FedEx Express has agreed to the purchase of 50 additional 767-300F freight aircraft from the Boeing Company as part of ongoing efforts to modernise its air fleet and improve its customer offerings. 

In addition to the initial 50 aircraft, the contract includes an option for the purchase of a further 50 767F aircraft. 

The order will be delivered from the start of the 2018 financial year through to the 2023 fiscal year. 

FedEx Express's total capital spending for 2016 remains at $4.6 billion (£2.95 billion), and the new order's impact on 2017's capital spending has been described by the firm as "immaterial". 

The logistics subsidiary now holds a total of 106 firm orders for 767Fs from the Boeing Company through to the 2023 fiscal year.

President and chief executive officer of FedEx Express David J Bronczek said: "Acquiring additional 767F aircraft is a continuation of our very successful air fleet modernisation program and will enable us to reduce structural costs."