newstodate.aero
MAR 10, 2003 (newstodate): -The global air cargo industry is in for trouble as a result of the Atlas Air Group's current problems highlighted by the Board's decision to sack the company's top executives, says an informed industry source.
According to the source, Atlas Air's basic idea of building a fleet of jumbo freighters was sound at the time when few airlines cared or dared to invest in own freighter fleets.
-This has changed, and now Atlas Air is stuck with an increasing number of returned and idle freighters. To my knowledge, the subsequent idea to set up an own network with hubs in Miami and Liege has not been able to generate a revenue either, while the Atlas Air Group now accounts for some 20 percent of the world's Boeing 747 freighter fleet capacity, the source says.
-Only the US military uplift of troops for a war in the Middle East has kept the Atlas Air Group flying so far, while it has still been forced to defer payments on freighters and delay delivery of new aircraft ordered. The Board's decision to fire its top executives is a firm signal that they have lost confidence it their ability to lead the company out of the current abyss, the source says.
According to the source, Atlas Air's basic idea of building a fleet of jumbo freighters was sound at the time when few airlines cared or dared to invest in own freighter fleets.
-This has changed, and now Atlas Air is stuck with an increasing number of returned and idle freighters. To my knowledge, the subsequent idea to set up an own network with hubs in Miami and Liege has not been able to generate a revenue either, while the Atlas Air Group now accounts for some 20 percent of the world's Boeing 747 freighter fleet capacity, the source says.
-Only the US military uplift of troops for a war in the Middle East has kept the Atlas Air Group flying so far, while it has still been forced to defer payments on freighters and delay delivery of new aircraft ordered. The Board's decision to fire its top executives is a firm signal that they have lost confidence it their ability to lead the company out of the current abyss, the source says.