According to the FT, 11 % of the world's commercial jet airliners are now parked in the Arizona desert. That's more than 2,000 planes. And the percentage is projected to rise to 13 % later this year.
In addition, smaller numbers of planes are permanently parked at secondary airports around the world (Lufthansa just announced that it will retire several more freighter planes due to lack of cargo).
Meanwhile, even Europe's budget airlines (long thought to be immune from the downturn due to customers downgrading to cheap providers) are now feeling the squeeze: February passenger numbers are down 8.5 % yoy for Air Berlin, and 6.3 % for Ryanair.
Question 1: Why does anybody still order new planes in light of all this excess capacity?
Question 2: Could it be that International Lease Finance Corp, the world's largest aircraft leasing company, is yet another major problem popping up at AIG?
Question 3: Fraport's CEO stated in today's FTD that Frankfurt airport will have to increase fees, because it will spend 4.5 bn € to expand the airport and build a new runway. Which planet does he live on?