Boeing Announces UPS Purchase of Eight Additional 767s

Rhea-AI Summary

Boeing (NYSE:BA) has secured an order from UPS for eight additional 767 Freighters, raising UPS's fleet to 108 such aircraft. This order underlines the 767's versatility and Boeing's leadership in the freighter segment. With deliveries starting in 2025, UPS aims to enhance its sustainability and efficiency in air cargo operations. Boeing anticipates significant demand in the freighter market, projecting a need for 2,795 dedicated freighters over the next 20 years. Currently, Boeing's freighters comprise 90% of the global freighter capacity.

Positive

• UPS's order increases their 767 Freighter fleet to 108 aircraft, enhancing operational capacity.
• The deal reflects Boeing's strong position in the air cargo market and robust demand for freighters.
• Boeing forecasts a demand for nearly 3,000 new dedicated freighters in the next two decades, indicating market growth.

Negative

• None.

SEATTLE, Aug. 29, 2022 /PRNewswire/ -- Boeing [NYSE:BA] today announced an order from UPS for eight more 767 Freighters. The incremental order will increase UPS's 767 Freighter fleet to 108 airplanes, enabling the global carrier to further modernize and sustainably grow its fleet.

"The additional 767s will help us continue to deliver what matters to UPS customers around the world. This is a very versatile aircraft that we operate across every region of the globe," said UPS Executive Vice President and President U.S. Nando Cesarone. "With these aircraft, our fleet will continue to be among the most modern in our industry, meeting our customers' needs while improving our efficiency, sustainability and reliability."

Air cargo continues to play a crucial role in global trade, from supporting supply chains to expanding e-commerce. The International Air Transport Association (IATA) has estimated that global air cargo revenue in 2021 was more than double the revenue in pre-pandemic 2019.

"This repeat order from UPS is a testament to the outstanding cargo capabilities of the 767 Freighter and further demonstrates Boeing's market leadership in the freighter segment," said Ihssane Mounir, Boeing senior vice president of Commercial Sales and Marketing. "UPS will operate more than 100 767 Freighters with this order and will build its fleet of Boeing and Boeing-heritage airplanes to more than 260 airplanes. We are honored to play an important role in UPS's efforts to operate a more sustainable, more efficient fleet." 

UPS will begin taking delivery of these new airplanes in 2025, with an additional 767-300 Boeing Converted Freighter (BCF) entering service in late 2023. This purchase builds on UPS's order for 19 767 Freighters in December 2021.

Based on the 767-300ER (Extended Range) passenger jet, the 767 Freighter carries up to 52.4 tonnes of revenue cargo with intercontinental range, serving as a flexible platform for long-haul, regional and feeder markets. UPS was the launch customer for the 767 Freighter in 1995 and has purchased a total of 108 of the model. The carrier currently operates 238 Boeing freighters including the 747, 757, 767 and MD-11.

According to Boeing's 2022 Commercial Market Outlook forecast, carriers will require 2,795 more dedicated freighters over the next 20 years, including 940 new widebodies, 555 widebody converted freighters and 1,300 standard body conversions. The global freighter fleet will grow to 3,610 airplanes by 2041, up from 2,250 today. Today, Boeing freighters account for 90% of the world's freighter capacity, flying millions of tonnes of goods around the globe.

As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing's diverse team is committed to innovating for the future and living the company's core values of safety, quality and integrity. Learn more at www.boeing.com.

Contact:

Daniel Mosely
International Sales Communications
Boeing Commercial Airplanes
+1 425-336-9970
daniel.mosely@boeing.com

Jim Proulx
Boeing Media Relations
+1 206-850-2102
jim.proulx@boeing.com

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SOURCE Boeing

FAQ

What is the significance of UPS's additional order for Boeing's 767 Freighters?

The order signifies UPS's commitment to modernizing its fleet, increasing efficiency, and enhancing sustainability.

When will UPS receive the new Boeing 767 Freighters?

UPS is expected to begin taking delivery of the new aircraft in 2025.

How many 767 Freighters will UPS have after this order?

After this order, UPS will have a total of 108 767 Freighters.

What market forecasts did Boeing provide regarding freighters?

Boeing forecasts a need for 2,795 more dedicated freighters globally over the next 20 years.

What percentage of the world's freighter capacity do Boeing freighters account for?

Boeing freighters account for 90% of the world's freighter capacity.