UPS has exercised options for 14 additional Boeing 747-8 Freighters and ordered four new 767 Freighters.

According to UPS, the aircraft will provide additional capacity in response to accelerating demand for the company’s air services. All of the new aircraft will be added to the existing fleet without any existing aircraft being replaced.

The aircraft will be delivered on an expedited schedule and will enter the UPS fleet by the end of 2022. They will add to the company’s order for 14 747-8Fs in 2016, of which three have already been delivered.

“Our intra-US next-day and deferred air shipments are expanding to record levels, and UPS’s international segment has produced four consecutive quarters of double-digit export shipment growth,” said David Abney, chairman and CEO of UPS. “To support this strong customer demand, we continue to invest in additional air capacity, providing the critical link our customers need to markets around the world.”

The recent US tax reform legislation has enabled UPS to utilize tax savings to significantly increase capital investments and to make them earlier than previously planned.

“As we celebrate the 30th anniversary of UPS Airlines today, we are seeing unprecedented demand for our air products,” said Brendan Canavan, president of UPS Airlines. “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.”

The 747-8F can carry 46 containers, 34 on its main deck and 12 in its lower compartments. It has a cargo capacity of 307,600 pounds, equivalent to approximately 30,000 packages, and a range of 4,200 nautical miles.

The 767 freighter has a cargo capacity of 132,200 pounds and capacity for 31 containers, 24 on the main deck and seven in its lower compartments.  It has a range of approximately 3,000 nautical miles. UPS currently operates 59 767Fs.

The new orders will make UPS the largest operator of the 747-8F.

“UPS has clearly tapped into the power and efficiency the 747-8 Freighter brings to the market,” said Kevin McAllister, president and CEO of Boeing Commercial Airplanes. “We’re impressed with how UPS is leveraging the airplane in its operations and excited to see them bring additional 767s into their fleet.”

For 2017, UPS posted a year-on-year growth of 15% in international export shipments, and an 8.2% increase in revenue to US$65.9 billion.