Boeing to slow production of its iconic 747

Boeing confirmed Wednesday that it would be reducing production of its iconic 747 jumbo jet to one per month starting in March of 2016.

The airplane, one of the most recognizable in the world with its signature upper-deck hump, has struggled mightily in recent years as a dearth of orders has threatened to shutter the program. Rates have already dropped several times in recent years, settling at the present rate of 1.5 jets rolling off the line per month. Boeing had already planned to ebb production to 1.3 jets this September.

"With these changes announced today, we anticipate a stable future for the 747 production system," said Bruce Dickinson, vice president and general manager of the 747 program, in an emailed statement to reporters.

The shift away from the 747 has been in progress for the better part of a decade. Passenger airlines have largely abandoned the four-engined jumbo in favor of smaller, more efficient two-engined wide-body jets, such as Boeing's own 777.

The company launched a revamped version dubbed the 747-8 in 2005, hoping to inject its flagship product with new life. But the airplane has sold poorly in the passenger market, with only a handful of orders split between three airlines.

That has left long-term hopes for the jet planted firmly in the freighter market. Indeed, cargo carriers account for the vast majority of the 747-8's total order book, which stands around 120 frames, most of which were booked during an initial buying spree.

Since then commitments for new jets have trickled in at best. Analysts point to a sluggish recovery from the 2008 financial crisis and cheap access to used cargo jets as primary factors. Boeing has steadfastly forecast a recovery in air cargo markets for several years, a prediction that has largely gone unrealized.

Hopes were buoyed earlier this month , however, when cargo operator Volga Dneper placed a tentative order for 20 747 freighters at the Paris Air Show – the largest order in a quarter century. If it results in firm orders, the deal would extend the life of the 747 by almost two years.

Details on the structure of the deal, and whether the orders are in fact firm, remain undisclosed by either party. But Boeing said in a statement on Wednesday that the deal is an "important validation of the 747-8 Freighter market strength." Dickinson further said, via statement, that Boeing is "optimistic that we have things in balance now and the cargo market is swinging back quite strongly."

Jeremy Dwyer-Lindgren is a Seattle-based photojournalist and aviation writer and a contributor to Ben Mutzabaugh's Today in the Sky blog. You also can follow Jeremy on Twitter at @photoJDL.