This article first appeared in The Edge Financial Daily, on October 21, 2015.

Cathay Pacific Airways Ltd took delivery of its 53rd Boeing 777-300ER (Extended Range) on Sept 26, flown by some of the Hong Kong-based airline’s most experienced pilots with a cabin crew on board.

The aircraft is the airline’s last 777-300ER ordered, following which Cathay has placed orders for Boeing’s biggest plane — the new 777-9X model. A total of 21 777-9Xs have already been ordered, Cathay said, becoming Boeing’s launch customer for the 777X.

The latest delivery strengthened Cathay Pacific’s title as the largest operator of the 777 fleet in Asia, which now comprises 53 777-300ERs, 12 777-300s and five 777-200s. The aircraft was delivered straight from Seattle to Hong Kong, following a hand-over ceremony at the Boeing’s Everett assembly plant in Seattle. The plane takes Cathay’s total fleet size to 149 aircraft.

Cathay director of corporate affairs James Tong said the 777-300ER will enter into commercial service almost immediately, serving the airline’s routes in Europe and North America. During the last two years, the airline has accelerated its international expansion pace under the Cathay and Dragonair brands, with the addition of several European routes such as Manchester and Zurich.

“Beginning this month, we (Cathay) operate four-times-a-week service from Hong Kong to Dusseldorf in Germany. We have just announced that we are going to Madrid in June 2016, also flying four times a week,” Tong told international journalists at the delivery ceremony in Seattle.

Apart from going it alone, Cathay has also entered into codeshare arrangements with other oneworld partners to expand its operations to other destinations. The airline is a founding member of the oneworld alliance, of which Malaysia Airlines is also a member. “We believe nowadays alliance is the way to go,” said Tong.

“In addition to that, we cooperate with other airlines that are not oneworld members such as WestJet and Alaska Airlines,” he added.

“Cathay took delivery of its first 777-300ER in September 2007. Today, we operate the largest 777 fleet in Asia, and these aircraft offer the range, reliability and flexibility for us to build multiple daily frequencies on trunk routes, both within the Asia-Pacific region and, with the 777-300ERs, on long-haul and ultra-long-haul routes,” said Cathay chief executive Ivan Chu in a statement. “Our 777 fleet has helped in our efforts to reinforce Hong Kong’s position as one of the world’s most important international aviation hubs.”

Cathay’s aircraft fleet’s average age is 7.6 years. Between 2016 and 2024, Cathay will take delivery of 22 more new Airbus A350-900s, 26 A350-1000s, 21 777-9Xs and one 747-8 freighter worth around HK$180 billion at list price. 

At present, Cathay flies to 189 destinations in 51 countries. Its network is expected to keep growing as quickly as its fleet expands.

“We have enjoyed a long-standing relationship with Cathay Pacific on the 777 programme,” said Boeing Commercial Airplanes senior vice-president for Northeast Asia sales Ihssane Mounir. “We are honoured to celebrate the delivery of Cathay’s 70th 777, and will continue to extend the fruitful partnership over the years with our next generation 777X,” he added.

The 777-300ER is the most fuel and cost-efficient airplane in its class as well as the most reliable twin-aisle aircraft in the world. It also has the highest cargo capability of any passenger airplane. According to Boeing, the 777-300ER will receive further improvements in 2016 designed to reduce fuel use by 2%.

Boeing regional director of product marketing Chris Tasche said compared with its closest competitor — the Airbus A350-1000, the 777-300ER offers an additional 38 seats, flies 150 nautical miles (277 km) further and has similar operating cost per seat. “The 777-300ER’s operating cost per seat exceeds a few percentage points of the A350-1000, but when we introduce the 777-9X it will leap frog the A350-1000 (in terms of economics),” he added.

UK-based Swire Pacific Ltd is Cathay’s biggest shareholder, with a 45% stake. The other shareholders include Beijing-based Air China Ltd with a 29.99% stake and CITIC Pacific Ltd at 1.98%.