Although unrelated to Cargolux suspending the scheduled delivery of the Boeing on 17th Sept. 2011. It clear there is no validity in the unsubstantiated press reports linking Cargolux action with Qatar Airways recent acquisition of 35% share of the cargo airline.

On September 21, 2011, Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a global provider of outsourced aircraft and aviation operating service exercised its termination rights in connection with three early build Boeing 747-8 freighter aircraft. The three aircraft were part of an order of 12 747-8Fs announced in September 2006.

Atlas Air now expects to receive three 747-8Fs in 2011, four in 2012, and two in 2013. The first five of these aircraft have been placed under long-term ACMI (aircraft, crew, maintenance and insurance) contracts, as previously announced.

William J. Flynn, President and Chief Executive Officer of Atlas Air Worldwide, said: “As prudent asset managers, terminating the first three aircraft was the right decision for our fleet, our customers and our stockholders. We expect the remaining 747-8Fs in our order to be better-performing aircraft than those we have terminated.

“The 747-8Fs represent a substantial investment in the growth of our business and are the cornerstone of our long-term fleet strategy, reinforcing our position as the most-advanced, most-efficient and most-reliable provider of outsourced aircraft and aviation operating services.”

747-8F Order and ACMI Service Contracts

Atlas Air notified Boeing that it has exercised its contractual termination rights with respect to three early production 747-8 freighters after lengthy delays and performance considerations. These three early production freighters were previously scheduled to be Atlas Air’s first deliveries in 2011. Subsequently, Boeing rescheduled these aircraft to early 2012 and three more recently built, better-performing 747-8 freighters were moved to the 2011 delivery positions.

Atlas Air expects to receive its first 747-8F from Boeing in October, followed by two in November and two in the first half of 2012. The first three aircraft will enter ACMI service with British Airways and the second two with Panalpina.

“We are delighted that our first five new aircraft allow us to extend our long-standing relationships with two premier customers,” Mr. Flynn noted. “And we look forward to placing additional 747-8 freighters with other customers.”