Atlas Air Worldwide Announces New ACMI Contract with FedEx

Rhea-AI Summary

Atlas Air Worldwide Holdings (Nasdaq: AAWW) announced a long-term agreement with FedEx to provide two 747-400 freighter aircraft on an ACMI basis. This deal complements an existing contract ensuring five aircraft for FedEx during the fourth quarter. The newly added freighters are already in service, enhancing FedEx’s express and e-commerce operations. CEO John W. Dietrich emphasized the strong demand for airfreight capacity, positioning Atlas as a leader in express networks and underlining its commitment to modern and efficient aircraft.

Positive

• Long-term agreement with FedEx enhances revenue stability.
• Addition of two freighter aircraft signifies growing demand for airfreight capacity.
• Existing contract with FedEx during peak season supports ongoing business.
• CEO's statement reflects confidence in the air freight market.

Negative

• None.

PURCHASE, N.Y., Sept. 22, 2021 (GLOBE NEWSWIRE) -- Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) announced its subsidiary Atlas Air, Inc. has entered into a long-term agreement with FedEx to provide two 747-400 freighter aircraft on a full-time aircraft, crew, maintenance and insurance (ACMI) basis. This new agreement is in addition to the company’s existing multi-year peak season contract that provides FedEx with a minimum of five aircraft during the fourth quarter.

Both 747-400 freighters have entered service and are flying on behalf of FedEx to support their growing express and e-commerce network.

“We are pleased to grow our long-term relationship with FedEx. This agreement reflects the continued strong demand for airfreight capacity, particularly in the express and e-commerce markets,” said John W. Dietrich, President and Chief Executive Officer of Atlas Air Worldwide. “Atlas is a leader in supporting express networks, with a focus on operating the most modern, fuel-efficient aircraft to deliver high levels of on-time performance for our customers.”

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 press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.

Contacts: Investors:  InvestorRelations@atlasair.com
Media:  CorpCommunications@atlasair.com

FAQ

What is the new agreement between Atlas Air and FedEx about?

Atlas Air has entered into a long-term agreement with FedEx to provide two 747-400 freighter aircraft on an ACMI basis.

How many aircraft does Atlas Air provide to FedEx during peak season?

Atlas Air provides a minimum of five aircraft to FedEx during the fourth quarter as part of an existing contract.

What impact does the new agreement have on Atlas Air's operations?

The agreement enhances Atlas Air's operations by increasing capacity to support FedEx’s growing express and e-commerce network.

What type of aircraft is involved in the agreement with FedEx?

The agreement involves two 747-400 freighter aircraft.