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2002 Press Releases
Additional 'Beyond Rights' will Provide Greater Access for U.S. Exporters
HONG KONG, Nov. 7, 2002 - FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX), announced today that it has submitted its application with the U.S. Department of Transportation (DOT) for 12 new airline frequencies to Hong Kong. These new flight frequencies were made available under a recently negotiated U.S.-Hong Kong bilateral agreement.
Additional fifth freedom air rights through Hong Kong will allow FedEx Express to better serve the marketplace with expanded access to Asia from the U.S. and Europe, as well as within the Asia-Pacific region. Currently, FedEx operates 194 flights per month and 44 charter flights into and out of Hong Kong, with more than 12 million pounds of capacity per month.
"The new agreement represents a positive step toward liberalizing this important market. It will provide the Hong Kong economy with increased transportation services which will enhance their trade and global competitiveness," said David L. Cunningham Jr, President of FedEx, Asia Pacific. "As a facilitator of global trade and long time supporter of open skies, these 12 additional frequencies to Hong Kong will allow us to provide significant export opportunities and greater connectivity for Hong Kong shippers and exporters. "In addition, these frequencies are intended to improve the efficiency of the FedEx Express network."
If awarded the requested rights, FedEx Express will increase its weekly round trip service between Subic Bay and Hong Kong and westbound service between Hong Kong, Seoul and the U.S. In addition, the rights allow FedEx to increase service between its Subic Bay hub and its European hub at Charles De Gaulle airport in Paris via Hong Kong.
The Asia Pacific region is FedEx's fastest-growing international market and Greater China is an important part of FedEx's growth in the division. From the moment FedEx entered the Chinese marketplace in 1984, FedEx's history in China has demonstrated the company's commitment to working with government authorities to help bring world-class express transportation services to the region.
About FedEx
With annual revenues of $21 billion, FedEx Corp. is the premier global provider of transportation, e-commerce and supply chain management services. The company offers integrated business solutions through a network of subsidiaries operating independently, including: FedEx Express, the world's largest express transportation company; FedEx Ground, North America's second largest provider of small-package ground delivery service; FedEx Freight, the largest U.S. provider of regional less-than-truckload freight services; FedEx Custom Critical, North America's largest provider of expedited time-critical shipments; and FedEx Trade Networks, a provider of customs clearance, international freight forwarding and trade facilitation.
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