It crumbled under pressure.
According to a release, Singapore Airlines Cargo is to park one of its 13 freighter aircraft as a result of continuing weakness in demand for airfreight shipments and high fuel prices.
The aircraft will be removed from service in January 2013 and under current plans it will remain out of service until May 2014. A storage location is in the process of being selected.
“The air cargo market remains badly depressed and the near-term outlook continues to be challenging. Freight rates have declined to a level where certain flights are no longer viable. We have therefore taken this step to rationalise capacity further,” said SIA Cargo President, Mr Tan Kai Ping.
SIA Cargo operates 13 Boeing 747-400 Freighters. Earlier this year the Airline reduced freighter capacity by cutting back long-haul services, resulting in a reduction in flying hours for each aircraft. SIA Cargo will continue to closely monitor market conditions and will make further capacity adjustments as required.
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