From your data at CH Aviation, how many ghost fleets do we currently have globally and is there any evidence that the MRO capacity can actually catch up by 2027 or are we looking at a longer period structural deficit?

Just looking at some data that I pulled out mid of last month.

And the trend is actually somewhat worrying because at the beginning of 24, there were 316 GTF aircraft that have not flown for an entire month.

And that ballooned up to 513 at the beginning of 25.

And it was about 543 at the end of 25.

So the curve is flattening, but we're still not at the peak.

So the number of aircraft that are grounded because of these GTF issues is still growing rather than getting smaller.

Is the industry actually willing to spend billions of dollars on ground infra to accommodate a non-tube aircraft? What do you think?

From your data at CH Aviation, how many ghost fleets do we currently have globally and is there any evidence that the MRO capacity can actually catch up by 2027 or are we looking at a longer period structural deficit?

Just looking at some data that I pulled out mid of last month.

And the trend is actually somewhat worrying because at the beginning of 24, there were 316 GTF aircraft that have not flown for an entire month.

And that ballooned up to 513 at the beginning of 25.

And it was about 543 at the end of 25.

So the curve is flattening, but we're still not at the peak.

So the number of aircraft that are grounded because of these GTF issues is still growing rather than getting smaller.

Is the industry actually willing to spend billions of dollars on ground infra to accommodate a non-tube aircraft? What do you think?

Why does it feel like the industry is holding its breath rather than celebrating? Of course, we are well aware of what's going on in the Middle East and how that has affected airlines across the world.

Well, I mean, the executives everywhere around the world are less confident now than they were a year ago about what's in it for the industry going forward.

And I think a lot of that comes from the fact that they have been spoiled post COVID.

So COVID was a traumatic event for the industry, but then it was followed by a period of really high demand, significant increase in premium demand.

an artificial constraint on the supply side, creating less supply than would have been required to satisfy that demand in the market.

And that was pretty much the case everywhere across the world.

So whoever hasn't made record profits the last couple of years probably shouldn't be in the business of running an airline because it was the easiest time ever to operate.

I think in general,

Why does it feel like the industry is holding its breath rather than celebrating? Of course, we are well aware of what's going on in the Middle East and how that has affected airlines across the world.

Well, I mean, the executives everywhere around the world are less confident now than they were a year ago about what's in it for the industry going forward.

And I think a lot of that comes from the fact that they have been spoiled post COVID.

So COVID was a traumatic event for the industry, but then it was followed by a period of really high demand, significant increase in premium demand.

an artificial constraint on the supply side, creating less supply than would have been required to satisfy that demand in the market.

And that was pretty much the case everywhere across the world.

So whoever hasn't made record profits the last couple of years probably shouldn't be in the business of running an airline because it was the easiest time ever to operate.

I think in