Titan and Icelandair Enter Sale/Leaseback Agreement for 2 Boeing 767-300ER Aircraft

Titan Aircraft Investments, which is a joint venture between Titan Aviation and Bain Capital Credit, acquired two 767-300ER aircraft from Icelandair. These aircraft will be converted to freighters and placed on long-term leases to Icelandair. Titan Aviation, which is a subsidiary of Atlas Air Worldwide, will manage these assets.

“We are delighted to welcome Icelandair as a strategic customer and to support their long-term expansion plans,” Michael T. Steen, president and CEO of Titan Aviation, said. “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, including a 777-200 freighter. Titan Aircraft Investments’ aircraft portfolio is managed by Titan Aviation.

“We are very pleased to partner with Titan Aircraft Investments and Atlas Air to further strengthen our cargo business,” Bogi Nils Bogason, president and CEO of Icelandair Group, said. “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.”

“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,” John W. Dietrich, president and CEO of Atlas Air Worldwide, said.

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