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World’s Largest Air Logistic Firm in U.S.
set to seek expansion of joint projects -
With the agreement, Pantos Logistics formed a strategic alliance, which calls for Atlas Air’s offer to grant Pantos Logistics stable supply and operation of freighter aircraft for air freight transportation, while Pantos Logistics seeks to attract stable volumes of freight for transportation to and from countries, to which Atlas Air operates service routes. Additionally, the two sides agreed to stage joint marketing in the global air logistics market, and continue to expand the scope of mutual exchange and cooperation.
The alliance between Pantos Logistics and Atlas is expected to help expand the supply of air shipping services in the domestic air logistics market, which is having trouble securing shipping services due to successive recent cancellations of routes by airliners. Also, the deal will likely diversify and stabilize the sources of freighter aircraft, and thus help boost export competiveness of freight owners.
Atlas Air provides about 140 chartered aircraft to Pantos Logistics as of 2009. The air career plans to deploy additional 12 B747-800 aircraft to the Korean market in 2010. Atlas Air, which is known as the world’s largest air logistics firm that possesses 37 jumbo freighter aircraft B747, is operating routes to and from 112 countries worldwide. The company entered the Korean market in 2001 through its subsidiary, Polar Air Cargo.
William J. Flynn (left), Chairman of Atlas Air Worldwide Holdings, and Yeo Sung-koo, President of Pantos Logistics, pose for a commemorative photo after signing an “agreement on air logistics cooperation” at Pantos Logistics head office in Yeouido, Seoul on December 3.
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