Atlas Air Worldwide Holdings, Inc. (Nasdaq:
AAWW), a leading global provider of outsourced aircraft and
aviation operating services, today confirmed that its Atlas Air,
Inc. unit accepted delivery of the company’s first Boeing 747-8
Freighter on November 2, 2011.
Atlas Air's first 747-8 Freighter, in
British Airways World Cargo livery, on a taxi for takeoff at Paine
Field in Everett, Wash.
The aircraft is the first of nine 747-8Fs
expected to be delivered to Atlas Air and is painted in the colors
of British Airways World Cargo (BAWC). It will be operated for BAWC
under a long-term ACMI (aircraft, crew, maintenance and insurance)
contract between BAWC and Global Supply Systems Limited (GSS), a UK
company in which Atlas Air Worldwide holds a 49% interest. Pursuant
to the contract, GSS will operate a total of three 747-8Fs for
BAWC.
“We have been looking forward to the delivery
of our first 747-8F for a long time, and we are delighted that it
is going into service with our valued, long-standing customer,
British Airways World Cargo,” said William J. Flynn, President and
Chief Executive Officer of Atlas Air Worldwide.
“BAWC is a vital link in the global logistics
chain, and it will be one of the first air carriers in the world to
benefit from the 747-8F’s new technology. Through GSS, our new
aircraft will give BAWC increased capacity and revenue-generating
capability in a growing airfreight market, while improving fuel
economy, enhancing efficiencies and reducing costs.”
Atlas Air expects to receive two additional
747-8Fs in the fourth quarter of 2011, four in 2012, and two in the
first half of 2013. The first five of these aircraft, including the
three for BAWC, have been placed under long-term ACMI contracts, as
previously announced.
The freighter, 5.6 meters (18.3 ft) longer than
the benchmark 747-400F, is the largest, most-efficient, long-haul
heavy freighter in the market with 16 percent more revenue cargo
volume compared with the 747-400F. The additional 120 cubic meters
(4,245 cubic feet) of volume afforded by the longer fuselage offers
space for four additional main-deck pallets and three additional
lower-hold pallets. For maximum speed and efficiency, cargo on the
747-8F can be loaded and unloaded using both the nose and side
doors.
Atlas Air Worldwide is the only outsource
operator to offer customers the new 747-8F aircraft.
Steve Gunning, Managing Director of IAG Cargo
Group, the single cargo business unit for International Airlines
Group comprised of BA World Cargo and Iberia Cargo, said, “The
decision to once again work alongside our long-term freighter
partners, GSS and Atlas Air, and to upgrade to the Boeing 747-8
Freighter was an important step for British Airways World Cargo. It
is our view that long-haul freighters form an integral part of our
overall business strategy – providing flexibility and capacity on
resilient and growing lanes – as we strive for continued excellence
in product range, customer service and network offering.”
Mr. Flynn continued, “Our customers are
growth-oriented market leaders that know they can depend on us as
we continue to drive performance and value for them.”
With the first 747-8F in its fleet, Mr. Flynn
indicated Atlas Air Worldwide is poised to take advantage of new
opportunities.
“Our 747-8Fs, together with our modern 747-400
freighters, anchor a fleet that focuses on our customers and our
unparalleled record of operation that makes us the most-reliable
provider of outsourced aircraft operating services and solutions.
We expect that powerful combination to continue to drive
significant growth in our revenues and earnings in the next few
years and beyond.”
About Atlas Air Worldwide:
Atlas Air Worldwide (AAWW) is the parent
company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing
(Titan), and is the majority shareholder of Polar Air Cargo
Worldwide, Inc. (Polar). AAWW also maintains a 49% interest in
Global Supply Systems Limited (GSS). Through Atlas and Polar, AAWW
operates the world’s largest fleet of Boeing 747 freighter
aircraft.
Atlas, Titan and Polar offer a range of
outsourced aircraft and aviation operating services that include
ACMI service – in which customers receive an aircraft, crew,
maintenance and insurance on a long-term basis; CMI service, for
customers that provide their own aircraft; express network and
scheduled air cargo service; military cargo and passenger charters;
commercial cargo and passenger charters; and dry leasing of
aircraft and engines.
AAWW’s press releases, SEC filings and other
information may be accessed through the Company’s home page,
www.atlasair.com.
This release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that reflect AAWW’s current views with respect
to certain current and future events and financial performance.
Such forward-looking statements are and will be, as the case may
be, subject to many risks, uncertainties and factors relating to
the operations and business environments of AAWW and its
subsidiaries (collectively, the “companies”) that may cause the
actual results of the companies to be materially different from any
future results, express or implied, in such forward-looking
statements.
Factors that could cause actual results to
differ materially from these forward-looking statements include,
but are not limited to, the following: the ability of the companies
to operate pursuant to the terms of their financing facilities; the
ability of the companies to obtain and maintain normal terms with
vendors and service providers; the companies’ ability to maintain
contracts that are critical to their operations; the ability of the
companies to fund and execute their business plan; the ability of
the companies to attract, motivate and/or retain key executives and
associates; the ability of the companies to attract and retain
customers; the continued availability of our wide-body aircraft;
demand for cargo services in the markets in which the companies
operate; economic conditions; the effects of any hostilities or act
of war (in the Middle East or elsewhere) or any terrorist attack;
labor costs and relations; financing costs; the cost and
availability of war risk insurance; our ability to maintain
adequate internal controls over financial reporting; aviation fuel
costs; security-related costs; competitive pressures on pricing
(especially from lower-cost competitors); volatility in the
international currency markets; weather conditions; government
legislation and regulation; consumer perceptions of the companies’
products and services; anticipated and future litigation; and other
risks and uncertainties set forth from time to time in AAWW’s
reports to the United States Securities and Exchange
Commission.
For additional information, we refer you to the
risk factors set forth under the heading “Risk Factors” in the
Annual Report on Form 10-K filed by AAWW with the Securities and
Exchange Commission on February 14, 2011. Other factors and
assumptions not identified above may also affect the
forward-looking statements, and these other factors and assumptions
may also cause actual results to differ materially from those
discussed.
AAWW assumes no obligation to update such
statements contained in this release to reflect actual results,
changes in assumptions or changes in other factors affecting such
estimates other than as required by law.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50060754&lang=en
Atlas Air Worldwide (NASDAQ:AAWW)
Historical Stock Chart
From Jul 2024 to Aug 2024
Atlas Air Worldwide (NASDAQ:AAWW)
Historical Stock Chart
From Aug 2023 to Aug 2024