UPS adds eight new Boeing 767s to its air fleet

Atlanta-based global freight transportation and logistics services provider UPS said this week that is it purchasing eight new 767-300ER freighters from Boeing, which the company said will help to support its “customer-first strategy.”

UPS said that the addition of these eight freighters brings its total tally to 108 767 freighters in its global network. And it added that the new freighters will help to meet demand in high-growth area verticals it serves, including healthcare, small business, and international markets, as well as continue to “provide outstanding service” in its air express segment. UPS also said that the 767-300ER aircraft is the most versatile in its fleet and connects its customers to both the U.S. and international markets.

What’s more, UPS noted it was the “launch customer” of the Boeing 767 in 1995 and now operates 80 of the aircraft. It said that the company’s longstanding experience with these aircraft will help to modernize its fleet, as well as augment its efficiency, sustainability, and reliability.

“The first of the new aircraft are scheduled for delivery in 2025 and give us flexibility within our fleet to meet future customer demand. The 767 offers an excellent combination of payload and range for our customers,” said UPS Airlines President Jim Joseph in a statement. “The new aircraft also will help modernize our fleet while improving our efficiency, sustainability and reliability.”

On its second quarter earnings call, UPS CEO Carol Tomé said that the company’s customer-first people-led, innovation-driven strategy is powering consistent improvement across our company, starting with customer-first, which she said is about creating a frictionless customer experience.

And on its first quarter earnings call in February, UPS said that aircraft investments are a driver of the company’s 2022 capital spending plan, including taking delivery of two new 747-8 aircraft in 2022, adding international capacity and making pre-delivery payments on the 19 Boeing 767 freighters UPS announced in December 2021, which are set the enter the UPS fleet between 2023 and 2025.

Jerry Hempstead, president of Hempstead Consulting, told LM that this week’s announcement to add eight new Boeing freighters could be viewed as risky, if, in fact, the economy is headed into a recession.

“It’s not clear to me if these planes are slated to replace older, less efficient aircraft in their fleet or if this is incremental capacity,” he added.