The capacity reductions were implemented recently and will continue into the Northern Summer operating season which starts late next month.
“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,” said SIA Cargo President, Mr Tan Kai Ping.
“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.”
SIA Cargo has a fleet of 13 Boeing 747-400 Freighters. The capacity reductions, which are mainly for long-haul services, have led to a corresponding reduction in the number of flying hours for each aircraft.
SIA Cargo will continue to closely monitor market conditions and will stay nimble in aligning capacity deployment to demand.