By Doug Cameron, Of DOW JONES NEWSWIRES
Boeing Co. (BA) plans to deliver the first of its delayed new 747-8F cargo planes early next month, though the global air freight market has turned sluggish.
The company said Friday that U.S. and European regulators signed off on the revamped version of its iconic jumbo jet, paving the way for launch customer Cargolux Airlines International SA to receive the first of the three 747-8Fs it ordered in 2007.
Boeing plans to deliver at least a dozen 747-8s this year, including a VIP version configured for passengers that has yet to be approved by regulators. The aircraft program remains in a loss-making position after a series of production and design delays left it more than a year behind schedule.
While air cargo carriers are kitting out their fleets with new planes such as the Boeing's 747-8F and 777 freighter - which offer better range and fuel performance - the new capacity comes as global demand remains below pre-recession levels, sagging after a surge in business last year driven by restocking.
The International Air Transport Association recently described the market as "in the doldrums", and the weakness has been most pronounced in the Asia-Pacific markets that account for more than a third of the global total. Hong Kong airport, the world's largest air cargo hub by volume, saw a 6% drop in tonnage in June compared with the previous year.
