The Wall Street Journal: Boeing loses freighter order as cargo market sags
Boeing Co. lost an order for four 747-8 jumbo freighter aircraft from Japan’s biggest cargo carrier as the air-freight-market recovery receded in July.
After giving a cautiously optimistic outlook on air cargo earlier this year, the plane maker confirmed on Friday that Nippon Cargo Airlines Co. canceled an order for four 747-8F freighters. Boeing BA, -0.96% confirmed the loss on Thursday, but didn’t identify the customer.
The cancellation is another warning sign for the manufacturers of large, dedicated freighter aircraft as worries about economic growth, especially in Asia, threatens to chill demand.
Global freight traffic fell 0.7% in July from a year earlier, according to the International Air Transport Association. The drop in demand came as freight capacity grew 6.7%, spurring fears of another downturn in air cargo.
“The disappointing July freight performance is symptomatic of a broader slowdown in economic growth,” said IATA Director General Tony Tyler, in the traffic report.
An expanded version of this report can be found at WSJ.com.