From the release:

"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."

And,

"The aircraft will enter service in the first half of 2012 and operate in Panalpina’s unique own controlled air freight network, replacing the two current Boeing 747-400F. "

Panalpina spearheads air freight innovation by upgrading to latest generation Boeing 747-8 cargo aircraft