Tag Archives: Atlas Air Worldwide Holdings

Atlas Air starts to operate the first Boeing 767-200F for DHL Express

Atlas Air (New York) has commenced Boeing 767-200F freighter service in North America for DHL Express under a previously announced long-term CMI (Crew, Maintenance and Insurance) contract.

Under the agreement, Atlas Air, Inc. will operate five Boeing 767-200 freighters owned by DHL in DHL’s North American network. The first of these aircraft started service this month and all five are expected to be operational by the third quarter of 2012.

Atlas crews will operate the aircraft on behalf of DHL on routings to and from DHL’s Cincinnati hub. Depending on routes flown, the eventual five aircraft are expected to generate a total volume of approximately 130 to 150 block hours per aircraft per month.

The business also highlights Atlas Air’s further expansion into a new, attractive gauge of aircraft, the Boeing 767, which is expected to be an important part of the company’s fleet strategy going forward. Atlas Air’s innovative 767 freighter and passenger operations complement its market-leading Boeing 747 freighter and passenger operations.

The company, through its Polar Air Cargo subsidiary, also provides time-definite, Boeing 747-400 freighter network service to DHL, primarily in the trans-Pacific trade lanes.

Top Copyright Photo: TMK Photography.

Middle Copyright Photo: Luimer Cordero.

Atlas Air Slide Show: CLICK HERE

Bottom Copyright Photo: James Helbock.

Polar Slide Show: CLICK HERE

Atlas Air Worldwide Holdings has a profitable 4Q and 2011

Atlas Air Boeing 767-38E ER N641GT (msn 25132) FRA (Bernhard Ross) (new type), originally uploaded by Airliners Gallery.

Atlas Air Worldwide Holdings, Inc. (New York) today announced adjusted net income of $39.7 million, or $1.50 per diluted share, for the fourth quarter of 2011, and $108.8 million, or $4.12 per diluted share, for the full year.

Adjusted results for both periods exclude pre-operating expenses for the introduction of new aircraft types, including incremental costs incurred as a result of aircraft delivery delays; a special charge related to the retirement of the company’s 747-200 fleet; and gains and losses on the disposal of assets.

On a reported basis, fourth-quarter net income attributable to common stockholders totaled $33.5 million, or $1.27 per diluted share. Full-year reported net income attributable to common stockholders totaled $96.1 million, or $3.64 per diluted share.

Copyright Photo: Bernhard Ross. With the addition of new aircraft, including the pictured Boeing 767-300 ERs and new 747-800F freighters, Atlas Air was able to retire its last Boeing 747-200.

Atlas Air Photo Gallery: CLICK HERE

Atlas Air Worldwide completes financing arrangements for remaining six Boeing 747-8F Freighter deliveries

British Airways World Cargo-Global Supply Systems (Atlas Air) Boeing 747-87UF G-GSSD (msn 37562) FRA (Bernhard Ross), originally uploaded by Airliners Gallery.

Atlas Air Worldwide Holdings, Inc. (New York) today announced that its Atlas Air, Inc. (New York) unit has entered into an $865 million term-loan facility with Apple Bank for Savings, guaranteed by the Export-Import Bank of the United States, to finance the company’s six remaining Boeing 747-8F aircraft deliveries. The aircraft are expected to be placed in Atlas Air’s international ACMI (aircraft, crew, maintenance and insurance) service.

When drawn, the facility will consist of six separate 12-year term loans. The six aircraft covered by the facility are expected to be delivered to the company between mid-2012 and mid-2013.

Borrowings under the facility will initially accrue interest at a variable rate. The facility provides for an option to refinance the loans through the issuance of Ex-Im Bank-guaranteed bonds in the capital markets. BNP Paribas Securities Corp. and KGS Alpha Capital Markets have agreed to act as joint lead book runners and managers should the company exercise its option to refinance the loans.

The 747-8 Freighter, 5.6 meters (18.3 ft) longer than the benchmark 747-400F, is the largest long-haul, heavy freighter in the market with 16 percent more revenue cargo volume compared with the 747-400F. The additional 120 cubic meters (4,245 cubic feet) of volume afforded by the longer fuselage offers space for four additional main-deck pallets and three additional lower-hold pallets. For maximum speed and efficiency, cargo on the 747-8F can be loaded and unloaded using both the nose and side doors.

As previously announced, the first five aircraft in Atlas Air’s order for nine 747-8Fs, including three for British Airways World Cargo that were delivered in the fourth quarter of 2011 and two for Panalpina that are expected to be delivered in mid-2012, have been placed under long-term ACMI contracts.

Atlas Air takes delivery of its first Boeing 747-800F for British Airways World Cargo

Boeing (Chicago) delivered the first Boeing 747-800F to Atlas Air on November 2. Yesterday (November 3) all of the parties celebrated the departure of 747-87UF G-GSSD (msn 37562) from Everett (Paine Field) on its delivery flight for Atlas Air Worldwide Holdings, Inc. The delivery is the first of nine 747-8 Freighters Atlas Air has on order. Atlas Air’s 49 percent subsidiary, Global Supply Systems (GSS) (London-Stansted), will operate the new freighter for British Airways World Cargo through a five-year wet-lease agreement.

As part of the lease agreement for three 747-8 Freighters with GSS, British Airways World Cargo will utilize the airplanes on long-haul routes to cargo destinations in Asia, Africa, India and the United States.

Photo: Boeing.

Atlas Air and Polar Air Cargo Worldwide finalize new labor agreement with pilots

Polar Air Cargo Boeing 747-46NF N453PA (msn 30811) MIA (Bruce Drum), originally uploaded by Airliners Gallery.

Atlas Air Worldwide Holdings, Inc. (New York) today announced that it has completed a new, five-year collective bargaining agreement with pilots and flight engineers of Atlas Air, Inc. and Polar Air Cargo Worldwide, Inc. The agreement, which is effective from September 2011, completes the merger of the Atlas and Polar crew forces into a single collective bargaining unit with an integrated seniority list.

Under the terms of the new agreement, both pilot groups will be brought to parity with each other and work from a single contract.

The merger of the Atlas and Polar crew forces into a single workforce will also enable the Company to better optimize crew work schedules and improve the global scale and efficiency of its entire operation. Going forward, all of the Company’s pilots will be able to serve Atlas and Polar aircraft interchangeably. Previously, Atlas pilots could only serve Atlas aircraft and Polar pilots could only serve Polar aircraft.

Now that leaves notably US Airways (East-West), Southwest-AirTran and United-Continental to work out a similar plan.

Atlas Air Worldwide reports a second quarter net profit of $23.8 million

Atlas Air Boeing 747-2D7B (SF) N522MC (msn 21783) ANC (Michael B. Ing), originally uploaded by Airliners Gallery.

Atlas Air Worldwide Holdings, Inc. (New York) reported net income attributable to common stockholders for the three months ended June 30, 2011 totaled $23.8 million, or $0.90 per diluted share, on revenues of $349.6 million and pretax earnings of $39.4 million.

Earnings for the second quarter compared with 2010 second-quarter net income attributable to common stockholders of $32.7 million, or $1.25 per diluted share, on revenues of $356.2 million and pretax earnings of $61.7 million. Adjusted for accruals for legal settlements and a gain on disposal of aircraft, net income attributable to common stockholders in the second quarter of 2010 totaled $47.5 million, or $1.82 per diluted share. Both net income and adjusted net income attributable to common stockholders for the second quarter of 2010 included incremental revenues of $10.3 million and after-tax earnings of $6.5 million, or $0.25 per diluted share, related to the delivery of mine-resistant, ambush-protected, all-terrain vehicles (M-ATVs) to the U.S. military in Afghanistan on premium-rate, 747-400 freighter aircraft.

For the six months ended June 30, 2011, net income attributable to common stockholders totaled $34.4 million, or $1.30 per diluted share, on revenues of $647.2 million and pretax earnings of $56.1 million.

In 2010, Atlas Air Worldwide’s six-month net income attributable to common stockholders totaled $66.4 million, or $2.56 per diluted share, on revenues of $651.4 million and pretax earnings of $115.6 million. Adjusted for accruals and gains for legal settlements and a gain on disposal of aircraft, net income attributable to common stockholders in the first six months of 2010 totaled $75.0 million, or $2.89 per diluted share. Both net income and adjusted net income attributable to common stockholders for the first half of 2010 included incremental revenues of $28.8 million and after-tax earnings of $18.0 million, or $0.69 per diluted share, related to the delivery of M-ATVs to the U.S. military in Afghanistan.

Based on a proposed revised schedule from Boeing that the Company is reviewing, Atlas Air Worldwide expects to take delivery of its first 747-8F aircraft in October 2011 and to receive two more in November. Reflecting an aggregate delay of five months of service in the fourth quarter, Atlas Air Worldwide has revised its expected contribution from 747-8F aircraft in the quarter to $0.16 per diluted share from $0.36.

Atlas Air Slide Show: CLICK HERE

Atlas Air Worldwide Holdings to keep its headquarter in Purchase, NY

Atlas Air Boeing 747-2D7B (SF) N522MC (msn 21783) ANC (Michael B. Ing), originally uploaded by Airliners Gallery.

Atlas Air Worldwide Holdings, the parent of Atlas Air and majority shareholder of Polar Air, will keep its headquarters in Purchase, NY.

Atlas Air Slide Show: CLICK HERE

Atlas Air Worldwide Holdings reports first quarter net income of $10.5 million

Polar Air Cargo Boeing 747-46NF N453PA (msn 30811) MIA (Bruce Drum), originally uploaded by Airliners Gallery.

Atlas Air Worldwide Holdings, Inc. (AAWW) (New York) today announced earnings for the first quarter of 2011 and reaffirmed guidance for full-year earnings in excess of $5.30 per share.

Net income attributable to common stockholders for the three months ended March 31, 2011, totaled $10.5 million, or $0.40 per diluted share, on revenues of $297.6 million and pretax earnings of $16.7 million.

Results for the first quarter of 2011 included $0.44 per diluted share of higher maintenance expense compared with the first quarter of 2010. In addition, results for the first quarter of 2011 included start-up expenses of $0.06 per diluted share for 747-400BCF and military passenger business opportunities, which will contribute to revenues and earnings commencing in the second quarter of 2011.

The company will place into service three new 747-8Fs from Boeing in the beginning of the fourth quarter of 2011.

To address customer demand and bridge its capacity needs, AAWW is deploying two 747-400 Boeing Converted Freighters acquired on operating leases in its military and commercial charter businesses in the second quarter. These aircraft supplement an existing 747-400BCF that provides very profitable charter service in South America and an additional 747-400F that provides maintenance coverage for AAWW’s fleet. The company also continues to deploy six 747 Classics in its military and commercial charter operations.

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world’s largest fleet of Boeing 747 freighter aircraft.

Atlas, Titan and Polar offer a range of outsourced aircraft and aviation operating services that include ACMI service – in which customers receive an aircraft, crew, maintenance and insurance on a long-term lease basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military charters; commercial cargo charters; and dry leasing of aircraft and engines.

Atlas Air Worldwide Holdings is on a pace for a record year

Polar Air Cargo Boeing 747-46NF N453PA (msn 30811) MIA (Bruce Drum), originally uploaded by Airliners Gallery.

Atlas Air Worldwide Holdings, Inc. (New York) announced sharply higher revenues and earnings for the third quarter of 2010, reflecting strong commercial airfreight demand; tight supply of wide-body, long-haul freighter aircraft; continued high ACMI aircraft utilization; and a significant increase in commercial charter volumes and rates.

For the three months ended September 30, 2010, AAWW’s net income rose 130% to $33.8 million, or $1.29 per diluted share, on revenues of $326.7 million and pretax earnings of $55.2 million. Solid operating and financial results for the quarter compared with net income of $14.7 million, or $0.70 per diluted share, on revenues of $255.5 million and pretax earnings of $21.7 million for the three months ended September 30, 2009.

For the nine months ended September 30, 2010, AAWW recorded net income of $100.3 million, or $3.85 per diluted share, on revenues of $978.1 million and pretax earnings of $170.8 million. In 2009, AAWW’s nine-month net income totaled $49.4 million, or $2.35 per diluted share, on revenues of $740.0 million and pretax earnings of $78.0 million.

Excluding one-time items, adjusted net income in the first nine months of 2010 increased 167% to $108.7 million, or $4.17 per diluted share, compared with $40.8 million, or $1.94 per diluted share, in the first nine months of 2009. Pretax earnings for the first nine months of 2010 included a net expense of $16.2 million for legal settlements, partly offset by an $8.8 million litigation settlement receipt and a gain of $3.5 million on disposal of aircraft assets. Pretax earnings for the first nine months of 2009 included benefits of $10.0 million for the effective early termination of a contract, $2.7 million for a gain on the early extinguishment of debt, and $1.0 million on the disposal of aircraft assets.

Atlas Air Worldwide Holdings, Inc. wholly owns Atlas Air (New York), Polar Air Cargo (51%) and a share of Global Supply Systems (49%).

Atlas Air Worldwide Holdings reports 2Q earnings of $32.7 million

Atlas Air Boeing 747-2D7B (SF) N522MC (msn 21783) ANC (Michael B. Ing), originally uploaded by Airliners Gallery.

Atlas Air Worldwide Holdings (New York-JFK) for the three months ended June 30, 2010, AAWW’s net income increased 188% to $32.7 million, or $1.25 per diluted share, on revenues of $356.2 million and pretax earnings of $61.7 million. Solid operating and financial results for the quarter compared with net income of $11.3 million, or $0.54 per share, on revenues of $240.0 million and pretax earnings of $17.8 million for the three months ended June 30, 2009.

Excluding one-time items, adjusted net income in the second quarter of 2010 increased 319% to $47.5 million, or $1.82 per share, compared with $11.3 million, or $0.54 per share, in the second quarter of 2009. Pretax earnings in the second quarter of 2010 included a net expense of $16.2 million for anticipated legal settlements, as well as a $2.2 million gain on disposal of aircraft assets. There were no one-time items in the second quarter of 2009.