CARGO CARRIER Air Hong Kong has cut its fleet from three to two Boeing 747 freighters as it continues to suffer from poor demand and heavy financial losses.

The 747-100F is to be returned early to leasing company GE Capital Aviation, as the carrier is able only to find sufficient cargo to fill two aircraft. In November 1994, Air Hong Kong terminated its lease of a Boeing 707-320 from HeavyLift Cargo Airlines.

In June 1994, Cathay Pacific bought a controlling 75% stake in Air Hong Kong for HK$200 million ($25.8 million), but has continued to manage the carrier separately.

Source: Flight International