PURCHASE, N.Y., Nov. 28, 2023 (GLOBE NEWSWIRE) — Atlas Air Worldwide Inc. (“Atlas” or the “Company”), today announced it has ordered two new Boeing 777 Freighters driven by ongoing strong customer demand for dedicated large widebody airfreight capacity, particularly for cross border e-Commerce shipping.
The two new 777 Freighters, which were booked earlier this quarter, are expected to be delivered in the second half of 2024. This strategic investment underscores the Company’s commitment to growing its 777F platform, and for providing leading-edge aircraft and service offerings to its customers, as well as creating more long-haul flying opportunities for its pilots.
As previously announced, the Company most recently ordered four 777 Freighters in 2021, which are placed on a long-term ACMI (aircraft, crew, maintenance, insurance) agreement with MSC Mediterranean Shipping Company SA. Three of these aircraft have been delivered, with the fourth 777 expected to be delivered in December 2023.
“We are excited to add these aircraft to our leading world-class fleet. These come at a time when retirements of older widebody freighters will significantly increase and when the introduction of new widebody freighter capacity will be limited. We have a deep pipeline of prospective customers interested in these 777 Freighters, and we’re confident in our ability to place them under long-term agreements,” said Michael Steen, Chief Executive Officer, Atlas Air Worldwide.
Mr. Steen added: “We have a strong and resilient business model that is highly diversified, with strong support from our investment partners, which combined with our unique market position will allow us to deliver our strategic growth plan.
This investment is consistent with our disciplined approach to capital allocation and meets our strict return guidelines for investing in aircraft. We anticipate this transaction will drive strong earnings and cash flow for Atlas, while providing value to our customers.”
The investment also serves as a testament to Atlas’ commitment to environmental stewardship. These new 777 Freighters – the highest payload and longest-range twin-engine freighter – deliver high reliability with less fuel use, a reduction of emissions, and a smaller noise footprint.
“We value our long-standing relationship with Atlas Air as the carrier expands its fleet and strengthens its position as one of the world’s leading air cargo operators,” said Brad McMullen, Boeing Senior Vice President of Commercial Sales and Marketing. “The best-selling 777 Freighter is one of the most capable twin-engine freighters flying, and provides Atlas with the capacity, fuel efficiency and operational flexibility to move cargo and goods for its 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., 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa7a9ce7-5902-447c-b57e-025003f02ca5