DAE cuts 747-8F order for a second time

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For a second time, Dubai Aerospace Enterprise (DAE) has reduced its orders for 747-8 Freighters, Boeing revealed today.

The Dubai-based lessor slashed five 747-8Fs with a total list value of $1.76 billion from its total order, leaving DAE with five remaining orders for the type, Boeing says.

The reduction comes a year after DAE made its first order reduction. Last November, DAE cut five aircraft from what was originally an order for 15 747-8Fs.

DAE and GECAS are the only remaining lessors with orders for the 747-8F. Guggenheim Aviation Partners first ordered four aircraft in August 2007, but cancelled all them by January 2011 blaming delays in the 747-8Fs development.

Boeing delivered the first 747-8F last year and recently rolled out an improved model weighing 2.5t less than the first aircraft to enter service.

But market demand for new freighters has dwindled as the air cargo industry remains in a slump. In November, Boeing executive vice president of airplane programmes Pat Shanahan said the company must wait to ramp up 747-8F production further until the industry recovers.