Cathay cancels 777F order: Cathay Pacific Airways canceled an order for eight Boeing 777Fs. CX will instead acquire three 747-8Fs, trading in four 747-400Fs to Boeing. The cargo market remains soft and Boeing is struggling to sell 747-8Fs. One person close to the program says Boeing is faced with building several white tails this year and a recent aerial photo of Paine Field at Everett did show at least two 747-8Fs with no airline markings on the flight line.
We’re concerned about the continuing soft cargo market–it’s usually a leading indicator about the direction of the passenger market. Boeing forecasts recovery in 2014 but we’re not so sure.
Speaking of 777s, Air Lease Corp picked up an order for 10 777-300ERs.
787 update: Aviation Week has an updated report on the Boeing plans to begin flight tests for the 787. There seems to be a consensus building that the earliest the aircraft might return to revenue service is late April or in May–the latter a day we forecast earlier.