Tag: Polar Air Cargo Worldwide

Polar Air Cargo Worldwide, Inc. Begins Operations between Japan’s Kansai International Airport and Chicago O’Hare

Atlas Air Worldwide Holdings, Inc. announced that Polar Air Cargo Worldwide, Inc. (Polar) will begin service into Osaka’s Kansai International Airport from Chicago O’Hare International Airport, effective February 21, 2008. Polar will operate five times weekly between Chicago and Osaka using B747-400 freighter equipment. This new service will also provide connections from Osaka to Shanghai, as well as connecting Osaka with Polar’s U.S. destinations and the fast growing South American region.

Osaka has become an important Asian hub, with approximately 500 weekly flights to Asia, 70 weekly flights to Europe and the Middle East, and 40 weekly flights to North America. Now offering the benefit of 24-hour service and a newly-opened second runway, Osaka offers Polar efficiency and convenience as it continues to build its operations in Asia.

Polar announced it would expand its operations in Japan following the conclusion of the U.S.-Japan bilateral civil aviation negotiations in September. In addition to its existing five frequencies to Tokyo with service beyond to Seoul, South Korea, Polar was granted another six frequencies to Japan, excluding Tokyo, and the right to fly beyond this new point in Japan to two points. In this, Polar was given latitude in choosing the new destination in Japan, as well as the two points outside of the country. Polar chose to commence service into Osaka with Shanghai selected as the beyond point.

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Polar Air Cargo hires Thomas Betenia as Vice-President Sales and Marketing, Americas

Atlas Air Worldwide Holdings, Inc. announced that Polar Air Cargo Worldwide, Inc. (Polar) has hired Thomas Betenia as Vice President Sales and Marketing, Americas, effective January 7, 2008. Mr. Betenia, who will be based in Purchase, NY, comes to Polar from Lufthansa Cargo AG, most recently as Director of Sales and Handling for the U.S. Northeast and Mid-Atlantic regions.

At Polar, Mr. Betenia will oversee all sales and marketing activities in the Americas. This will include building on Polar’s existing business with its scheduled-service customers while leveraging the Company’s added express capabilities on behalf of current and prospective customers. As part of its commercial agreement with DHL Express, Polar will begin offering express service for DHL in October, 2008, requiring close network and geographic integration.

Mr. Betenia, 47, joined Lufthansa Cargo AG in 1980. During his first 15 years there, he held positions of increasing responsibility in areas as diverse as accounting, flight operations, network planning, and sales and marketing.

Randy Clark, Chief Operating Officer, Polar Air Cargo Worldwide, Inc., said, “Our operations in the Americas get a huge lift from the addition of Tom to Polar. We have planned for scheduling and staffing to accommodate the high-quality, high-reliability service required in the express business. At the same time, we will continue to serve our freight-forwarder customers with convenient schedules on existing routes. Tom’s experience will benefit both our express and scheduled service operations.”

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Polar Air Cargo awarded additional frequencies to Japan

Atlas Air Worldwide (AAWW) subsidiary Polar Air Cargo Worldwide will expand operations in Japan following the conclusion of recent US-Japan bilateral civil aviation negotiations.

In addition to an existing six weekly frequencies to Tokyo with related service to one destination beyond Japan, Polar has been granted another six frequencies to Japan, excluding Tokyo, with the right to fly to two foreign destinations beyond this new point.

Including the new rights, Polar can now serve a combined total of twelve frequencies in Japan and eighteen frequencies beyond.

Polar will also have the latitude to choose the new destination in Japan, as well as the points outside of the country.

North Asia – particularly Korea, China and Japan – has been a significant area of development for Polar, and these additional frequencies and beyond rights to Japan will enable the carrier to expand its services in the Japanese market and continue building and strengthening its network throughout Asia.

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Atlas Air Worldwide Holdings, Inc. 2Q07 Net Income Totals USD 43.2 Million, Up 304 pct

Atlas Air Worldwide Holdings reported sharply higher earnings for the second quarter of 2007 compared with second quarter of 2006. This reflects a continuing improvement in aircraft utilization due to proactive asset management, sustained operational execution, the positive impact of Continuous Improvement initiatives, increased AMC charter demand, and reduced net interest expense.

Earnings for the quarter included a substantial tax benefit related to DHL Express’ investment in Polar Air Cargo Worldwide, Inc., in which DHL acquired a 49 pct equity interest (including a 25pct voting stake) in exchange for USD150 million in cash; USD75 million was received at closing in late June, with the balance scheduled to be received in 2008.

For the June 30, 2007 quarter, AAWW earned USD 43.2 million, 304 pct more than in the second quarter of 2006. Earnings per diluted share equaled USD 2.01, nearly four times the year-ago level. Revenues for the quarter totaled USD 370.4 million, with operating income of USD3 1.2 million and pretax income of USD25.2 million. Net income reflected a tax benefit of USD 18.0 million, which was driven by a net tax benefit in connection with the DHL transaction that reduced income tax expense in the quarter by USD 27.7 million, or the equivalent of USD1.29 per diluted share.

The Company recorded a deferred gain of USD 151.4 million in the quarter as a result of the DHL transaction. The gain will be recognized as income in the period in which the blocked-space agreement between Polar Air Cargo Worldwide and DHL commences, which is scheduled to occur no later than October 31, 2008.

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Atlas Air Worldwide Holdings announces management appointments for Polar Air Cargo Worldwide

Atlas Air Worldwide Holdings, Inc., a provider of global air cargo services, today announced two leadership appointments for its subsidiary, Polar Air Cargo Worldwide, Inc. (Polar).

Former DHL Express executive Randy Clark has been named Chief Operating Officer for Polar following the recent strategic transaction with DHL Express that includes the acquisition of an equity stake in Polar and a 20-year commercial arrangement. Olivier Alexandroff, formerly Vice President of Controlling for DHL Express U.S., was named Chief Financial Officer for Polar.

Clark will be based in Purchase, N.Y., reporting to Flynn.

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