Strategic Acquisition Expands Titan’s Fleet to Support Growing Airfreight Demand
DUBLIN, January 30, 2025 – Titan Aircraft Investments, the joint venture between Titan Aviation Holdings, Inc. [“Titan”] and Bain Capital, today announced the acquisition of two Boeing 777 Freighters on lease to Ethiopian Airlines, a leading carrier in Africa, to support its network. The aircraft, identified by MSN 42033 and 42034, were purchased from Carlyle Aviation Partners, the commercial aviation investment and servicing arm of Carlyle’s Global Credit platform. Titan, a subsidiary of Atlas Air Worldwide Holdings, Inc., a leading global provider of outsourced aviation logistics, will manage the freighter assets.
The two 777 Freighters, which are currently operated by Ethiopian Airlines, will bolster Titan’s fleet of modern widebody aircraft, supporting the growing global demand for long-range airfreight capacity. This acquisition underscores Titan’s commitment to supporting its customers in the air cargo and e-commerce sectors by providing dedicated and fuel-efficient aircraft for their operational needs.
“We are excited to add these two Boeing 777 Freighters to Titan’s fleet through this acquisition, which aligns with our ongoing strategy to expand our freighter portfolio and meet the increasing demand for airfreight services,” said Eamonn Forbes, Senior Vice President and Chief Commercial Officer of Titan Asset Management Ireland Limited. “The 777 offers superior payload capacity and fuel efficiency, which will support the evolving needs of customers, particularly across international borders and high-demand cargo routes. We are also proud to expand our strong partnership with Ethiopian Airlines by providing them with the latest generation of freighter aircraft.”
Forbes added, “We greatly appreciate Carlyle Aviation Partners for their exceptional work on this transaction. Their professionalism, expertise, and collaborative approach were pivotal in ensuring a smooth and successful acquisition process.”
Titan and Bain Capital formed Titan Aircraft Investments, a long-term joint venture in 2019 to build a diversified freighter aircraft leasing portfolio with an anticipated value exceeding $1 billion. The long-term partnership capitalizes on demand for cargo aircraft, underpinned by robust e-commerce and express market growth.
Under the joint venture, in which Atlas holds a 10% ownership stake, Titan provides aircraft- and lease-management services.
About Titan Aviation Holdings:
Titan Aviation Holdings is a freighter-centric leasing company that provides dry leasing solutions to airlines worldwide. Titan’s fleet of cargo aircraft supports 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 Atlas Air Worldwide:
Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Atlas Air Worldwide companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.
About Ethiopian Airlines Group:
Ethiopian Airlines Group (Ethiopian) is one of the fastest-growing airlines brand globally and the African continent’s largest airline brand. In its 78 years of successful operations, Ethiopian has become one of the continent’s leading carriers, unrivalled in efficiency and operational success. Ethiopian commands the lion’s share of the African passenger and cargo network operating the youngest and most modern fleet to more than 150 domestic and international passenger and cargo destinations across five continents. Ethiopian’s fleet category consists of ultra-modern and environmentally friendly aircraft such as Boeing 737s, 777s, 787s, Airbus A350-900, A350-1000 and De Havilland Q400.
Ethiopian is also pursuing multi-hub strategy through hubs in Lomé, Togo with ASKY, in Lilongwe, Malawi with Malawi Airlines and in Lusaka, Zambia with Zambia Airways. Having achieved its strategic plan (Vision 2025) ahead of time, Ethiopian is currently implementing a 15-year strategic plan Vision 2035 that will see it become one of the top 20 most competitive and leading aviation groups in the world. Ethiopian has been champion in various coveted awards including Skytrax’s ‘Best Airline in Africa Award’ for seven consecutive years among others. The airline has been a Star Alliance member since 2011 and has been registering more than threefold growth in the past 10 years.