Titan Aircraft Investments, the joint venture between Titan Aviation Holdings, Inc. and Bain Capital Credit, has announced the placement of three 767-300ER converted freighters on long-term dry leases with Ethiopian Airlines Group.

"We are delighted to welcome Ethiopian Airlines as a strategic customer and support its growing freighter fleet," said Michael Steen, president and chief executive officer of Titan Aviation Holdings and chief commercial officer of Atlas Air Worldwide.

Ethiopian Airlines is expected to take delivery of the first of these aircraft later this month, with the second delivery planned for later this year, and the third aircraft planned for 2023.

The addition of these three aircraft brings Titan Aircraft Investments' freighter fleet to 10 aircraft, five of which are Boeing 767 converted freighters.

Mesfin Tasew, Ethiopian Airlines Group CEO noted that the dry lease agreement will be fundamental to Ethiopian Airlines' "fast growing cargo operation" as "Ethiopian is a key global player in the air cargo business."

"We are glad about the partnership with Titan Aircraft Investments to enhance our capacity with three more B767 converted aircraft in addition to the existing nine widebody freighters and four B737 converted aircraft," Tasew added.