ATLAS on CNBC
Saw some coverage about returning four aircraft and some contracts that went south. Are companies like Jade undercutting the more established ACMI's like Atlas and World? :mad:
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I don't think so...Jade's at least 1/2 owned by Lufthansa; not sure how much ACMI they do.
Overall though, air cargo is down quite a bit over the last year - especially last quarter, so it's not just Atlas. People have quit buying stuff made in China and SE Asia; what they are buying is going by ship except for food/flowers, which generally don't come from Asia (hence Arrow's growth). My $.05 Spongebob |
Atlas Air reducing size of fleet due to economy
BY ALLAN DRURY THE JOURNAL NEWS • FEBRUARY 6, 2009 The poor world economy has prompted Purchase-based Atlas Air Worldwide Holdings Inc. to reduce its fleet of Boeing 747-200 planes by seven. The company, which transports cargo all over the world, has also reduced the size of its crew and ground staff, Atlas said this morning. Atlas said it expects 2008 pre-tax earnings from operations of $55 million to $60 million, excluding special gains and charges. Those results will include a deferred gain of $155 million related to DHL Express' agreement to invest a 49 percent equity interest in Atlas subsidiary Polar Air Cargo Worldwide, Inc. Atlas said it will also report a largely non-cash pre-tax charge of $85 million to $95 million associated with its 747-200 fleet and a one-time maintenance cost of $8 million related to the overhauls of five engines. The overhauls are due to the early termination of a maintenance contract for the planes. "The current pronounced downturn in global airfreight demand has caused us to accelerate our plans to retire a portion of our older 747-200 assets," said William J. Flynn, the company's president chief executive. The fleet reduction will leave the company with 22 747-400s and seven 747-200 freighters. |
Gol
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