Singapore Airlines, the second-largest freight carrier in the world's fastest-growing cargo region, has new leadership at the top of its cargo business.

The airline moved the president of SIA Cargo, Hwang Teng Aun, into the larger airline operation as senior vice president of special projects and replaced him with Goh Choon Phong, who has been senior vice president of finance at Singapore Airlines.

The carrier says the moves are part of "an ongoing program to rotate and develop senior officers at the company." Following the departure of Sudheer Raghavan last year as SIA Cargo's No. 2 official, It also marks a complete change of the top management at SIA Cargo.

The airline has added two 747-400 freighters in the last year, bringing its all-cargo fleet to 16. SIA's cargo traffic grew 7.4 percent in the 12 months ending March 31. The airline's freight yield improved 7.5 percent but fuel spending pushed unit costs up 10.3 percent. Without fuel, costs at SIA Cargo would have grown only 1.2 percent.