Titan Aircraft Investments and Georgian Airlines Announce Long-Term Agreement for a Boeing 737 Aircraft

PURCHASE, N.Y., Dec. 15, 2022 (GLOBE NEWSWIRE) -- Titan Aircraft Investments today announced the placement of one Boeing 737-800SF converted freighter on long-term dry lease with Georgian Airlines to support its network. Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide Holdings Inc. (NASDAQ: AAWW), will manage this asset.

“We are delighted to welcome Georgian Airlines and appreciate their trust in Titan as we support their growing business,” said Michael Steen, President and Chief Executive Officer of Titan Aviation Holdings and Chief Commercial Officer of Atlas Air Worldwide.

“As we expand in the airfreight market, we are honored to partner with Titan Aircraft Investments to bring more air cargo capacity to the region with the addition of the 737-800 freighter. We look forward to a strong partnership with Titan’s excellent team as they help us meet market demand and capitalize on cargo flows between Asia and Europe,” said Irakli Mezvrishvili, General Director of Georgian Airlines LLC.

About Titan Aviation Holdings and Atlas Air Worldwide:

Titan Aviation Holdings is a freighter-centric leasing company that provides dry leasing solutions to airlines worldwide. Titan’s fleet of cargo aircraft support customers, including international flag carriers, express operators, e-commerce providers, and regional and domestic carriers. Titan’s deep airfreight domain expertise and innovative asset management solutions help customers quickly ramp up their aviation operations while minimizing capital investment.

Titan Aviation Holdings provides management services to the joint venture, including aircraft acquisitions, lease-management, passenger-to-freighter aircraft conversion oversight, technical expertise and disposal of aircraft.

About Georgian Airlines:

Georgian Airlines LLC (ICAO: IGT/IATA: GH) is a fast-growing and development-oriented company established in 2020. The cargo carrier commenced operations in February 2022. The operating range includes air cargo transportation by charter and regular flights across Europe, Baltics, Caucasus, Black Sea Region, the Middle East, Eastern, and Southern Asia. Currently, Georgian Airlines operates one 737-800BCF and one 737-800SF. With its headquarters in Georgia in the Caucasus and the Black Sea region, a key transit and trade corridor for Eurasian countries, Georgian Airlines supports the country's potential to become an important hub for the aviation industry.