Shares of Cathay Pacific Airways fell 4.5% in early trade on Thursday after the Hong Kong flagship carrier warned of declining airfares, challenges at its budget carrier and uncertain cargo market conditions.

Cathay Pacific Airways announced a US$8.1 billion order for 14 Boeing 777-9 jets, marking its first transaction with the U.S. manufacturer in 12 years.

Cathay Pacific has ordered 14 more Boeing 777X jets, its first Boeing purchase in over a decade, doubling down despite years of delivery delays.