Titan Aircraft Investments, a joint venture between Titan Aviation Holdings and Bain Capital Credit are acquiring two B767-300ER aircraft from Icelandair.
These aircraft will be converted to freighters and placed on 10-year leases to Icelandair. Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide Holdings, will manage these assets.
The P2F conversions are estimated to take place in the 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.
Michael T. Steen, president, and chief executive officer of Titan Aviation Holdings, says: “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 B767s, Titan Aircraft Investments’ portfolio has grown to three aircraft, which also includes a B777-200 freighter. Titan Aircraft Investments’ aircraft portfolio is managed by Titan Aviation Holdings.
Titan Aviation Holdings’ freighter portfolio includes B777, B767, and B737 freighter aircraft with customers including 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,” comments Bogi Nils Bogason, president and CEO of Icelandair Group. “With continued positive outlook for cargo operations post COVID, I am confident that the 767-300ER freighters will allow us to maximise new opportunities in our markets.
The aircraft will replace Icelandair’s current two B757-200 freighters that it expects to take out of operation in 2023 and 2024.
Bogason says the new freighters will carry around 50 per cent more freight than its 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.”
Icelandair Group will continue to focus its cargo operations on utilising belly capacity within its passenger network, as well as its own cargo aircraft fleet, Bogason adds.