15 March, 2021

Sale and lease back of two Boeing 767-300 aircraft after freighter conversations for Icelandair

Titan Aircraft Investments has confirmed it has purchased two 767-300ER aircraft from Icelandair and now these aircraft will be converted into freighters before being leased back to the Reykjavik based airline.

Titan Aviation Holdings, a joint venture between Titan Aviation Holdings and Bain Capital Credit is a subsidiary of Atlas Air Worldwide Holdings Inc, will manage these aircraft. 

Michael T. Steen, President and Chief Executive Officer of Titan Aviation Holdings, said “We are delighted to welcome Icelandair as a strategic customer and to support their long-term expansion plans. The 767-300ER is a very attractive medium-sized freighter and we are excited to manage these two aircraft on behalf of the joint venture. We currently own 21 767-300ER freighters, which provide us with extensive experience in this aircraft type.”

With the addition of these two 767s, Titan Aircraft Investments’ portfolio has grown to three aircraft, which also includes a 777-200 freighter. Titan Aircraft Investments’ aircraft portfolio is managed by Titan Aviation Holdings.
The conversion is estimated to take place in spring of 2022 and the aircraft will become part of Icelandair Cargo’s fleet in September 2022. Until then, the aircraft will be operated within Icelandair Group’s passenger network and leasing operations. The aircraft will replace the Company’s current two B757-200 freighters that it expects to take out of operation in 2023 and 2024. 

Titan Aviation Holdings has the most diversified and one of the largest freighter portfolios in the world, including 777, 767 and 737 aircraft. Titan Aviation Holdings’ customers include Aerologic, Amazon, China Postal, DHL Express and FedEx, among others.

“We are very pleased to partner with Titan Aircraft Investments and Atlas Air to further strengthen our cargo business. With continued positive outlook for cargo operations post COVID, I am confident that the 767-300ER freighters will allow us to maximize new opportunities in our markets. These aircraft carry around 50% more freight than our current two B757-200 freighters and fit very well into our current fleet and network. Our aim is to increase the capacity in our markets, as well as strengthen Iceland as a hub for cargo, in a similar way as our passenger hub that provides attractive connections between continents,” said Bogi Nils Bogason, President and CEO of Icelandair Group.
“We are uniquely positioned to deliver value to our growing portfolio of customers as we continue to invest in market-leading assets, combined with the unique and diversified services our group of companies offer,” said John W. Dietrich, President and Chief Executive Officer of Atlas Air Worldwide.

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