Atlas Air Worldwide posts $8m Q3 net loss

Air cargo operator Atlas Air Worldwide Holdings posted a $7.9m net loss for the 2016 Q3, narrowed from a $12.8m loss in Q3 2015. Atlas Air Worldwide, headquartered in Purchase, New York, is parent company to Atlas Air, Southern Air Holdings and Titan Aviation Holdings, and majority owner of Polar Air Cargo. Atlas Air said the results for the period were impacted by nondeductible expenses “triggered by [the Sept. 20] shareholder approval of warrants granted to Amazon in connection with our long-term agreements to dry lease and operate [20 Boeing] 767-300 aircraft.” Atlas Air’s agreement with Seattle-based retail giant Amazon was reached in May. Under the agreement, Atlas Air Worldwide subsidiary Atlas Air will operate 20 767-300Fs on a crew, maintenance and insurance [ACMI] contract with Amazon for an initial term of seven years. “We placed our first aircraft into service for Amazon in August, and we moved forward with preparations to ramp up to 20 by the end of 2018,” Atlas Air Worldwide president and CEO William Flynn said.<br/>