Purchase-based Atlas Air and the Cincinnati-based International Aviation Professionals Teamsters Local 2750, the union representing company pilots, have begun presentations to an arbitrator following long-term negotiations for a new contract.
The old contract expired in 2016 and the arbitration presentations are expected to last two weeks, according to the union.
In February 2001, Atlas Air Worldwide formed its current holding company structure with Atlas Air as a wholly owned subsidiary. Other subsidiaries include: Polar Air Cargo Inc., all-cargo, scheduled-service; Titan Aviation, which provides aircraft leasing; and Southern Air.
The union said that during arbitration it will present a case seeking a contract that is close to industry standards. It said the company is expected to propose a contract that keeps pilot wages and benefits far below other cargo carriers.
In a financial report last month, Atlas Air Worldwide Holdings Inc., stated, “Our work continues to complete a new joint collective bargaining agreement with our pilots in connection with the merger between Atlas Air and Southern Air. Formal negotiations with the pilots”™ union have recently concluded, and we are moving on to binding interest arbitration on the remaining open issues.”
Atlas reported revenue for 2020 was $3.21 billion, an increase from the $2.74 billion reported for 2019. For the twelve months ended Dec. 31, 2020, the reported net income totaled $360.3 million, compared with a net loss of $293.1 million for 2019.
The company said that it expects revenue for the first quarter of 2021 will be approximately $820 million with first-quarter 2021 adjusted net income growing approximately 60% to 65% from the $29.9 million realized in the first quarter of 2020
On March 10, a joint venture between Atlas”™ Titan Aviation Holdings and Bain Capital Credit announced the acquisition of two Boeing 767-300ER aircraft from Icelandair. The aircraft will be converted to freighters and placed on long-term leases to Icelandair. Titan will manage the aircraft.
The announcement about the Icelandair planes followed Atlas Air”™s announcement that it has ordered four new Boeing 747-8 freighters from the aircraft manufacturer. Atlas reports it is the world”™s largest operator of Boeing 747 freighter aircraft, with a total of 48 freighters plus five passenger 747s in its fleet.
