Atlas Air Worldwide Places Two New Boeing 747-8F Aircraft with Panalpina

PURCHASE, N.Y.—(BUSINESS WIRE)—Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today said that it has placed two new Boeing 747-8 freighter aircraft with Panalpina.

Under this multi-year aircraft, crew, maintenance and insurance (ACMI) outsourcing contract, Panalpina – a longtime customer – will benefit from leading-edge technology. The new-production aircraft, to be operated by Atlas Air, Inc., are scheduled to be delivered in the first half of 2012 and will enter service for Panalpina upon delivery.

Atlas Air Worldwide is the only ACMI operator able to offer the new 747-8F to its customers. The aircraft is expected to deliver improved, next-generation performance in terms of payload, fuel efficiency, total cost per tonne-mile and environmental compliance.

“We are delighted to provide Panalpina, one of our most long-standing customers, with the industry’s newest freighter,” said William J. Flynn, President and Chief Executive Officer.

“These new aircraft will give Panalpina increased capacity and revenue-generating capability in a growing global airfreight market, while improving fuel economy. We are proud to facilitate Panalpina’s continuing growth by providing industry-leading service that enables Panalpina to offer its customers a unique and highly flexible solution for time-definite airfreight.”

The Boeing 747-8 freighter, 5.6 meters (18.3 ft) longer than the 747-400 freighter, is expected to be the largest, most-efficient, long-haul heavy freighter in the market. The 747-8F is expected to provide 16 percent more revenue cargo volume compared with the benchmark 747-400F. The additional 120 cubic meters (4,245 cubic ft) of volume afforded by the longer fuselage offers space for four additional main-deck pallets and three additional lower-hold pallets. For maximum speed and efficiency, cargo on the 747-8F can be loaded and unloaded using both the nose and side doors.

“Panalpina looks forward to experiencing the benefits of the latest freighter technology,” said Karl Weyeneth, Chief Operating Officer of the Panalpina Group. “This is a significant development in our long and profitable relationship with Atlas Air and it demonstrates Atlas Air’s ability to provide leading-edge services that add value and benefit for our customers throughout our global network.”

The new aircraft will operate in Panalpina’s unique own controlled air freight network, which serves key customers in industries that include Healthcare, Consumer and Retail, Oil and Gas, Automotive, and Hi-Tech. The “Dixie Jet” service launched in 1990 is part of this own controlled network.

“Our customers are growth-oriented market leaders, with a strategic focus on cargo,” Mr. Flynn said.

“The global scale and scope of our aircraft and aviation operating services enable our customers to effectively expand their capacity and operations, and to capitalize on market opportunities around the world without having to wait for new production freighters to be built or having to commit their balance sheets to new aircraft purchases.

“Our customers also benefit from the additional reliable solutions that we provide, including inter-operable crews, flight scheduling, fuel-efficiency planning, and maintenance-spare coverage.”

Panalpina is the second Atlas Air customer to enter into a long-term ACMI agreement for the new 747-8F aircraft.