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

Rhea-AI Summary

Titan Aircraft Investments has acquired two 767-300ER aircraft from Icelandair, which will be converted to freighters and leased long-term. This addition increases Titan's portfolio to three aircraft, aligning with Icelandair's cargo expansion goals. The new freighters, which can carry 50% more freight than Icelandair's current B757-200s, will enhance operational capacity while supporting Iceland as a cargo hub. Titan Aviation Holdings manages these assets, further solidifying its position in the global air freight market, boasting one of the largest freighter portfolios.

Positive

• Acquisition of two 767-300ER aircraft enhances Titan Aircraft Investments' portfolio.
• New aircraft can carry 50% more freight than existing B757-200s, improving operational efficiency.
• Icelandair's strategic partnership to expand cargo operations post-COVID supports long-term growth.

Negative

• None.

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 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

FAQ

What is the significance of Titan Aircraft Investments acquiring two 767-300ER aircraft?

The acquisition of two 767-300ER aircraft enhances Titan Aircraft Investments' fleet and supports Icelandair's cargo expansion, allowing for increased freight capacity.

How does the acquisition affect Icelandair's cargo operations?

The new 767-300ER freighters will improve Icelandair's freight capacity, enabling the company to maximize new opportunities in cargo markets.

What is Titan Aviation Holdings' role in this aircraft acquisition?

Titan Aviation Holdings manages the two newly acquired 767-300ER aircraft as part of the Titan Aircraft Investments joint venture.

What are the benefits of the 767-300ER freighter for Icelandair?

The 767-300ER can carry approximately 50% more freight than Icelandair's current B757-200 freighters, enhancing operational capacity.

What is the total number of aircraft in Titan Aircraft Investments' portfolio after this acquisition?

After acquiring the two 767-300ERs, Titan Aircraft Investments' portfolio now consists of three aircraft.