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FedEx's (FDX) Logistics Unit Opens New Office in South Korea

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FedEx Corporation’s (FDX - Free Report) subsidiary, FedEx Logistics, has opened an office in Seoul, South Korea, expanding its global network.

This new organization will provide one-source, end-to-end logistics solutions, including international air and ocean cargo services, customs brokerage arrangements, and trade solutions, as well as a number of value-added services.

Edward Hui, vice president of FedEx Logistics for Asia Pacific, Middle East, and Africa (AMEA) region, said that with this new office, customers will see an enhancement in service level as well as gain access to FedEx’s global reach, guided by local Korean expertise.

Patrick Moebel, president of FedEx Trade Networks, said, "The new office in Korea complements our global operations, strengthening our position to better serve our customers around the world." Moebel added, “Global customers who trade with Korea and Korean customers alike will benefit from the fully customizable solutions offered by FedEx Logistics.”

FedEx, which has been seeing strong delivery volumes due to a rise in e-commerce demand amid the pandemic, recently entered into a long-term air freight partnership with Atlas Air Worldwide Holdings’ (AAWW - Free Report) subsidiary, Atlas Air. The deal is aimed at boosting air cargo capacity during the peak shipping seasons.

While FedEx carries a Zacks Rank #4 (Sell), Atlas Air Worldwide sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Some top-ranked stocks in the broader Transportation sector are Herc Holdings (HRI - Free Report) and ArcBest Corporation (ARCB - Free Report) , both sporting a Zacks Rank #1.

Shares of Herc Holdings and ArcBest have rallied more than 100% and 85% so far this year, respectively.