SINGAPORE, Feb 22 (Reuters) - Singapore Airlines Ltd has cut its cargo capacity by 20 percent due to persistent weakness in demand and high jet fuel prices.
"The air cargo market has shown weakness for the past nine months, and the depressed demand that we are seeing across all markets gives us little reason to be optimistic about the near-term outlook," SIA Cargo President, Tan Kai Ping, said in a statement on Wednesday.
"With no improvement expected in the first half of this calendar year, and with stubbornly high fuel prices pushing up costs, we have taken appropriate action to reduce our freighter operations to better match capacity to demand," he said.
The airline said the capacity reductions were implemented recently and will continue into the northern summer operating season which starts late next month.
SIA Cargo operates 13 Boeing 747-400 freighters. (Reporting by Harry Suhartono; Editing by Anshuman Daga)
Singapore Air cuts cargo capacity by 20 pct on weak demand, fuel price
