Boeing and Cathay Pacific Airways have announced an order for three 747-8 Freighter airplanes.

The order, valued at approximately $1 billion at list prices, also includes options for five additional 777 Freighters.

The new additions will bolster Cathay Pacific’s 747-8 Freighter fleet to 13 airplanes.

“The 747-8 Freighter has provided our revamped cargo fleet with efficient fuel savings as well as added environmental benefits,” said John Slosar, chief executive, Cathay Pacific Airways.

“We are pleased with the in-service performance of this new airplane and we look forward to maintaining Cathay Pacific’s market leadership.”

Hong Kong’s flag carrier is in the midst of renewing its freighter fleet with newer, more efficient airplanes, while also looking to strengthen its position as a market leader in the air cargo business.

The new 747-8 Freighters are expected to progressively replace Cathay Pacific’s 747-400 Boeing Converted Freighter (BCF) fleet.

Cathay Pacific currently operates six 747-400 Freighters, eight 747-8 Freighters, six 747-400ER Freighters and one 747-400 BCF.