United Parcel Service (UPS) has exercised all 14 Boeing 747-8 freighter options it had, firming the aircraft for delivery on “an expedited schedule.”
Atlanta-based UPS ordered 14 747-8Fs in 2016 and took 14 options. It took delivery of three 747-8Fs in 2017. The firmed options provide another boost to the 747-8 program, which has struggled with sales on the passenger side. UPS additionally has ordered four 767Fs.
The exercised options and four 767Fs are valued at a combined $6.5 billion at list prices. All 32 aircraft—the 28 747-8Fs and the four 767Fs—will be delivered by 2022, UPS said.
“All of the new aircraft will be added to the existing fleet and no existing aircraft are being replaced,” UPS said. 
“Our growth opportunities are accelerating,” UPS CFO Richard Peretz said. Surging e-commerce orders requiring expedited delivery are driving strong growth for the cargo specialist.
The company’s international segment “has generated four consecutive quarters of double-digit export growth,” UPS chairman and CEO David Abney said Feb. 1.
In the 2017 fourth quarter, the international segment reported 13% year-over-year (YOY) revenue growth “driven by premium products,” UPS said. “Export shipment growth surged 16% per day. All regions of the world contributed to the expansion.”
Abney said the additional freighters have been ordered to “support this strong customer demand.” He added that the tax legislation passed by the US Congress in late 2017 enables UPS “to significantly increase capital investments and to make them earlier than previously planned.”
UPS Airlines president Brendan Canavan said there is “unprecedented demand for our air products,” adding, “The new freighters will allow us to continue upsizing aircraft on routes and will create a cascading effect that will boost capacity on regional routes around the world.”
UPS noted the 747-8F carries 46 shipping containers and has a cargo capacity of 307,600 pounds (approximately 30,000 packages). It has a range of 4,200 nautical miles.