ALL-CARGO CARRIERS PRAISE U.S./HONG KONG AVIATION AGREEMENT

ALL-CARGO CARRIERS PRAISE U.S./HONG KONG AVIATION AGREEMENT    An aviation agreement signed between the U.S. and Hong Kong governments late last week provides new opportunities for all-cargo carriers operating in Southeast Asia.
   The agreement increases the number of weekly all-cargo flights between Hong Kong and third countries from eight to 64.
   “These flights will be phased in over a three-year period with some limitations on the points that may be served,” said the U.S. Transportation Department.
   Mike Eskew, chief executive officer for United Parcel Service, said the agreement ensures that “Hong Kong will become one of the most important logistics centers in Asia.”
   UPS is one of the all-cargo carriers interested in gaining “beyond rights” through Hong Kong. This would allow UPS to use its own planes to directly connect Hong Kong to its international hubs in the Philippines and Cologne, Germany.
   The new agreement is expected to generate about $2.4 billion over the next three years in additional revenue for U.S.-based air-cargo carriers.