BAKU, Azerbaijan, March 3, 2015 /PRNewswire/ — Boeing [NYSE: BA] and Azerbaijan-based Silk Way West today announced an order for three 747-8 Freighter airplanes valued at more than $1.1 billion at current list prices.

“Silk Way Airlines’ success and profitability as a cargo operator is a direct result of investing in its fleet and services and growing its regional and international footprint,” said Zaur Akhundov, president, Silk Way Group of Companies. “I am confident we will maintain our rate of growth, supported by three new Boeing 747-8 Freighters.”

“The 747-8 is perfectly suited to meet the needs of Silk Way Group for their growing cargo business,” said Marty Bentrott, vice president, Middle East, Russia and Central Asia Sales, Boeing Commercial Airplanes. “We value our partnership with Silk Way West and are grateful for their enduring confidence in Boeing and the 747-8 Freighter.”

Silk Way West is an enterprise of the Silk Way Group, which includes 23 companies working in the aviation industry and related services. The airline currently operates seven Boeing airplanes, including two 767-300 Freighters, three 747-400 Freighters and two 747-8 Freighters.

Compared one on one, the 747-8 Freighter has no competitors. The 747-8 Freighter provides cargo operators the lowest operating costs and best economics of any large freighter airplane while providing enhanced environmental performance. The 747-8 Freighter offers 16 percent more revenue cargo volume than the 747-400, while keeping its iconic nose door.

With 56 747-8 Freighters in service with eight customers, the 747-8 Freighters have logged more than 500,000 flight hours and more than 88,000 flight cycles. They are performing with the highest dispatch reliability and utilization of any four-engine airplane in service.