Titan Aircraft Investments and ASL Aviation Holdings Announce Long-Term Dry Lease Agreement for Boeing 737-800SF Aircraft
PURCHASE, N.Y., Oct. 17, 2022 (GLOBE NEWSWIRE) — Titan Aircraft Investments, the joint venture between Titan Aviation Holdings, Inc. and Bain Capital Credit, today announced the placement of a Boeing 737-800SF converted freighter on long-term dry lease with ASL Aviation Holdings. Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW), will manage the aircraft.
“We are honored that ASL has placed its trust in Titan and we look forward to growing our new partnership in the future,” said Michael Steen, President and Chief Executive Officer of Titan Aviation Holdings and Chief Commercial Officer of Atlas Air Worldwide.
Fergus Wilson, ASL Aviation Holding’s Group Fleet and Leasing Director, said: “We are looking forward to this B737-800SF entering service with ASL in the coming weeks and to a successful business relationship with Titan. The aircraft’s arrival will mark another step forward in ASL’s fleet renewal program which has already seen our 737-800NG fleet outgrow our 737 classic fleet.”
About Titan Aviation Holdings and Titan Aircraft Investments Ltd.:
Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide, 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 38 aircraft on lease to customers worldwide with a book value of over $2.0 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.
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.
Atlas Air Worldwide’s press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.
ASL Aviation Holdings:
ASL Aviation Holdings, a global aviation services company with airlines based in Europe, South Africa and Asia, is a world leader in ACMI airline operations serving major cargo and passenger airlines.
Headquartered in Dublin, Ireland, ASL’s six airlines include ASL Airlines Ireland, ASL Airlines Belgium, ASL Airlines France and ASL Airlines United Kingdom in Europe and associate and joint venture airlines FlySafair in South Africa and K-Mile Asia in Thailand. The group also includes MRO X-airservices, airlines services companies and several leasing entities.
ASL Aviation Holdings operates cargo services for the world’s leading express parcel integrators and online retailers. Group airlines also operate scheduled and charter passenger services under its own airline brands on domestic, international, and intercontinental routes in Europe, Asia, the Middle East, North America and Africa.
ASL has a global team of 3,000 people of 51 nationalities. The Group has a fleet of 130 aircraft that includes 7 aircraft types ranging from the turbo prop ATR 72 to the Boeing 747. ASL’s agreement with Boeing for 30 firm slots and 10 options for Boeing 737-800BCF ‘Boeing Converted Freighters’, will see the entry into service of the twentieth aircraft from that programme later this year.
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