Titan Aircraft Investments will place three B767-300ER converted freighters on long-term dry leases with Ethiopian Airlines Group.
The African carrier is expected to take delivery of the first of these aircraft later this month from the joint venture between Titan Aviation Holdings and Bain Capital Credit.
Delivery of the second B767F is planned for later this year, and the third aircraft in 2023.
The addition of these three aircraft brings Titan Aircraft Investments’ freighter fleet to 10 aircraft, five of which are Boeing 767 converted freighters.
Ethiopian Airlines Group CEO Mesfin Tasew said: “This dry lease agreement will be fundamental to our fast-growing cargo operation as Ethiopian is a key global player in the air cargo business.
“We are glad about the partnership with Titan Aircraft Investments to enhance our capacity with three more B767 converted aircraft in addition to the existing nine widebody freighters and four B737 converted aircraft.”
Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide, provides dry leasing solutions to airlines worldwide.
Since its inception in 2009, Titan has grown to become the third largest freighter lessor globally by fleet value, owning and/or managing 33 aircraft on lease to customers worldwide with a book value of over $1.5bn.
Titan Aircraft Investments is a long-term joint venture Titan Aviation Holdings entered into with Bain Capital Credit to develop a diversified freighter aircraft dry leasing portfolio that aims to capitalize on demand for cargo aircraft, underpinned by robust e-commerce and express market growth.
Under the joint venture, Bain Capital and Titan have committed to provide $360m and $40m of equity capital, respectively, which may be supplemented with additional commitments over time, to acquire aircraft over the next several years with an anticipated portfolio value of approximately $1bn.
