Nippon scraps Boeing freighter order

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Nippon Cargo Airlines

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.