Category Archives: Cathay Pacific Airways

Cathay Pacific to reduce passenger capacity by 96% in April and May

Cathay Pacific Airways and Cathay Dragon will reduce capacity by 96% across our passenger network in April and May in light of the severe drop in demand due to the ongoing coronavirus pandemic and multiple government travel restrictions that form part of the global health response plan.

As previously announced, Cathay Pacific and Cathay Dragon intend to operate a bare skeleton passenger flight schedule in April and May, though our freighter capacity remains intact.

Our ability to maintain even this skeleton schedule will depend on whether more travel restrictions are imposed by governments around the world which will further dampen passenger demand.

Cathay Pacific will operate three flights per week to 12 destinations: London (Heathrow), Los Angeles, Vancouver, Tokyo (Narita), Taipei, New Delhi, Bangkok, Jakarta, Manila, Ho Chi Minh City, Singapore and Sydney.

Cathay Dragon will operate three flights per week to 3 destinations: Beijing, Shanghai (Pudong), and Kuala Lumpur.

Cathay Pacific Chief Customer and Commercial Officer Ronald Lam said: “As Hong Kong’s home airlines, it is important that we continue to provide important passenger and cargo connections to and from the Hong Kong hub. We will therefore endeavour to maintain a minimal number of flights to and from key destinations in our network to ensure these vital arteries remain open.

“While our freighter network remains intact, we are also ramping up our cargo capacity by mounting charter services and operating certain suspended passenger services purely for airfreight to meet cargo customer demand.

“We need to take difficult but decisive measures as the scale of the challenge facing the global aviation industry is unprecedented. We have no choice but to significantly reduce our passenger capacity as travel restrictions are making it increasingly difficult for our customers to travel and demand has dropped drastically.

“Cathay Pacific is a resilient company. While we shall have much more to deal with given the challenges ahead, we remain confident in the long-term future of the company, the Hong Kong hub and our ability to thrive in Asia Pacific.”

Cathay Pacific and Cathay Dragon are waiving rebooking, rerouting and cancellation fees.

Cathay Pacific aircraft photo gallery:

 

Cathay Pacific announces 2019 annual results

Chairman’s Statement Overview

2019 was a turbulent year for the Cathay Pacific Group. With our three-year transformation program starting to bear fruit we delivered a positive performance in the first half of 2019 notwithstanding a difficult environment brought about by geopolitical and trade tensions. However, with social unrest in Hong Kong intensifying over the second half of the year and mounting US-China trade tensions, we experienced a sharp drop in both inbound and outbound passenger traffic. We were faced with an incredibly challenging environment to operate as the Hong Kong economy slipped into recession. As a result, our second-half results – traditionally stronger compared to first-half results – fell well below what we would have hoped for.

The Cathay Pacific Group reported an attributable profit of HK$1,691 million for 2019. This compares with a HK$2,345 million profit for 2018. The earnings per share was HK43.0 cents in 2019 compared to an earnings per share of HK59.6 cents in 2018. The Cathay Pacific Group reported an attributable profit of HK$344 million in the second half of 2019, compared to an attributable profit of HK$1,347 million in the first half of 2019 and an attributable profit of HK$2,608 million in the second half of 2018. Cathay Pacific and Cathay Dragon reported an attributable loss of HK$434 million in the second half of 2019, compared to an attributable profit of HK$675 million in the first half of 2019 and an attributable profit of HK$1,253 million in the second half of 2018.

Overall, passenger and cargo yields were under intense pressure in 2019 and both were below those seen in 2018. Events in Hong Kong in the second half of the year significantly reduced load factors, forward bookings and the number of passengers we carried. Inbound traffic was hit hard, particularly on short-haul and Mainland China routes, while outbound traffic also decreased. Demand for premium travel was weak and we became increasingly reliant on lower-yielding transit traffic. We carried 0.7% fewer passengers in 2019 than in 2018.

Cargo demand was depressed all year as a result of US-China trade tensions and was noticeably below that of 2018. However, it did pick up later in 2019 during the traditional high season, reflecting new consumer product, specialist airfreight shipments and restocking ahead of holiday periods. Exports from Mainland China and Hong Kong to trans-Pacific and European markets were more encouraging later in the year. Nevertheless, the cargo business performed significantly below expectations in 2019.

To boost the competitiveness of Hong Kong International Airport as a global cargo hub, the Group together with the Airport Authority of Hong Kong announced in December it would introduce a new Terminal Charge concession effective 1st April 2020. The reduction ranges from 18% to more than 20% compared with the current charge levels and is applicable to shipments from Hong Kong on all four of the Group’s airlines.

We benefited from lower fuel prices for most of the year, but were adversely affected by a strong US dollar. There was a 2.7% decrease in non-fuel costs per available tonne kilometre (ATK), reflecting our focus on productivity and efficiency as part of our successful transformation programme.

In July 2019, we completed the acquisition of low-cost carrier HK Express, now a wholly owned subsidiary of Cathay Pacific. In November, we announced that the airline would begin taking delivery of half of our new narrow-body Airbus A321-200neo fleet (16 of 32 new aircraft) from 2022 as part of the Group’s efforts to optimise the deployment of the passenger fleets of its airlines.

In May 2019 we built on our commitment to our customers with the launch of our new brand direction, ‘Move Beyond’, expressing our drive to always exceed their expectations. Despite the challenges of the second half of the year, this period saw some of our most extensive enhancements to the customer experience proposition in recent years. These included a major expansion to our inflight entertainment content library; new bedding, amenities and culinary options in our First and Business Class cabins; an elevated Economy Class dining experience on our long-haul services departing Hong Kong; and the reopening of our newly renovated Shanghai Pudong lounge. All are designed to give our customers more reasons to fly with us.

Business performance of Cathay Pacific and Cathay Dragon

Passenger revenue in 2019 was HK$72,168 million, a decrease of 1.3% compared to 2018. RPK traffic increased by 2.9%, while ASK capacity increased by 5.1%, albeit this was less than originally expected. Consequently the load factor decreased by 1.8 percentage points, to 82.3%. Yield decreased by 3.9% to HK53.6 cents, reflecting a strong US dollar, intense competition and reduced travel in the second half of 2019 as a result of the social unrest in Hong Kong. Inbound and outbound traffic, particularly on short-haul Mainland China routes, substantially reduced from August to December. We became increasingly reliant on low-yielding transit traffic, which was relatively less affected. Premium class travel was also weak during this period.

To mitigate these challenges, in October we introduced a number of short-term tactical measures, including frequency cuts on more than a dozen routes during the winter season and suspending our service to Medan indefinitely. We examined expenditure to focus on increased productivity and cost saving, along with implementing a hiring freeze, prioritising projects and deferring or cancelling non-critical expenditure.

Cargo revenue in 2019 was HK$21,154 million, a decrease of 14.2% compared to 2018. RFTK traffic decreased by 6.7%, whilst AFTK capacity decreased by 0.3%. Consequently the load factor decreased by 4.4 percentage points, to 64.4%. Yield decreased by 7.9% to HK$1.87, reflecting a strong US dollar and weakened cargo demand resulting from intensified US-China trade tensions.

Total fuel costs (before the effect of fuel hedging) decreased by HK$3,110 million (or 9.8%) compared with 2018. Prices decreased but we flew more. After taking hedging losses into account, fuel costs decreased by HK$4,454 million or 13.4% compared to 2018. The net cost of fuel is the Airlines’ most significant cost, accounting for 28.4% of operating costs in 2019 (compared to 31.4% in 2018).

Non-fuel costs per available tonne kilometre decreased slightly, reflecting our focus on productivity and efficiency.

We continued to take delivery of new and more fuel-efficient aircraft, including six Airbus A350 aircraft. We now have 24 Airbus A350-900 and 12 Airbus A350-1000 aircraft in our fleet. We also took delivery of three used Boeing 777-300 aircraft during the year. At the same time we retired three Boeing 777-200 aircraft, and returned four Airbus A330-300 and one Boeing 777-300ER leased aircraft to their lessors.

Business performance of other subsidiaries and associates

HK Express reported a post-acquisition loss for 2019, against expectations of a small profit. The airline suffered from reduced demand to and from Asia as a result of the Hong Kong social unrest.

Air Hong Kong’s results attributable to the shareholders of Cathay Pacific improved year on year. In 2019 we owned 100% of the airline compared with 60% in 2018. On a 100% like-for-like basis there was a decrease in profit. This was in part due to gains on disposal of certain aircraft in 2018, and in part due to a new block space agreement and an underlying decrease in capacity and cargo uplift in 2019.

Our airline services subsidiaries generally performed worse than 2018 due to reduced activity and rising cost pressures.

Whilst our share of Air China’s results (accounted for three months in arrears) marginally improved, Air China Cargo suffered a significant decline in results as trade tensions escalated, negatively impacting air traffic and yield, and reducing throughput tonnage for its cargo terminals.

Prospects

Following the impact of social unrest in Hong Kong in the latter half of 2019, the first half of 2020 was expected to be extremely challenging financially, with an already reduced winter season capacity. This has been exacerbated by the significant negative impact of COVID-19 (see note 16 below). It is difficult to predict when these conditions will improve. Travel demand has dropped substantially and we have taken a series of short- term measures in response. These have included a sharp reduction of capacity in our passenger network. Despite these measures we expect to incur a substantial loss for the first half of 2020.

We expect our passenger business to be under severe pressure this year and that our cargo business will continue to face headwinds. However, we are cautiously optimistic about cargo following the recent reduction in US-China trade tensions and we have maintained our cargo capacity intact. The US dollar is expected to remain strong in 2020, and intense competition, especially in long-haul economy class, will continue to place significant pressure on yields.

Although there is much uncertainty, we have an incredible brand with a reputation and track record of premium service and commitment to our customers that differentiates us from our competitors. These qualities and values remain at the heart of everything we do and are what will help us through the current challenges.

Our three-year transformation programme has left the business leaner and more resilient, and we move forward with a culture of continuous improvement. Investment in our products, customers and fleet is ongoing. We will continue to take delivery of new aircraft in 2020 and, with the hope that the environment will improve, we will retain the flexibility to add capacity back to the market as soon as we are able to. Our plan to take delivery of 70 new and more fuel-efficient aircraft by 2024 remains unchanged.

The hard work and determination of our teams of professionals over the past year, and in the current COVID- 19 crisis, has been outstanding. I would like to thank them for the dedication they have shown during these exceptionally challenging times in ensuring our ability to maintain our operations as smoothly and efficiently as possible. As a Group, we remain unwavering in our commitment to our customers, our people and our home hub, which we have proudly served for more than seven decades. We will continue to invest significantly in delivering an industry-leading experience for our customers and in strengthening Hong Kong’s position as a world-class global aviation hub.

Patrick Healy

Chairman
Hong Kong, March 11, 2020

Cathay Pacific aircraft photo gallery:


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Cathay Pacific Group has over half of its fleet grounded

Cathay Pacific Group has 120 aircraft sitting on the tarmac at any given time according to the South China Morning Post due to route cuts which is a response to the coronavirus outbreak and protests in Hong Kong.

Read the full report.

Cathay Pacific also made this announcement:

The wellbeing of our passengers is, as it always has been, our top priority. In light of the coronavirus outbreak, we have implemented a number of precautionary measures to reassure our passengers, staff and crew.

We understand that travelling during this period can be stressful. As the situation develops, we will communicate any changes to your booking as clearly and quickly as possible.

Our global contact centres are extremely busy at the moment, so please accept our apologies if waiting times are longer than usual. For self-service options, please visit Manage Booking, where you can view your latest flight arrangement and rebook if necessary.

In light of the Government Response Plan to combat the novel coronavirus (COVID-19), we will be reducing the capacity of our flights to and from mainland China by 50% or more, from  January 30 to the end of March, 2020.

Effective immediately, Cathay Dragon has cancelled flights to and from Hangzhou, Ningbo, Wenzhou, Sanya and Haikou in Mainland China to March 28, 2020. For flights to and from Guangzhou and Chongqing will be cancelled to March 28, 2020. We will be assisting the affected passengers regarding alternative arrangements.

Cathay Pacific aircraft photo gallery:

Cathay Pacific Group traffic declines by 3.8% in January, will drop capacity by 40%

Cathay Pacific Group issued this statement:

The Cathay Pacific Group has released combined Cathay Pacific and Cathay Dragon traffic figures for January 2020 that show decreases in the number of passengers carried and the amount of cargo and mail uplifted compared to the same month in 2019. 

Cathay Pacific and Cathay Dragon carried a total of 3,010,012 passengers last month – a decrease of 3.8% compared to January 2019. Passenger load factor decreased by 1.3 percentage points to 84.7%, while capacity, measured in available seat kilometres (ASKs), decreased by 0.3%.

The two airlines carried 151,964 tons of cargo and mail last month, a decrease of 8.9% compared to the same month last year. The cargo and mail load factor declined by 1.4 percentage points to 60.2%. Capacity, measured in available freight tonne kilometres (AFTKs), was down by 3.2% while cargo and mail revenue freight tonne kilometres (RFTKs) decreased by 5.4%.

Cathay Pacific Group Chief Customer and Commercial Officer Ronald Lam said:  “This was the most challenging Chinese New Year period we have experienced. As the novel coronavirus outbreak in mainland China intensified towards the end of the holiday period, travel demand dropped substantially. With more governments worldwide having imposed travel restrictions on passengers from mainland China and in some cases Hong Kong, we are seeing continued cancellations of bookings.

“We have since taken a series of short-term measures in response. These notably include the sharp reduction of capacity across our global network. For February and March, we have now reduced our overall passenger flight capacity by approximately 40%, representing further reduction since our recent announcement. Passenger capacity reduction is also likely for April as we continue to monitor and match market demand. Meanwhile, we have kept our freighter capacity intact.

Passenger

“Our overall passenger performance in January was slightly behind that of 2019. Inbound passenger traffic to Hong Kong was down 40% year-on-year, a slight improvement over the 46% declines seen in November and December. For the first time in the past few months we saw growth in our outbound traffic – 1% – though this was largely due to the Chinese New Year holiday starting earlier this year. We remain heavily reliant on lower-yield transit traffic through Hong Kong, which grew by 7% versus the same period last year.

“We started off 2020 fairly positively, seeing satisfactory passenger traffic volume through the first three weeks of the year. This was particularly evident with our long-haul routes, which showed improved load factors and yield over 2019. However, our performance deteriorated rapidly in the last week of January as the novel coronavirus situation became more severe, and it continues to weaken significantly. We saw significant cancellation of bookings within a short period of time.

Cargo

“We saw reasonably solid demand across our network for the first three weeks of January. Our mainland China point of sales particularly stood out, recording year-on-year tonnage growth. By the last week of January, however, overall demand plummeted as manufacturing came to a halt in mainland China during the Chinese New Year holiday.

“The delay of the post-Chinese New Year resumption of manufacturing across mainland China has significantly affected both our Hong Kong and mainland China markets. However, demand elsewhere across our network remains buoyant, especially on trade lanes that have seen significant reductions in passenger capacity.

Outlook

“The first half of 2020 was already expected to be extremely challenging financially. As a result of this additional significant drop in demand for flights and consequential capacity reduction caused by the novel coronavirus outbreak, the financial results for the first half of 2020 will be significantly down on the same period last year.

“We have an incredible brand with a reputation and track record of premium service and commitment to our customers that differentiates us from our competitors. These qualities and values remain at the heart of everything we do and are what will help us come back stronger when we emerge from this current crisis.”

 

CATHAY PACIFIC / CATHAY DRAGON COMBINED TRAFFIC

JAN % change Cumulative %

change

  2020 v JAN19

 

JAN 2020

 

v YTD19

 

RPK (000)        
 – Mainland China 623,620 -18.9% 623,620 -18.9%
 – North East Asia 1,379,130 -3.2% 1,379,130 -3.2%
 – South East Asia 1,537,014 1.1% 1,537,014 1.1%
– South Asia, Middle East  & Africa 1,006,997 -0.8% 1,006,997 -0.8%
 – South West Pacific 1,765,853 9.6% 1,765,853 9.6%
 – North America 3,222,357 -3.2% 3,222,357 -3.2%
 – Europe 2,295,604 -3.8% 2,295,604 -3.8%
RPK Total (000) 11,830,575 -1.8% 11,830,575 -1.8%
Passengers carried 3,010,012 -3.8% 3,010,012 -3.8%
RFTK Total (000) 855,433 -5.4% 855,433 -5.4%
Cargo and mail carried (000Kg) 151,964 -8.9% 151,964 -8.9%
Number of flights 6,649 -5.3% 6,649 -5.3%

 

CATHAY PACIFIC / CATHAY DRAGON COMBINED CAPACITY JAN % change Cumulative %

change

  2020 v JAN19

 

JAN 2020 v YTD19

 

ASK (000)        
 – Mainland China 896,694 -11.7% 896,694 -11.7%
 – North East Asia 1,749,611 2.5% 1,749,611 2.5%
 – South East Asia 1,866,848 3.7% 1,866,848 3.7%
– South Asia, Middle East  & Africa 1,198,208 -0.5% 1,198,208 -0.5%
 – South West Pacific 2,016,481 6.8% 2,016,481 6.8%
 – North America 3,571,618 -2.2% 3,571,618 -2.2%
 – Europe 2,663,279 -2.6% 2,663,279 -2.6%
ASK Total (000) 13,962,739 -0.3% 13,962,739 -0.3%
Passenger load factor 84.7% -1.3pt 84.7% -1.3pt
AFTK Total (000) 1,422,019 -3.2% 1,422,019 -3.2%
Cargo and mail load factor 60.2% -1.4pt 60.2% -1.4pt
ATK (000) 2,749,499 -1.8% 2,749,499 -1.8%
Cathay Pacific aircraft photo gallery:

Cathay Pacific asks its employees to take three weeks of unpaid leave to cope with the impact of coronavirus

Chinese airlines are taking a bit hit with traffic due to the expanding novel coronavirus centered around Wuhan, China. The virus also impacted demand to and from China.

Cathay Pacific Airways has beed hit hard, twice. The first impact was the on-going anti-Beijing protests in its Hong Kong hometown that severely dampened demand. Next, it was the virus.

The airline has already announced it will suspend around 30% of its flights over the next two months. It will also invoke drastic cuts to mainland China.

Now management is asking its 27,000 employees to take three weeks of unpaid leave through June 30, 2020 in order to preserve cash. Retaining cash could be the key to survival for some airlines.

Will any airlines become the airline victim of the novel coronavirus?

Cathay Pacific aircraft photo gallery:

 

Cathay Pacific Group modifies inflight services on mainland China flights

The Cathay Pacific Group is implementing temporary service modifications on all Cathay Pacific and Cathay Dragon flights to and from destinations in mainland China effective January 30, 2020 until further notice.

This modified service offering is strictly a temporary measure designed to further strengthen our health and safety protocols in light of the evolving situation regarding coronavirus cases in mainland China. These changes will enable us to provide enhanced protection for our customers and crew while at the same time continuing to deliver a satisfactory inflight experience for passengers.

During this period, the meal service in First and Business Class cabins on mainland China flights will be modified to comprise a single tray with appetiser, main course and dessert served together. Trolley services will be suspended and the meal offering in First Class will be the same as that offered in Business Class.

Passengers travelling in Premium Economy and Economy Class on medium to long-duration mainland China flights (such as Shanghai Pudong, Beijing, Ningbo, Hangzhou, Wenzhou, Chengdu, Qingdao, etc.) will be served a disposable snack bag including a hot handheld snack and other items. The meal offering on shorter sectors (such as Guangzhou, Changsha, Haikou, Sanya, Xiamen, Fuzhou, etc.), which already comprises a snack service, will remain unchanged.

Amenities including hot towels, pillows, blankets and magazines will also not be offered to passengers in any classes during this period. Inflight duty-free sales will also be temporarily suspended.

We would like to offer our sincere apologies to our customers for any inconvenience caused and we appreciate their understanding. We are monitoring the situation closely and will continue to coordinate with the health authorities in Hong Kong and in all the ports to which we operate flights.

Cathay Pacific Group plans fleet optimization

Cathay Pacific Group will optimise the passenger fleet of its airlines – Cathay Pacific, Cathay Dragon and HK Express – in order to allow each airline to achieve their full development potential by leveraging their respective unique strengths.

The move is also designed to maximize each airline’s operational efficiency and synergy. This will be good for not only the Group and its airlines, but also the travelling public and our home hub, with better connections through Hong Kong that will strengthen its position as Asia’s leading international aviation hub.

In total, the Group has existing orders for 65 new aircraft that it will receive by 2024, as part of the fleet modernization plan. This includes the delivery of 21state-of-the-art Boeing 777-9 aircraft, 12 modern Airbus A350 and 32 A321neo aircraft between 2020 and 2024.

Following a comprehensive review of its airlines’ fleets, the Group has decided that Cathay Dragon will operate the first 16 of these narrow-body A321neo aircraft upon delivery from 2020 to 2022. The remaining 16 aircraft, meanwhile, will join the HK Express fleet from 2022.

 

Cathay Pacific announces senior management changes

Cathay Pacific Airways announced today the following management changes, effective from 19th August:

  • Mr. Augustus Tang appointed Chief Executive Officer, succeeding Mr. Rupert Hogg.
  • Mr. Ronald Lam appointed Chief Customer and Commercial Officer, succeeding Mr. Paul Loo.  Ronald Lam will remain Chief Executive Officer of Hong Kong Express until a successor has been appointed.

The Board of Directors of Cathay Pacific announced that it has accepted the resignation of Rupert Hogg as Chief Executive Officer and Paul Loo as Chief Customer and Commercial Officer.  At a Board meeting today, Augustus Tang was appointed Chief Executive Officer and Ronald Lam was appointed Chief Customer and Commercial Officer.  The Board of Directors believes that it is the right time for new leadership to take Cathay Pacific forward and that Augustus Tang and Ronald Lam, both of whom are highly experienced executives with long careers at Cathay Pacific, are ideally suited to lead the company.

John Slosar, Chairman of Cathay Pacific, commented, “Augustus Tang and Ronald Lam have the experience and depth of knowledge of aviation and our people to be strong and effective leaders of Cathay Pacific at this sensitive time. Hong Kong is a fantastic home for our airline.  It is a world class city and has a premium airport which is the biggest international passenger and cargo hub in Asia.  Cathay Pacific has a relentless focus on standards of safety and care, and an unrivalled reputation for customer service.”

Mr. Hogg stated, “It has been my honour to lead the Cathay Pacific Group over the last three years.  I am confident in the future of Hong Kong as the key aviation hub in Asia. However, these have been challenging weeks for the airline and it is right that Paul and I take responsibility as leaders of the company.”

Mr. Slosar added, “Rupert Hogg and his team executed the three-year Transformation Programme which has been important to Cathay Pacific’s recovery and provides a strong platform for continued development. However, recent events have called into question Cathay Pacific’s commitment to flight safety and security and put our reputation and brand under pressure.  This is regrettable as we have always made safety and security our highest priority.  We therefore think it is time to put a new management team in place who can reset confidence and lead the airline to new heights.  Cathay Pacific is fully committed to Hong Kong under the principle of ‘One Country Two Systems’ as enshrined in the Basic Law.  We are confident that Hong Kong will have a great future.”

Cathay Pacific completes acquisition of Hong Kong Express Airways

Cathay Pacific Airways has announced that it has completed the acquisition of Hong Kong Express Airways (HK Express). HK Express is now a wholly owned subsidiary of Cathay Pacific.

Cathay Pacific Chief Executive Officer and HK Express Chairman Rupert Hogg said: “We are very excited to welcome HK Express into the group. We strongly believe that the acquisition is good for the travelling public, good for HK Express, good for the Cathay Pacific Group, and good for the development of Hong Kong as a global aviation hub.

“HK Express will continue to operate as a stand-alone airline using the low-cost carrier business model. I would also like to reassure HK Express customers that there is no change to the airline’s operating model and that business will continue as usual. There will be more value fares and more destinations available to travellers.

“We look forward to working with the HK Express teams to ensure a smooth transition and to continue to grow the airline in order to better serve its customers.”

Leading the HK Express team as CEO is Ronald Lam who has worked with the Cathay Pacific Group and HAECO for more than twenty years, most recently as Cathay Pacific Director Commercial & Cargo.

Mr Hogg explained that the acquisition of HK Express is an attractive and practical way for the Cathay Pacific Group to develop and grow its aviation business over the long term, while also enhancing the competitiveness of its Hong Kong home base as a leading aviation hub.

He said: “Our respective businesses and business models are largely complementary. HK Express captures a unique market segment that, together with the extensive network offered by the Cathay Pacific Group, could multiply connection opportunities through Hong Kong. This will bring tremendous benefits to the travelling public with more choices and greater convenience for their travel experience.”

Cathay Pacific delays its first payment to HNA for HK Express

First Boeing 747 in the new 2018 livery

Cathay Pacific Airways has delayed its first payment to the HNA Group for its HK Express subsidiary.

According to the report by Forbes, the payment was held up due to a questionable purchase of three Boeing 747-400F freighters that have not yet been disposed.

HK Express leased two Boeing 747-400F freighters to ACT Airlines (top) and the third is operated by Suparna Airlines according to the report.

Read the full report.

Top Copyright Photo (all others by the airlines): ACT Airlines Boeing 747-428F ER TF-ACR (msn 32866) IST (Javier Rodriguez). Image: 943472.

ACT Airlines aircraft slide show:

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