Guggenheim Aviation Partners (GAP) has cancelled half of its 747-8F order, the company confirms.

GAP reduced its order for the new jumbo freighter by two, with two remaining 747 aircraft on order.

The company first ordered four 747-8Fs in October 2007.

While GAP declined to specify why it cancelled half the order, GAP chief executive Steve Rimmer told ATI and Flightglobal in October that despite the dismal cargo market, existing 747 freighters might be more accessible.

At the time Rimmer said: "we've never seen this quantity of freighters before in the desert" and added that "this time we won't see the market pick up fast because there's a lot of good quality aircraft in the desert".

The cancellations were reflected in Boeing's final year-end update to its order total, bringing the 747-8 backlog to 108 orders for the stretched jumbo. Of those 108, 76 are for the freighter version and 32 for the passenger and VIP -8I variant.

Boeing plans to fly the 747-8F early this year, with first delivery to Luxembourg's Cargolux in the fourth quarter.

Source: Air Transport Intelligence news