Atlas Air Worldwide Acquires Two Boeing 777 Freighters For ACMI Service
Both 777 aircraft will operate in ACMI (aircraft, crew, maintenance and insurance) service for DHL Express through Atlas’ Southern Air subsidiary, with the first starting service this month and the second expected to begin service at the end of the second quarter of 2018.
The first of the two aircraft was previously operated on a CMI (crew, maintenance and insurance) basis for DHL Express by Southern Air. The second aircraft will increase the number of 777 freighters owned or operated by the company to 12.
“These 777 freighters enhance our position in this attractive aircraft type and are consistent with our strategy of growing the operations that we acquired as part of Southern Air,” said Atlas Air Worldwide President and Chief Executive Officer William J. Flynn.
Atlas is currently engaged in discussions with a bank syndicate to finance the two 2012-vintage aircraft and expects to close the financing transaction during the second quarter of 2018.
The expected financial and operating impacts of the two 777 freighters in 2018 were incorporated in the company’s earnings growth framework announced on February 22, 2018. As indicated, the company anticipates that its full-year 2018 adjusted net income will grow by a mid-twenty-percent level compared with 2017.
The company provides guidance on an adjusted basis because we are unable to predict, with reasonable certainty, the effects of outstanding warrants and other items that could be material to our reported results.