TAIPEI, March 28, 2011— FedEx Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, today announced the launch of a new dedicated 777F route connecting the FedEx World Hub in Memphis, Tennessee to South Korea with four nonstop flights a week.
The new route combines faster service with larger cargo capacity, enabling FedEx to deliver documents and FedEx International Priority® (IP) packages from the U.S., Canada and selected markets in Latin America to Seoul, South Korea in two-to-three business days. FedEx also now offers the fastest delivery of FedEx International Priority Freight® (IPF) to Seoul from the U.S., Canada and selected markets in Latin America.
In 2010, US$38.8 billion of goods were exported from the U.S. to South Korea; a significant 35% rise year-on-year[1]. FedEx has strategically placed the 777F into service to South Korea in order to meet growing demands across global markets and offer practical solutions for increasing shipping needs.
“The latest deployment of our 777F service to Seoul marks our continuous efforts to strengthen our network to meet increasing customer demand,” said David L. Cunningham, Jr., president, FedEx Express, Asia Pacific. “The non-stop connection to the South Korea capital from the U.S. helps facilitate the trading activities between the continents, providing our customers with our reliability.”
FedEx is a strong supporter of efforts to lower tariffs and barriers to international trade. With approval of the pending U.S. – Korea Free Trade Agreement (KORUS), the demand for goods and services is expected to rise between the U.S. and South Korea. According to the U.S. International Trade Commission, U.S. merchandise exports to Korea would likely increase by nearly $11 billion a year.
“Through this new enhancement, FedEx will provide a competitive advantage to customers anticipating an increase in business opportunities following final approval of the Korea-U.S. FTA. The new flights will also strengthen our position in the Korea-U.S. trade lane. We are a company that supports our customers by continuously monitoring developments in the market and responding rapidly to changing needs,” said Eun-Mi Chae, managing director of FedEx Express Korea.
FedEx Express is the first U.S.-based, global, all-cargo airline to add the 777F to its fleet. As part of our commitment to environmental sustainability, FedEx has been expanding its fleet of 777F aircraft because of its fuel efficiency and lower carbon emissions.
In the Asia Pacific region, FedEx operates 777F with connections direct to the Memphis Super hub from Hong Kong, Singapore via Osaka, Shanghai and Shenzhen. In addition, a 777F was also deployed to connect Hong Kong to our Europe hub in Paris last December.
[1] Foreign Trade Statistics, U.S. Census Bureau