This goes well beyond "are we losing Amazon". Rather, is Amazon going to enter the package transportation business full-scale or just dip their toe in the water? Here's what we already know: 1. Amazon has 20 767 freighters on lease and just ordered 20 more. 2. Atlas Air has been contracted to operate the aircraft and probably ground support. A well-known, non-union operator that also has it own fleet of freighters. 3. Amazon is actively looking to purchase a hub airport, probably first in Europe. Several weeks ago they were in negotiations to buy the Frankfurt facility. I have not heard the end result. 4. Jeff Bezos has been openly displeased with both FedEx and UPS. When you lease 40 planes, that isn't an idle threat, although it is a small fleet in comparison to both FedEx and UPS. What if Bezos leases 200 planes, and decides to create several hubs? I think he's smart enough to stay out of the full-scale ops that we run, so perhaps much of the volume will go USPS, which is located everywhere already and charges less than either FedEx or UPS. Plus, the Amazon distribution center network continues to expand, negating the need for interstate transport for many orders. While it's true that Amazon receives a huge discount, Fred is making big money on volume. The net profit on each package is small compared to someone paying full ticket, but there are many more packages. Bezos is very smart, and he will save the garbage for us and take the premium services (and revenue) for himself. The new generation wants their stuff in 5 minutes, and is willing to pay whatever it takes to have that new device or toy today instead of tomorrow. Not very smart, but it's their money, and Bezos "gets it". I see big changes down the road.