The Boeing 747-8 secured its largest single order in nearly a decade when UPS Airlines signed a purchase agreement to buy 14 747-8 Freighters. The deal also includes options for a further 14 aircraft. The deliveries will be spread over three years, starting in 2017, reports said. Brendan Canavan, President of UPS Airlines, said: "These aircraft are a strategic investment for increased capacity for UPS customers around the globe. The 747-8 will allow UPS to upsize our network in both new and existing markets." The order is the first time since 2005 that UPS has ordered 747s. It did commit to the prospective freighter version of the A380 but those orders were cancelled in 2007. The deal marks the largest single order for the 747-8F since Cathay Pacific Cargo's order (also for 14 747-8Fs) back in 2007, and the first order for ten or more 747-8s since Korean Air Cargo's order for ten -8Fs in 2014. It gives a boost to production of the 747 after a diminishing orders backlog for the -8F and the -8 Intercontinental prompted Boeing to cut the jumbo's production rate to just six jets per year. UPS's order could also point to a rebound in the air cargo market. That market has had ups and downs in the last few years. A slowdown in 2012 was followed by recovery, but the sluggish global economy has once again checked growth.
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