FedEx taps Atlas for peak season airfreight services

Under a new five-year agreement, Atlas Air Worldwide Holdings will provide FedEx Express with five 747-400 freighter aircraft during peak flying season, which generally takes place in December but can occur earlier in the year.    FedEx Express has signed a new five-year contract with Atlas Air Worldwide Holdings, Inc. for peak season air cargo services, according to a statement from the airfreight carrier.
   Under the agreement, Atlas Air will provide the parcel carrier’s express division with five 747-400 freighter aircraft during peak flying season starting this year. Peak shipping season for air cargo generally takes place in December, but can occur earlier in the year.
   “We have worked closely and successfully with FedEx for many years, but this is our first agreement that allows both companies to plan for the longer term,” Atlas Air Worldwide President and CEO William J. Flynn said of the deal. “We are excited to continue to serve FedEx and its customers.”
   The air cargo craft operator in May signed a seven-year deal with e-commerce giant Amazon.com Inc. to operate 20 B767-300 converted freighters on a crew, maintenance and insurance (CMI) basis and provide dry leasing to Amazon through its Titan Aviation leasing unit.
   That deal, however, has proven to be a drag on earnings in the short term as Atlas Air Worldwide Holdings earlier this month reported a loss per diluted share of $0.26 in second quarter 2016 compared with a $1.13 per share gain in the same 2015 period.