Earlier this year Qantas Freight announced our intent to lease a Boeing 747-400ERF freighter. In recent months the international air freight market has continued to soften, and it is with regret that we have decided not to proceed with the lease of this aircraft.
This has been a tough decision, but it’s a prudent one given the significant overcapacity we’re seeing in the international market.*These challenges are not unique to Qantas Freight - many carriers are reducing their services and active fleet and avoiding this type of expenditure at this time. Our industry is cyclical and we will re-examine our options when markets have strengthened.
I want to thank our Express Freighters Australia team for all the great work they have done on this program, and I am genuinely disappointed that we cannot proceed in light of the current market conditions.
Meanwhile, our current 747 freighter schedule remains in place – there’s no change to our current operation. Qantas Freight remains a strong business and all the decisions we make are designed to keep our business strong into the future.*
We continue to invest in other initiatives in line with our strategy of improving our customer offering and driving efficiency.
Regards,
Manager Executive
