Titan Aircraft Investments and Ethiopian Airlines Announce Long-Term Dry Lease Agreement for … | New

PURCHASE, NY, Sept. 12, 2022 (GLOBE NEWSWIRE) — Titan Aircraft Investments, the joint venture between Titan Aviation Holdings, Inc. and Bain Capital Credit, today announced the placement of three converted 767-300ER freighters into service long-term dry leases with Ethiopian Airlines Group.

“We are delighted to welcome Ethiopian Airlines as a strategic customer and to support its growing cargo fleet,” said Michael Steen, President and CEO of Titan Aviation Holdings and Chief Commercial Officer of Atlas Air Worldwide. “We are honored that Ethiopian Airlines recognizes our industrial and technical expertise and has placed its trust in Titan.”

Ethiopian Airlines is expected to take delivery of the first of these aircraft later this month, with the second delivery expected later this year and the third aircraft scheduled for 2023.

The addition of these three aircraft brings Titan Aircraft Investments’ freighter fleet to 10 aircraft, five of which are converted Boeing 767 freighters.

Ethiopian Airlines Group CEO Mesfin Tasew said, “This bareboat charter agreement will be fundamental to our fast-growing cargo operation, as Ethiopian is a key global player in the air cargo industry. We are delighted to partner with Titan Aircraft Investments to enhance our capability with three more B767-converted aircraft in addition to the existing nine wide-body aircraft and four B737-converted aircraft. »

About Titan Aviation Holdings and Titan Aircraft Investments Ltd. :

Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide, is a cargo-focused leasing company that provides hullless leasing solutions to airlines worldwide. Titan’s fleet of cargo aircraft supports customers including international flag carriers, express carriers, e-commerce vendors, and regional and national carriers. Titan’s deep air cargo expertise and innovative asset management solutions help customers rapidly accelerate their aviation operations while minimizing capital investments. Since its inception in 2009, Titan has become the world’s third largest cargo lessor by fleet value, owning and/or managing 33 aircraft leased to customers worldwide with a book value of over $1.5 billion. dollars.

Titan Aircraft Investments Ltd. is a long-term joint venture that Titan Aviation Holdings has entered into with Bain Capital Credit, LP to develop a diversified Dry Leasing cargo aircraft portfolio that aims to capitalize on cargo aircraft demand, underpinned by strong e-commerce and express commerce. market growth. Under the joint venture, Bain Capital and Titan have committed to provide $360.0 million and $40.0 million of equity, respectively, which may be supplemented by additional commitments over time, to acquire aircraft over the next few years with an expected portfolio value of approximately $1.0. billion. Titan Aviation Holdings provides management services to the joint venture, including aircraft acquisition, lease management, oversight of conversion of passenger aircraft to cargo aircraft, technical expertise and aircraft disposal.

About Atlas Air Worldwide:

Atlas Air Worldwide is one of the world’s leading providers of outsourced aircraft operations and aviation 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 aircraft cargo aircraft and offer customers the widest range 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 can be accessed through the company’s homepage, www.atlasairworldwide.com.

About Ethiopian Airlines:

Ethiopian Airlines (Ethiopian) is the fastest growing airline in Africa. Over its seventy-five years of operation, Ethiopian has become one of the continent’s leading carriers, unmatched in efficiency and operational success. Ethiopian carves the lion’s share of the pan-African passenger and cargo network, operating the youngest and most modern fleet to over 130 international passenger and cargo destinations across five continents. Ethiopian’s fleet includes state-of-the-art and environmentally friendly aircraft such as Airbus A350, Boeing 787-8, Boeing 787-9, Boeing 777-300ER, Boeing 777-200LR, Boeing 777- 200 Freighter, the Bombardier Dash 8-400 double cabin with an average fleet age of seven years. In fact, Ethiopian is the first airline in Africa to own and operate these aircraft. Ethiopian is currently implementing a 15-year strategic plan called Vision 2025 which will see it become the leading aviation group in Africa with seven business units: Ethiopian International Services; Ethiopian freight and logistics services; Ethiopian MRO services; Ethiopian Aviation Academy; Ethiopian ADD Hub Ground Services, Ethiopian Airports Services and Ethiopian Express Services (domestic). Ethiopian is a multi-award-winning airline that recorded an average growth of 25% in the seven years preceding the COVID-19 pandemic. For more information, please visit www.ethiopianairlines.com

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