Titan Aircraft Investments and Icelandair Announce Long-term Agreement for the Sale and Leaseback of Two Boeing 767-300ER A...
March 10 2021 - 11:00AM
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 type.”
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 Holdings.
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 Group. “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, www.atlasairworldwide.com.
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.
Contacts: |
Investors – InvestorRelations@atlasair.com |
|
Media –
CorpCommunications@atlasair.com |
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