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

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 and other airlines at Incheon airport.

Construction of the new warehouse expected to begin shortly, and it is anticipated to be fully operational by early 2008.

According to William Flynn, AAWW president & CEO, industry observers expect Asia to continue to outpace the rest of the world in air cargo traffic growth. “Incheon is a critical hub for trans-Pacific and intra-Asian air cargo traffic, and it is a frequent gateway of Polar Air Cargo and other air carriers for air cargo service to Hong Kong, Shanghai and Beijing,” said Flynn.

Atlas Air has a 30% ownership interest in AACT Co Ltd, Sharp Inc holds 29%, and the remaining ownership is held in smaller percentages by several individual South Korean investors.