PURCHASE, N.Y., Sept. 12, 2022 (GLOBE NEWSWIRE) — Titan Plane Investments, the three way partnership between Titan Aviation Holdings, Inc. and Bain Capital Credit score, at present introduced the position of three 767-300ER transformed freighters on long-term dry leases with Ethiopian Airways Group.
“We’re delighted to welcome Ethiopian Airways as a strategic buyer and assist its rising freighter fleet,” stated Michael Steen, President and Chief Govt Officer of Titan Aviation Holdings and Chief Industrial Officer of Atlas Air Worldwide. “We’re honored that Ethiopian Airways acknowledges our business and technical experience and has positioned its belief in Titan.”
Ethiopian Airways is anticipated to take supply of the primary of those plane later this month, with the second supply deliberate for later this 12 months, and the third plane deliberate for 2023.
The addition of those three plane brings Titan Plane Investments’ freighter fleet to 10 plane, 5 of that are Boeing 767 transformed freighters.
Ethiopian Airways Group CEO Mesfin Tasew stated: “This dry lease settlement will likely be elementary to our quick rising cargo operation as Ethiopian is a key international participant within the air cargo enterprise. We’re glad in regards to the partnership with Titan Plane Investments to reinforce our capability with three extra B767 transformed plane along with the present 9 widebody freighters and 4 B737 transformed plane.”
About Titan Aviation Holdings and Titan Plane Investments Ltd.:
Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide, is a freighter-centric leasing firm that gives dry leasing options to airways worldwide. Titan’s fleet of cargo plane assist prospects, together with worldwide flag carriers, specific operators, e-commerce suppliers, and regional and home carriers. Titan’s deep airfreight area experience and modern asset administration options assist prospects rapidly ramp up their aviation operations whereas minimizing capital funding. Since its inception in 2009, Titan has grown to turn into the third largest freighter lessor globally by fleet worth, proudly owning and/or managing 33 plane on lease to prospects worldwide with a e book worth of over $1.5 billion.
Titan Plane Investments Ltd. is a long-term three way partnership Titan Aviation Holdings entered into with Bain Capital Credit score, LP to develop a diversified freighter plane Dry Leasing portfolio that goals to capitalize on demand for cargo plane, underpinned by sturdy e-commerce and specific market progress. Beneath the three way partnership, Bain Capital and Titan have dedicated to supply $360.0 million and $40.0 million of fairness capital, respectively, which can be supplemented with further commitments over time, to amass plane over the following a number of years with an anticipated portfolio worth of roughly $1.0 billion. Titan Aviation Holdings supplies administration providers to the three way partnership, together with plane acquisitions, lease-management, passenger-to-freighter plane conversion oversight, technical experience and disposal of plane.
About Atlas Air Worldwide:
Atlas Air Worldwide is a number one international supplier of outsourced plane and aviation working providers. It’s the guardian firm of Atlas Air, Inc., and Titan Aviation Holdings, Inc., and is almost all shareholder of Polar Air Cargo Worldwide, Inc. Our corporations function the world’s largest fleet of 747 freighter plane and supply prospects the broadest array of Boeing 747, 777, 767 and 737 plane for home, regional and worldwide cargo and passenger operations.
Atlas Air Worldwide’s press releases, SEC filings and different info could also be accessed by the corporate’s dwelling web page, www.atlasairworldwide.com.
About Ethiopian Airways:
Ethiopian Airways (Ethiopian) is the quickest rising Airline in Africa. In its seventy-five years of operation, Ethiopian has turn into one of many continent’s main carriers, unrivalled in effectivity and operational success. Ethiopian instructions the lion’s share of the Pan African passenger and cargo community working the youngest and most trendy fleet to greater than 130 worldwide passenger and cargo locations throughout 5 continents. Ethiopian’s fleet contains ultra-modern and environmentally pleasant plane resembling Airbus A350, Boeing 787-8, Boeing 787-9, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200 Freighter, Bombardier Sprint 8-400 double cabin with a median fleet age of seven years. In truth, Ethiopian is the primary airline in Africa to personal and function these plane. Ethiopian is at the moment implementing a 15-year strategic plan referred to as Imaginative and prescient 2025 that may see it turn into the main aviation group in Africa with Seven enterprise models: Ethiopian Worldwide Companies; Ethiopian Cargo & Logistics Companies; Ethiopian MRO Companies; Ethiopian Aviation Academy; Ethiopian ADD Hub Floor Companies, Ethiopian Airports Companies and Ethiopian Categorical Companies (Home). Ethiopian is a multi-award-winning airline registering a median progress of 25% within the seven years previous to the COVID-19 pandemic. For added info, please go to www.ethiopianairlines.com
