PURCHASE, N.Y., April 06, 2022 (GLOBE NEWSWIRE) -- Titan Aircraft Investments, the joint venture between Titan Aviation Holdings, Inc. and Bain Capital Credit, today announced the placement of three Boeing 757-200SF converted freighters on long-term dry leases with Amerijet International Inc. to support its network in Central America and the Caribbean. Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide Holdings Inc. (NASDAQ: AAWW), will manage these assets.
“We are delighted to welcome Amerijet as a strategic customer and to support its long-term expansion plans. This partnership underscores the trust our customers have in Titan’s expertise in freighters,” said Michael Steen, President and Chief Executive Officer of Titan Aviation Holdings and Chief Commercial Officer of Atlas Air Worldwide.
“I’m incredibly proud of our employees who worked tirelessly to bring the B757 project to fruition. These aircraft will be a wonderful addition to our fleet, giving us a platform for continued growth as we approach 50 years of continuous service from our home base in Miami, Florida,” said Tim Strauss, Amerijet’s Chief Executive Officer.
Titan Aviation Holdings and Bain Capital Credit formed a long-term joint venture in 2019 to develop a diversified freighter aircraft leasing portfolio with an anticipated value of approximately $1 billion. The long-term joint venture capitalizes on demand for cargo aircraft, underpinned by robust e-commerce and express market growth.
Under the joint venture, Titan provides aircraft- and lease-management services.
About Titan Aviation Holdings and Atlas Air Worldwide:
Titan Aviation Holdings is a freighter-centric leasing company that provides dry leasing solutions to airlines worldwide. Titan’s fleet of cargo aircraft support customers, including international flag carriers, express operators, e-commerce providers, and regional and domestic carriers. Titan’s deep airfreight domain expertise and innovative asset management solutions help customers quickly ramp up their aviation operations while minimizing capital investment. Since its inception in 2009, Titan has grown to become the third largest freighter lessor globally by fleet value, owning and/or managing 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 Titan Aviation Holdings entered into with Bain Capital Credit, LP to develop a diversified freighter aircraft Dry Leasing portfolio that aims to capitalize on demand for cargo aircraft, underpinned by robust e-commerce and express market growth. Under the joint venture, Bain Capital and Titan have committed to provide $360.0 million and $40.0 million of equity capital, respectively, which may be supplemented with additional commitments over time, to acquire aircraft over the next several years with an anticipated portfolio value of approximately $1.0 billion. Titan Aviation Holdings provides management services to the joint venture, including aircraft acquisitions, lease-management, passenger-to-freighter aircraft conversion oversight, technical expertise and disposal of aircraft.
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.
Atlas Air Worldwide’s press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.
About Amerijet:
Amerijet International Airlines is a leading global air-cargo airline based in Miami, Florida. Amerijet operates its own dedicated freighter fleet of B767 aircraft throughout the United States, Caribbean, Mexico, Central and South America, and Europe. The Company recently added several B757 aircraft to its fleet to provide additional route flexibility and service options to its customer base. The Company provides its scheduled service region with approximately 8,250 freighter flights annually. In addition, Amerijet also offers extensive worldwide long- and short-term ACMI, CMI and full-service charters to leading shippers and logistics partners, and it provides regular air cargo services to the U.S. Department of Defense.
Amerijet’s global network, including its interline partners and general sales agents, reaches over 400 destinations in Europe, Asia, Africa, and the Middle East with seamless and transparent transportation solutions for customers shipping time-sensitive, valuable, hazardous, oversize, temperature-controlled and other cargo types.
More information about Amerijet can be accessed at www.amerijet.com.
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