Atlas Air Partners With Alibaba's Cainiao To Enhance Shipping Efficiency

Atlas Air Worldwide Holdings, Inc. AAWW subsidiary Atlas Air, Inc. expanded its partnership with Cainiao Network, the logistics arm of Alibaba Group Holding Ltd BABA, to enhance overall shipping efficiency in response to the growth of cross-border trade between China and Latin America. Financial terms were not disclosed.
With the launch of daily flights, Cainiao's weekly cargo volume from China to Latin America has increased 144% compared to last October.
Under the expanded agreement, Atlas has added an additional B747-400F to fly between Hong Kong, China, and Santiago, Chile, bringing the total dedicated fleet for Cainiao to five aircraft.
The current upgraded Atlas-Cainiao partnership has enhanced overall warehouse distribution and air freight efficiency by over 40%.
Price Action: AAWW shares are trading higher by 2.35% at $87.64, while BABA was up 0.24% at $167.18 on the last check Monday.