DHL says its new partnership deal with Atlas Air Worldwide's New York-based airline, Polar Air Cargo, was driven by the need to secure freight capacity in the US-Asia market. The two companies agreed a major partnership deal last week that includes a 20-year commercial capacity agreement, giving DHL access to Polar's current fleet of six Boeing 747-400 freighters, plus access to additional available aircraft from Atlas. DHL also signed a letter of intent to take a 49% equity stake in Polar, including 25% voting rights. The express package carrier will pay $150 million for its 49% stake, which will be settled in two instalments in January and November 2008. Polar will continue to operate as an independent company.

Source: Flight International