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AAWW - Atlas Air Worldwide Holdings Inc News Story

$74.03 2.7  3.7%

Last Trade - 07/05/21

Mid Cap
Market Cap £1.49bn
Enterprise Value £2.55bn
Revenue £2.31bn
Position in Universe 2196th / 6854

Titan Aircraft Investments and Icelandair Announce Long-term Agreement for the Sale and Leaseback of Two Boeing 767-300ER Aircraft

Wed 10th March, 2021 4:00pm
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PURCHASE, N.Y., March 10, 2021 (GLOBE NEWSWIRE) -- Titan Aircraft Investments,
the joint venture between Titan Aviation Holdings and Bain Capital Credit,
today announced the acquisition of two 767-300ER aircraft from Icelandair.
These aircraft will be converted to freighters and placed on long-term leases
to Icelandair. Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide
Holdings Inc. (NASDAQ: AAWW), will manage these assets.

Michael T. Steen, President and Chief Executive Officer of Titan Aviation
Holdings, said “We are delighted to welcome Icelandair as a strategic
customer and to support their long-term expansion plans. The 767-300ER is a
very attractive medium-sized freighter and we are excited to manage these two
aircraft on behalf of the joint venture. We currently own 21 767-300ER
freighters, which provide us with extensive experience in this aircraft

With the addition of these two 767s, Titan Aircraft Investments’ portfolio
has grown to three aircraft, which also includes a 777-200 freighter. Titan
Aircraft Investments’ aircraft portfolio is managed by Titan Aviation

Titan Aviation Holdings has the most diversified and one of the largest
freighter portfolios in the world, including 777, 767 and 737 aircraft. Titan
Aviation Holdings’ customers include Aerologic, Amazon, China Postal, DHL
Express and FedEx, among others.

“We are very pleased to partner with Titan Aircraft Investments and Atlas
Air to further strengthen our cargo business. With continued positive outlook
for cargo operations post COVID, I am confident that the 767-300ER freighters
will allow us to maximize new opportunities in our markets. These aircraft
carry around 50% more freight than our current two B757-200 freighters and fit
very well into our current fleet and network. Our aim is to increase the
capacity in our markets, as well as strengthen Iceland as a hub for cargo, in
a similar way as our passenger hub that provides attractive connections
between continents,” said Bogi Nils Bogason, President and CEO of Icelandair
“We are uniquely positioned to deliver value to our growing portfolio of
customers as we continue to invest in market-leading assets, combined with the
unique and diversified services our group of companies offer,” said John W.
Dietrich, President and Chief Executive Officer of Atlas Air Worldwide.

About Atlas Air Worldwide:

Atlas Air Worldwide is a leading global provider of outsourced aircraft and
aviation operating services. It is the parent company of Atlas Air, Inc.,
Southern Air Holdings, Inc. and Titan Aviation Holdings, Inc., and is the
majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate
the world’s largest fleet of 747 freighter aircraft and provide customers
the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic,
regional and international cargo and passenger operations.

Atlas Air Worldwide’s press releases, SEC filings and other information may
be accessed through the company’s home page,

About Icelandair Group:

Icelandair Group operates international and domestic passenger services, an
airfreight and logistics business through Icelandair Cargo, as well as
aircraft leasing and consulting services through its subsidiary Loftleidir
Icelandic. With Iceland as a connecting hub, Icelandair’s passenger route
network centers around the unique location of the country midway between North
America and Europe, connecting a number of destinations to and from Iceland as
well as across the Atlantic.

Icelandair Group has successfully built up cargo operations in its key markets
over the past decades, both on its passenger network and with its own
freighters. Icelandair Cargo is the largest air freight operator in Iceland
and has been in a leading role in air transport to and from Iceland for the
past decade. Developing markets for Icelandic fresh fish in Europe and North
America has been a key focus.

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