|Polar Wins Final DOT Approval For Air Rights to China|
Wednesday, October 20, 2004 -- The U.S. Department of Transportation (DOT) has finalized its tentative decision and formally selected Polar Air Cargo, Inc. (Polar) as the next U.S. all-cargo carrier to serve China under the U.S./China aviation agreement signed earlier this year.
The final order grants Polar the right to operate six weekly frequencies between China and the United States for the remainder of 2004, expanding to nine weekly frequencies in 2005.
Upon receiving final approval from the Civil Aviation Administration of China (CAAC), Polar will provide transpacific, all-cargo scheduled service between the following city pairs:
New York - Shanghai
Chicago - Shanghai
Los Angeles - Shanghai
Miami - Shanghai
Anchorage - Shanghai
The service will also operate through Polar's scheduled service hub in Seoul, Korea, permitting connecting service between China and multiple points in Asia, Europe, and South America served by Polar's global network.
“We are extremely pleased to be the first U.S. air carrier named under the new, landmark aviation agreement between the United States and the People's Republic of China,” said Jeffrey H. Erickson, President and Chief Executive Officer of Atlas Air Worldwide Holdings, Inc., Polar's parent Company, “and we eagerly anticipate the opportunity to serve shippers in the United States and China with Polar's scheduled service.”
Polar will work with the CAAC on the necessary approvals so that service can begin as soon as possible in a bilateral aviation market distinguished by its current and widely forecasted growth. As noted by the DOT, China is presently the largest transoceanic trading partner of the United States, and the airborne trade between the two countries is expected to grow faster over the next 20 years than with any other U.S. trading partner.
Polar Air Cargo Inc., a wholly owned subsidiary of Atlas Air Worldwide Holdings, Inc. (pk:AAWWV), operates a fleet of Boeing 747 freighters on a time-definite, cost-effective, scheduled basis in service connecting Asia, Europe, Australia, and the Americas.