Atlas Air Worldwide Holdings (AAWW) has announced that its subsidiary, Atlas Air, has entered into a joint-venture agreement to build a new cargo warehouse at Incheon InternationalAirport in South Korea.

The new facility – the fi rst at Incheon to include ownership by a foreign carrier– will enhance the economics andeffi ciency of services provided to customersof Atlas Air, its sister company,Polar Air Cargo, and Atlas Air’s jointventure partners.

The 129,000 sq.ft Atlas Air Cargo Terminal will be operated by AACT Co Ltd, a joint venture that includes Atlas Air and Sharp Inc, a South Korean company engaged in providing maintenance, ground and related support services to Atlas Air, Polar Air Cargo andother airlines at Incheon airport.

Construction of the new warehouse is expected to begin shortly, and it is anticipated to be fully operational by early 2008. According to AAWW president& CEO, Bill Flynn, industry observersexpect Asia to continue to outpace therest of the world in air cargo traffi cgrowth. "Incheon is a critical hub fortrans-Pacifi c and intra-Asian air cargotraffi c, and it is a frequent gateway ofPolar Air Cargo and other air carriersfor air cargo service to Hong Kong,Shanghai and Beijing," he said.