Atlas Air adds 777F to dry leasing subsidiary

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New York-based Atlas Air Worldwide has added a Boeing 777 freighter to its dry leasing subsidiary Titan Aviation.

The 10-year old aircraft is under a long-term lease to AeroLogic GmbH, a joint venture of DHL Express and Lufthansa Cargo. AeroLogic's fleet consists of eight Boeing 777 freighters.

Atlas is adding the aircraft type as part of a plan to expand Titan's dry-leasing model, which includes leasing engines and other equipment in addition to the airframes, as well as aircraft services and marketing.

"With the purchase of this 777 freighter, we gain entry into an attractive aircraft type consistent with our strategy of investing in new technology that creates superior value for our customers," says William Flynn, Atlas Air Worldwide chief.

Norddeutsche Landesbank Girozentrale (NORD/LB) provided financing.

Atlas Air Worldwide operates a sizable fleet of Boeing 747 aircraft and Boeing 767s under its subsidiaries Atlas Air and Polar Air Cargo. At the end of 2012, Atlas flew seven Boeing 747-8 freighters and 24 Boeing 747-400 freighters. It also operated 747-400s and 767-200s for customers under crews, maintenance and insurance agreements.