Tuesday, January 31, 2006 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (OTC: AAWW.PK), a leading provider of global air cargo services, today reported preliminary system statistics and traffic results for December 2005 and for the 12-month period ended December 31, 2005.

Results for the reported periods reflect AAWW's active efforts to maximize profit and minimize risk by optimizing the allocation of available capacity among the Company's four service types in line with prevailing business opportunities and market conditions.

Results for the 12-month period also reflect the impact of a strike – principally affecting the Scheduled Service business segment – by crewmembers of AAWW's Polar Air Cargo, Inc. subsidiary that began on September 16 and ended on October 5.

Total block-hour activity during December decreased 10.2% compared with the same month in 2004, while the average number of aircraft operated remained constant.

Block hours operated in the ACMI segment decreased 8.6% year over year, while Military Charter segment hours increased 16.4% and Commercial Charter segment hours decreased 38.3%. Within the Scheduled Service business segment, traffic (as measured by revenue ton miles “RTM's”) decreased 15.8% year over year, while capacity (as measured by available ton miles “ATM's”) decreased 18.0% year over year, resulting in an increased load factor of 65.4% in December compared with 63.7% in December 2004.

During December, AAWW operated an average of 39.0 widebody 747 aircraft compared with an average of 39.0 in December 2004.

Total block-hour activity for the 12 months ended December 31, 2005, increased 2.1% versus the 12 months ended December 31, 2004, while the average number of aircraft operated rose 3.4%.

Block hours operated in the ACMI segment rose 19.0% during 2005, while Military Charter segment hours increased 31.0% and Commercial Charter segment hours grew 25.8%. Within the Scheduled Service business segment, traffic decreased 30.0% (in RTM terms) versus the 12 months ended December 31, 2004, and capacity (in ATM's) decreased 33.1%, resulting in an increased load factor of 65.7% for the 2005 period compared with 62.7% for the 2004 period.

For the 12 months ended December 31, 2005, AAWW operated an average of 39.0 widebody 747 aircraft versus an average of 37.7 aircraft in the 12 months ended December 31, 2004.

The preliminary system statistics and traffic results tables that follow do not constitute financial statements, were not prepared in accordance with generally accepted accounting principles, and do not contain all of the disclosures required by generally accepted accounting principles or by the Securities Exchange Act of 1934, as amended, or any other prescribed form or format. AAWW cautions readers not to place undue reliance upon the information contained in these statistics and results, which may be adjusted from time to time.

These statistics and results, which have not been audited, may not be indicative of AAWW's financial statements in reports that would be required to be filed pursuant to the Securities Exchange Act of 1934, as amended.

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About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Polar Air Cargo, Inc. (Polar), which together operate the world's largest fleet of Boeing 747 freighter aircraft.

AAWW, through its principal subsidiaries Atlas and Polar, offers scheduled air cargo service, cargo charters, military charters, and ACMI aircraft leasing in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis.

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

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act