Six months ago there were industry concerns…what haschanged since?
END 2011
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Freight growth stalled
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Eurozone problems, US debt,stock markets down
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China slowed
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2012 capacity being reviewed
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Financing costs concerns
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Used a/c market slow
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AMR Filing
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Record backlogJULY 2012
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Freight growth still stalled
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Eurozone problems worse, knock-on effect globally
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China taking some action
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2012 capacity up 4%
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Financing costs going up
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Used a/c market still slow
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Airline failures esp in Europe
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Still there but more deferrals