Boeing says Nippon Cargo Airlines has scrapped orders for four Boeing 747 Freighters valued at around $1.5 billion.
Nippon Cargo still has two of the aircraft on order after taking delivery of eight 747-8 freighters since July 2012, according to Boeing’s website.
The cancellation comes as the air cargo market struggled to gain momentum amid China’s economic turmoil and a fall in yields.
Through the end of August, Boeing had just 29 unfilled orders for the 747-8. The freighter version is the company’s second most expensive aircraft, with a list price of $379.1 million.
According to Boeing’s 2015 Current Market Outlook, 14,330 new aircraft, worth $2.2 trillion will be needed in the Asia Pacific region by 2034.
In Europe. UK carrier Jet2.com has ordered 27 Boeing 737-800s, valued at around $2.6 billion at current list prices. Jet2.com operates an all-Boeing fleet of nearly 60 aircraft.
The aircraft will be used to take package holiday and flight only customers to leisure destinations in the Mediterranean, and European cities.