Benzinga | Nov 15, 2021 03:49PM EST

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

* Atlas Air Worldwide Holdings, Inc. (NASDAQ:AAWW) subsidiary Atlas Air, Inc. expanded its partnership with Cainiao Network, the logistics arm of Alibaba Group Holding Ltd (NYSE: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.