Singapore Airlines Cargo will park one of its 13 freighters, citing “continuing weakness in demand for air freight shipments and high fuel prices.”
The plane will be removed from service in January and under current plans it will remain parked until May 2014. A storage location is in the process of being selected, the airline said.
“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 rationalize capacity further,” said SIA Cargo President Tan Kai Ping, in a statement.
SIA Cargo operates 13 Boeing 747-400 freighters. Earlier this year, the airline trimmed its freighter capacity by cutting back long-haul services, resulting in a reduction in flying hours for each plane.
The airline said it will “continue to closely monitor market conditions and will make further capacity adjustments as required.”