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Atlas Air Worldwide Holdings, Inc. Wins Air Transport World's Phoenix Award

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Atlas Air Worldwide Holdings, Inc. Wins Air Transport World's Phoenix Award

Tuesday, January 18, 2011 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading global provider of air cargo assets and outsourced aircraft operating solutions, today confirmed that it has been selected by Air Transport World® to receive the industry magazine's annual “Phoenix Award.”

The Phoenix Award, which acknowledges airlines that have gone through an extraordinary transformation, will be presented to AAWW “for its highly successful turnaround to achieve consistent profitability and operational reliability.”

In announcing the award, the magazine noted that even as the global air cargo market severely contracted in 2009, AAWW boosted net income 22%, following a strategy focused on continuous improvement and outstanding operational performance rather than sheer size. AAWW maintained this strong performance in 2010, with earnings for the first nine months of the year up more than 100% compared with the prior year period.

“We are delighted that the strategic initiatives to transform our business have paid off and are being recognized by Air Transport World. We have continuously focused on improving our operating performance and increasing shareholder value. We attribute our success to the stellar efforts of our employees in delivering innovative, valued-added services and solutions to our customers around the globe and appreciate that their efforts are being recognized,” said William J. Flynn, President and Chief Executive Officer of AAWW.

“Our focus on operational excellence, continuous improvement, balance sheet strength and thoughtful, strategic growth, positions us very well to take advantage of the airfreight and related aviation market opportunities we see and to deliver continuing added value to our shareholders and customers.”

ATW Editorial Director Perry Flint said, “Atlas appears to have found a business model that enables profitability even in lean times and creates the possibility of strong earnings in more robust periods.”

AAWW, through its subsidiaries Atlas Air, Inc. and Polar Air Cargo Worldwide, is the largest provider of outsourced wide-body freighter aircraft. It is the only scale outsource operator of 747-400Fs, and only outsource provider with next-generation 747-8Fs on order. AAWW operates a fleet that is a full generation ahead of its competitors, creating a distinct competitive advantage for the company.

AAWW's new CMI service solution, which provides Crew, Maintenance and Insurance service for customers that provide their own aircraft, further expands our operating leverage and profitability as well as adding to the company's top-tier, global customer base.

The Phoenix Award will be presented to AAWW on February 8 in Washington, D.C., at ATW's gala dinner and celebration at the Renaissance Hotel. Further information about the award is available in the February issue of ATW and at www.atwonline.com.

Air Transport World (www.ATWOnline.com) is the leading monthly magazine serving the airline and commercial aircraft manufacturing and support industries. It launched its awards program in 1974. ATW is published by Penton Media.

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.

Atlas, Titan and Polar offer a range of air cargo and aircraft operating solutions that include ACMI aircraft leasing - in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military charters; commercial cargo charters; and dry leasing of aircraft and engines.

AAWW's press releases, SEC filings and other information may be accessed through the Company's home page, www.atlasair.com.

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For more information, please contact:
Dan Loh
E-mail: Dan.Loh@atlasair.com