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Titan Aircraft Investments Places Three B767 Freighters on Long-Term Dry Lease to Ethiopian Airlines

Titan Aircraft Investments, a joint venture between Titan Aviation and Bain Capital, has placed three Boeing 767-300ER converted freighters on long-term dry lease with Ethiopian Airlines.

Titan Aviation Boeing 767-300ER Converted Freighter Rendering - Courtesy Atlas Air Worldwide

On Monday (September 12, 2022), Atlas Air Worldwide announced that Titan Aircraft Investments, a joint venture between Atlas subsidiary Titan Aviation Holdings, Inc. and Bain Capital, has placed three Boeing 767-300ER converted freighters on long-term dry lease with Ethiopian Airlines. Ethiopian is expected to take delivery of the first aircraft this month, the second later this year, and the third in 2023. With the addition of these three aircraft, Titan Aircraft Investments’ freighter fleet will expend to ten, five of which are Boeing 767 converted freighters.

In Monday’s announcement, Titan Aviation Holdings’ President and Chief Executive Officer, and Atlas Air Worldwide’s Chief Commercial Officer, Michael Steen, said,

“We are delighted to welcome Ethiopian Airlines as a strategic customer and support its growing freighter fleet. We are honored that Ethiopian Airlines recognizes our industry and technical expertise and has placed its trust in Titan.”

Also commenting on the new dry-lease partnership, Ethiopian Airlines Group’s CEO, Mesfin Tasew, added,

“This dry lease agreement will be fundamental to our fast growing cargo operation as Ethiopian is a key global player in the air cargo business. We are glad about the partnership with Titan Aircraft Investments to enhance our capacity with three more B767 converted aircraft in addition to the existing nine widebody freighters and four B737 converted aircraft.”

With over 75 years of operations, Ethiopian Airlines is the fastest growing airline in Africa. The carrier commands the largest share of Pan-African passenger and cargo service and operates one of the youngest and most modern fleets in the world. Ethiopian serves over 130 destinations across five continents with a fleet of ultra-modern fuel efficient aircraft including Airbus A350s, Boeing 787-8/9 Dreamliners, Boeing 777-300ERs, Boeing 777-200LRs, Boeing 777-200 Freighters and De Havilland Canada Dash 8-400s. The airline’s fleet has an average age of seven years and Ethiopian was the first African carrier to operate all of the previously mentioned aircraft types.

Titan Aviation Holdings is a subsidiary of Atlas Air Worldwide and is the third largest freight lessor globally by fleet value. The carrier owns or manages 33 aircraft on lease to customers worldwide with a book value of over $1.5 billion. Titan Aircraft Investments Ltd. is a long-term joint venture between Titan Aviation Holdings and Bain Capital Credit, LP formed to develop a diversified aircraft dry leasing portfolio. Under the joint venture, Bain Capital and Titan have committed to provide $360 million and $40 million of equity capital, respectively, which may be expanded over the next several years to establish an anticipated portfolio value of approximately 1.0 billion.

Purchase, New York-based Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW) is a leading global provider of third-party aircraft and aviation operating services. Company subsidiaries include Atlas Air, Southern Air Holdings and Titan Aviation Holdings. Additionally, the company owns a majority stake in Polar Air Cargo Worldwide. Together, the Atlas Air family of companies operate the world’s largest Boeing 747 freighter fleet. The company also offers their customers a wide selection of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.

Source(s): Atlas Air Worldwide, Ethiopian Airlines

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