PURCHASE, N.Y., May 31, 2012 (BUSINESS WIRE) -- Atlas Air Worldwide Holdings, Inc. /quotes/zigman/93848/quotes/nls/aaww AAWW -0.46%
, a leading global provider of outsourced aircraft and aviation operating services, today announced that its Atlas Air, Inc. unit has taken delivery of its fourth Boeing 747-8 Freighter, which will be placed into service for Panalpina under a previously announced long-term agreement.
Pursuant to a multiyear aircraft, crew, maintenance and insurance (ACMI) outsourcing contract, Atlas Air expects to operate two 747-8F aircraft, offering next-generation performance in payload, fuel efficiency, total cost per tonne-mile and environmental compliance, on behalf of Panalpina, a Swiss-based global freight forwarding and logistics services provider. The second 747-8F for Panalpina is expected to be delivered and placed into service by the end of the summer.
The acquisition of Atlas Air's latest 747-8F was financed in part with proceeds from a term loan provided by Apple Bank for Savings and guaranteed by the Export-Import Bank of the United States.
"We are the only outsource operator to offer customers the 747-8 Freighter, and we are very pleased that Panalpina, one of our longest-tenured customers, now has the industry's newest freighter," said William J. Flynn, President and Chief Executive Officer. "Panalpina can immediately take advantage of increased capacity and revenue-generating capability while improving fuel economy and the ability to offer its customers a unique and highly flexible solution for time-definite airfreight."