Boeing has announced it will reduce the production rate of its 747-8 in order to align supply with near-term demand in the cargo market.

The reduction is the fourth for the company in less than two years.

Boeing Commercial Airplanes CEO Ray Conner said: "Global air passenger traffic growth and airplane demand remain strong, but the air cargo market recovery that began in late 2013 has stalled in recent months and slowed demand for the 747-8 freighter.

"While we remain confident in the 747-8’s unique value-proposition and an upcoming replacement cycle for late-model 747-400 freighters, we are taking the prudent step to further align production with current market requirements."

"We are closely monitoring the air cargo market as we work to win additional orders to support ongoing future production."

The firm is yet to deliver seven of its 747-8 freighters and 13 of its 747-8 passenger variants to customers.

Backlogs include four 747-8s, the order for which was placed by the now-bankrupt Transaero. Arik Air placed orders for two, but is unwilling to accept delivery at present, reports Flightglobal.

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Boeing Commercial Airplanes will also record a $885m pre-tax charge as part of its fourth quarter financial, which is expected to be announced by the end of the month.

Boeing chief financial officer Greg Smith said: "We are closely monitoring the air cargo market as we work to win additional orders to support ongoing future production.

"At the same time, we continue to aggressively drive productivity to lower costs across our production system to offset the current market challenges."