Cathay said the decision “was taken in response to market conditions brought about by the global economic downturn” and that it is aimed at “better matching supply and demand in the airfreight business given the current market outlook.”
The carrier said the first quarter of 2009 will be weak, and revised its cargo capacity to Europe and North America downwards.
“The deferral is aimed at better matching supply and demand in the airfreight business given the current market outlook. It is also important for the company to maintain a strong balance sheet until the market strengthens,” it said in a statement.
The carrier said it remains “fully committed” to the eventual completion of Hong Kong’s third cargo terminal and that it will compensate AAHK for thedelay.