World Airways, Inc. today announced that its Board of Directors has
approved a revised fleet plan as part of its five-year strategic plan.
World Airways operated a fleet of 18 wide-body aircraft at the end of 2003
comprised of 11 MD-11 and 7 DC-10-30 aircraft.
The first phase of the revised fleet plan calls for the introduction of
two Boeing 767-300ER passenger aircraft, which were originally approved by
the Board of Directors in August 2003. The Company plans to add these two
Boeing 767 aircraft to the fleet by the fourth quarter of 2004, and will
replace two DC-10-30 passenger aircraft that come off lease later this
year. Coupled with the return of two of its most expensive DC-10-30 cargo
aircraft this month, the total fleet size at the end of 2004 is projected
to be 16 aircraft.
The current plan for 2005 is to increase the fleet to 17 aircraft with the
net growth being realized through the addition of a third and fourth 767-
300ER, the scheduled return of two MD-11 and one DC-10-30 passenger
aircraft and the addition of two freighter aircraft. The Company plans to
evaluate the feasibility of adding the 747-400SF freighter to its
operating certificate in order to meet its freighter requirements.
As the operating leases for three of World’s MD-11 freighter aircraft
expire in 2006, the Company anticipates that it will be able to either
renegotiate significantly lower lease rates on these aircraft, or secure
replacement units at lower lease rates. The plan anticipates measured
fleet growth through the period 2006-2008 with additional aircraft of the
same type, as market demand dictates and economically feasible lease rates
Hollis Harris, chairman and CEO, stated “The new fleet plan is
confirmation of our success in positioning World Airways for measured
growth with a wider array of service offerings for our customers. Both the
767-300ER on the passenger side and the 747-400SF on the cargo side will
allow us to effectively compete for more commercial clients to augment our
strong military business.”
Utilizing a well-maintained fleet of international range, wide-body
aircraft, World Airways has an enviable record of safety, reliability and
customer service spanning more than 55 years. The Company is a U.S.
certificated air carrier providing customized transportation services for
major international passenger and cargo carriers, the United States
military and international leisure tour operators. Recognized for its
modern aircraft, flexibility and ability to provide superior service,
World Airways meets the needs of businesses and governments around the
globe. For more information, visit the Company’s website at