FedEx Corp. canceled its order for 10 Airbus A380 freighters and ordered Boeing planes instead, dealing a new blow to the European aircraft maker whose flagship double-decker jet has been hit by costly delays.

The U.S.-based delivery company on Tuesday announced an order for 15 Boeing Co. 777 freighters worth US$3.5 billion at catalog prices, blaming the A380 holdups for its decision - the first cancellation for the program, now two years behind schedule.

Shares of Airbus parent European Aeronautic Defence and Space Co. dipped sharply to end 3.1 percent lower at euro20.66 (US$26.24) in Paris. Boeing's stock rose 3.9 percent to US$83.60 (euro65.82) in New York.

FedEx Chairman and CEO Frederick W. Smith said the switch to the 777 was a "necessary and prudent" move in the face of fast-growing global demand for air cargo and express delivery services.

"The availability and delivery timing of this aircraft, coupled with its attractive payload range and economics, make this choice the best decision for FedEx," Smith said. The company is scheduled to take delivery of all 15 Boeing jets in 2009-2011 and has options on an additional 15.

The A380 cancellations leave just 15 superjumbo freighter orders on the Airbus books - from United Parcel Service Inc. and International Lease Finance Corp. - and a further 142 orders for the plane's passenger version.

"Airbus regrets the decision made by FedEx," spokeswoman Barbara Kracht said, "but we understand their need to urgently address their capacity growth."