Cathay Pacific is to purchase the 40 per cent stake held by DHL in their Air Hong Kong freighter JV, giving it full control of the carrier.

The partners have signed a non-binding MoU which would see eight A306F aircraft being sold to DHL and leased back to Air Hong Kong. DHL is Air Hong Kong’s major client and will continue to be under a new arrangement.

DHL purchased a 30 per cent of Air Hong Kong in 2002, upping it a further 10 per cent the following year.

A filing on the Hong Kong Stock Exchange said it was planned that the changes “will take effect on and from the expiry on 31st December 2018 of the joint venture agreement and the old block space agreement.”

A new block space agreement is being worked on. “It is contemplated that AHK will operate an agreed freighter network to destinations in Asia for DHL and will receive agreed service fees and reimbursement of operating expenses.”

This arrangement would be for an initial 15 years.

Air Hong Kong was launch customer for the A306F type. The aircraft entered service with the carrier between September 2004 and July 2006.(aircargoasiapacific)