Aircraft boneyards expose depth of the downturn
LONDON – The impact of the global economic downturn continues to be felt by the aviation industry, as new figures reveal that a record total of almost 2,300 jet airliners are now parked.
Some 1,167 of these aircraft were grounded last year, making 2008 the worst year for cutbacks since 2001.
According to data from Ascend, the world’s leading provider of information and consultancy to the global aerospace industry, more than 11 percent of the global aircraft fleet of 20,293 is now in storage.
Taking into account future decommissioning, that figure may even rise to match the 13 percent reached at the end of 2001, following the 9/11 terrorist attacks on the US.
Then, the global fleet comprised only 15,950 planes, so a similar share in 2009 could mean a total of some 3,000 idle airliners.
Chris Seymour, Ascend consultant, says, “The aviation fleet data shows that at least 400 more aircraft are scheduled to be cut during 2009, with groundings being announced almost daily.
“This is having a negative effect on aircraft values and lease rates, although, as ever, this is creating opportunities for those who take advantage of the down cycle.â€
Regional breakdowns also suggest that most regions have felt the impact of a weakening global economy.
North American carriers have announced fleet reductions totaling almost 800 aircraft since mid-2008, while European carriers have parked over 450 aircraft and Asia/Pacific airlines at least 230.
One benefactor of increased plane groundings is set to be the aviation storage business, based primarily in the Arizona and Californian deserts of America.
Aircraft boneyards are a good barometer of the state of the airline industry, Seymour says. “Generally speaking, the fuller the aircraft boneyards, the tougher the market conditions.”
Ian Jarrett
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