non sched
26th Apr 2004, 10:32
It's finances on the mend and new contracts in the hopper, World Airways is looking at adding 747-400 freighters as early as next year.
"We are just trying to sew up new [wet-lease cargo] contracts," said Joe Fralick, World vice president for cargo. "We're in talks with carriers. We just hope the worldwide cargo market truly upturns. All indications point to a positive upturn."
The 747s would be in addition to the five freighters in World's fleet - three MD-11s and two DC-10s.
"These [747] freighters will be in high demand, but there will still be a strong demand for the MD-11," said Fralick. He added that it is "premature" to discuss particulars of the airline's interest in 747-400s, for which it will not have use until late 2005 "at the earliest."
"We won't be ordering a huge number of 747s initially. We'll grow the number as we need more," he said.
The fleet plans come as the Atlanta-based leasing and charter specialist appears to be in a financial recovery and is going through a leadership transition. Chairman and Chief Executive Officer Hollis Harris retired at the start of this month and President and Chief Operating Officer Randy Martinez stepped up to the CEO role. Ronald Fogleman, a retired U.S. Air Force general, became non-executive chairman of the board.
Martinez takes the helm of an operator showing financial stability after several tough years. World reported a $15.3 million net profit last year after eking out a $2 million profit in 2002 and the revenue of $475 million was up 24 percent from the year before, helped by greater U.S. military traffic.
But the commercial airline side has also seen some signs of life recently. World announced a one-year, $19 million contract in February with EVA Airways for an MD-11 freighter from Taiwan to Los Angeles and Chicago.
Of more immediate concern to the airline are stalled labor negotiations: World's pilots, represented by the Teamsters union, recently voted down a tentative agreement for a contract extension. The agreement would have extended through January 2007 a contract that expired at the end of last year.
;)
"We are just trying to sew up new [wet-lease cargo] contracts," said Joe Fralick, World vice president for cargo. "We're in talks with carriers. We just hope the worldwide cargo market truly upturns. All indications point to a positive upturn."
The 747s would be in addition to the five freighters in World's fleet - three MD-11s and two DC-10s.
"These [747] freighters will be in high demand, but there will still be a strong demand for the MD-11," said Fralick. He added that it is "premature" to discuss particulars of the airline's interest in 747-400s, for which it will not have use until late 2005 "at the earliest."
"We won't be ordering a huge number of 747s initially. We'll grow the number as we need more," he said.
The fleet plans come as the Atlanta-based leasing and charter specialist appears to be in a financial recovery and is going through a leadership transition. Chairman and Chief Executive Officer Hollis Harris retired at the start of this month and President and Chief Operating Officer Randy Martinez stepped up to the CEO role. Ronald Fogleman, a retired U.S. Air Force general, became non-executive chairman of the board.
Martinez takes the helm of an operator showing financial stability after several tough years. World reported a $15.3 million net profit last year after eking out a $2 million profit in 2002 and the revenue of $475 million was up 24 percent from the year before, helped by greater U.S. military traffic.
But the commercial airline side has also seen some signs of life recently. World announced a one-year, $19 million contract in February with EVA Airways for an MD-11 freighter from Taiwan to Los Angeles and Chicago.
Of more immediate concern to the airline are stalled labor negotiations: World's pilots, represented by the Teamsters union, recently voted down a tentative agreement for a contract extension. The agreement would have extended through January 2007 a contract that expired at the end of last year.
;)