacific’s broader vision to elevate its service offerings and operational efficiency.
In a significant financial turnaround, Cathay Pacific reported a net profit of HKD9.8 billion (USD1.25 billion) for the 2023 calendar year, marking its best performance since 2010 and a stark contrast to the previous year’s loss. This achievement reflects the carrier’s resilience and strategic focus on recovery and growth following the challenges of the Covid-19 pandemic.
Subsidiaries HK Express and Air Hong Kong also contributed positively to the group’s financial health, with notable net profits reported for 2023. However, the airline group anticipates challenges ahead, with rising interest expenses potentially offsetting the benefits of increased volumes.
Looking ahead, Cathay Pacific and HK Express are set to reach 80% of their pre-pandemic capacity by the end of the current month, with a target to fully restore operations to 100% by the end of March 2025. This progressive ramp-up signals Cathay Pacific’s strong recovery and strategic positioning for future growth in the competitive aviation landscape.