MEMPHIS, Tenn.--Sept. 6, 2005--FedEx Freight, a subsidiary of FedEx Corp. (NYSE: FDX), will limit its standard fuel surcharge in order to benefit customers hit by extremely volatile fuel prices in the aftermath of Hurricane Katrina. The company`s fuel surcharge, which is updated weekly, will not exceed the most current pre-hurricane levels for the next 30 days.
"In our industry, the fuel surcharge is designed to manage normal supply and demand market forces of fuel, not temporary spikes caused by disasters," said Douglas G. Duncan, president and CEO of FedEx Freight.
In addition to a fuel surcharge, FedEx Freight is taking proactive steps to address rising fuel costs. The company operates one of the newest fleets in the industry and works with engine manufacturers, the EPA and the Department of Transportation to find new solutions that balance efficiency and productivity.
"We take our responsibility to maximize fuel efficiency very seriously," said Duncan. "This drives our practices in times of crisis and routine business cycles." FedEx has adopted a fuel surcharge calculation method for FedEx Express, FedEx Ground and FedEx Freight services based on the fuel prices published by the U.S. Department of Energy. The limit on the FedEx Freight fuel surcharge does not apply to the surcharges in place for FedEx Express and FedEx Ground.
About FedEx Freight
Within FedEx Corp., the FedEx Freight Segment had annual revenues of $3.2 billion in fiscal year 2005. The Segment includes FedEx Freight, a leading U.S. provider of regional next-day and second-day and interregional LTL freight services. With corporate offices in Memphis, Tenn., FedEx Freight is known for exceptional service, reliability and on-time performance. Through a comprehensive network of service centers and advanced information systems, FedEx Freight provides service to virtually all U.S. ZIP codes, including Alaska and Hawaii. The carrier`s regional and interregional LTL service is supported by a no-fee money-back guarantee on all eligible continental U.S. shipments. Internationally, the company serves Canada, Mexico, Puerto Rico, Central and South America, the Caribbean, Europe and Asia. FedEx Freight maintains more than 330 service centers throughout North America. The FedEx Freight Segment also includes FedEx Custom Critical, North America`s largest time-specific, critical shipment carrier; and Caribbean Transportation Services, the leading provider of airfreight forwarding services between the United States and Puerto Rico. For more information, visit the FedEx web site, www.fedex.com.
About FedEx Corp.
FedEx Corp.(NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $29 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world`s most admired and trusted employers, FedEx inspires its more than 250,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit www.fedex.com.
NOTE TO EDITORS: Press releases and additional information about FedEx Corp. and its operating companies can be found on the World Wide Web at http://www.fedex.com.