Singapore Airlines Cargo has reduced (22-Feb-2012) freighter capacity by 20% in response to continuing weakness in demand and high fuel prices. Capacity reductions were implemented recently and will continue into the northern summer operating season. [more - original PR]
Singapore Airlines Cargo: "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. 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 freight operations to better match capacity to demand," Tan Kai Ping, CEO. Source: Company Statement, 22-Feb-2012.