Nearly 2,300 jet airliners are parked worldwide,
according to Ascend, a London-based aviation consultant and data
provider.
Ascend said 1,167 of these aircraft were grounded last year,
making 2008 the worst year for capacity cuts since 2001.
More than 11% of the world's 20,293 jet airliners are in
storage. That figure may rise to match the 13% reached at the end
of 2001, Ascend said.
"The aviation fleet data shows that at least 400 more aircraft
are scheduled to be cut during 2009, with groundings being
announced almost daily," said Ascend consultant Chris Seymour.
"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."
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,
said Ascend. The Middle East region has not been affected to the
same degree, with Emirates announcing a planned 14% increase in
capacity in 2009, Ascend noted.
The aviation storage business, based primarily in the Arizona
and California deserts, is a benefactor of these market
conditions.
"Storage facilities are already filled with a surplus of older
technology 727s, 737s and MD-80s, many of which will never fly
again," Seymour said. "However, some younger aircraft and many of
the 250 current-generation aircraft will eventually be returned to
service once the industry recovers."