Boeing and UPS have announced an order for 14 747-8 Freighters in a deal valued at $5.3 billion based on list prices. The agreement also includes an option to purchase an additional 14 of the cargo airplanes.

“These aircraft are a strategic investment for increased capacity for UPS customers around the globe,” said Brendan Canavan, president, UPS Airlines. “The 747-8 will allow UPS to upsize our network in both new and existing markets.”

The 747-8 Freighter is the world’s most efficient freighter, providing cargo operators the lowest operating costs and best economics of any large freighter on the market. With its iconic nose door, the airplane has 16% more revenue cargo volume than the 747-400F. The airplane also reduces the noise footprint around an airport by 30% compared to its predecessor.

“UPS could not have selected a better aircraft to meet its growing business needs,” said Brad McMullen, vice president, Sales, North America and Leasing, Boeing Commercial Airplanes. “We’ve continued to make the 747-8 Freighter even better, and we look forward to seeing UPS introduce it to its fleet.”