Sweden's West Atlantic is now one of the largest B737 freighter operators in Europe as well as a growing provider of 40 ton+ capacity with its B767s.

During the quarter, the Group concluded a five year contract to operate the four B737-800 freighter aircraft with one of the prime integrators, operating for them in Europe. The first aircraft commences in early July and the following three will go straight into traffic as they get delivered from GECAS/Boeing during 3Q/4Q 2018 and the 1Q 2019.

A contract has also been awarded to the carrier by BAe Systems to operate a B737-300 on a weekly service between the UK and Saudi Arabia. West Atlantic is also finalizing extension contracts for our B767 fleet.

In addition, the Group operated a three month contract for Amapola in their Swedish Postal network with an ATP.

The carrier's sixth B737 for DHL was delayed from the lessor and arrived almost two months later than expected. With the arrival of this aircraft, West Atlantic now operates a total of 18 B737 aircraft.

GECAS/Boeing delivered the world’s first B737-800 Boeing converted freighter to the airline after the close of 1Q 2018. It is now in revenue operations.

West Atlantic continues to work towards increasing the B767 fleet by one aircraft during 2018.

Additionally, as a part of the agreement with the Bondholders, the Group is in the process of disposing of six ATPs, which will be used as part supply for the remainder of the fleet. This will have a double positive effect as the company reduces costs for parked aircraft and reduces cost of certain spare parts. Equity and balance sheet has been strengthened through additional capital contribution from certain shareholders and the income from the sale of four ATPs to Kenya.