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.

Boeing and Cathay Pacific today announced the Hong Kong-based carrier is ordering 14 more 777-9 passenger jets, bringing its order book to 35 of the world’s largest twin-engine airplane. Designed to reduce fuel use and emissions on average by 20% and noise by 40% compared to the airplanes it replaces,