Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today announced that its Atlas Air, Inc. unit has taken delivery of its fourth Boeing 747-8 Freighter, which will be placed into service for Panalpina under a previously announced long-term agreement.
Pursuant to a multiyear aircraft, crew, maintenance and insurance (ACMI) outsourcing contract, Atlas Air expects to operate two 747-8F aircraft, offering next-generation performance in payload, fuel efficiency, total cost per tonne-mile and environmental compliance, on behalf of Panalpina, a Swiss-based global freight forwarding and logistics services provider. The second 747-8F for Panalpina is expected to be delivered and placed into service by the end of the summer.
The acquisition of Atlas Air’s latest 747-8F was financed in part with proceeds from a term loan provided by Apple Bank for Savings and guaranteed by the Export-Import Bank of the United States.
“We are the only outsource operator to offer customers the 747-8 Freighter, and we are very pleased that Panalpina, one of our longest-tenured customers, now has the industry’s newest freighter,” said William J. Flynn, President and Chief Executive Officer. “Panalpina can immediately take advantage of increased capacity and revenue-generating capability while improving fuel economy and the ability to offer its customers a unique and highly flexible solution for time-definite airfreight.”
Panalpina is the second Atlas Air customer to enter into a long-term ACMI agreement for the 747-8F following British Airways World Cargo. Atlas Air expects to receive a total of four 747-8Fs in 2012, including the two for Panalpina, and two more in the first half of 2013.
Panalpina will use the new freighter on its controlled regular airfreight services connecting Luxembourg with destinations around the world, serving customers in industries that include healthcare, high tech, automotive and oil and gas.
“We are staying ahead of the game by combining our expertise, our global network and our industry specific know-how with the best cargo aircraft that the world of aviation has to offer,” said Monika Ribar, President and Chief Executive Officer of the Panalpina Group. “Delivery of the aircraft is just the latest way we rely on Atlas Air to help us provide leading-edge services that benefit our customers around the world.”