Dec. 20 (Bloomberg) -- Cathay Pacific Airways Ltd. agreed to order 21 Boeing Co. 777-9X planes valued at about $7.5 billion as Asia’s biggest international carrier expands its fleet.
The airline expects to take delivery of the aircraft from 2021 to 2024, Cathay said in a filing to the Hong Kong stock exchange today. Carriers normally get discount on list prices.
“The Boeing aircraft will replenish and expand the fleet capacity,” Cathay said. “They will principally serve long-haul destinations in North America and Europe.”
Cathay Chief Executive Officer John Slosar has been pushing to retire the airline’s older 747-400 jumbo jet fleet and replace it with more fuel-efficient and modern aircraft. Cathay’s order is a boost for the 777X, a twin-engine jet that’s an upgrade of the existing 777 model, years in advance of its commercial debut.
Cathay rose 1.5 percent to HK$15.98 in Hong Kong trading today. The stock has gained 12 percent this year.
--Editors: Anand Krishnamoorthy, Vipin V. Nair