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.

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,