Aircraft manufacturers, Boeing and Airbus, have secured a total of just four new aircraft orders between them in the first three months of this year, net of cancellations, according to a report by the Centre for Asia Pacific Aviation (Capa).
"It is one of the starkest reminders of the effects of the global economic downturn on the aviation industry," the report stated.
The world's airlines, according to Capa estimates, have ordered a total of just 50 aircraft in the first quarter of 2009 – 28 for Boeing and 22 for Airbus.
However, they have cancelled orders for 46 aircraft – 32 for Boeing and 14 for Airbus, for a net order gain of just four aircraft.
"This is a massive turnaround from the 709 aircraft ordered in the first three months of 2008, comprising 289 for Boeing and 420 for Airbus," the Capa said.
At the same time, there has been no downturn in deliveries. Neither manufacturer has disclosed how many aircraft deliveries have been deferred, but numerous airlines and lessors have been scrambling to defer deliveries where they can, and where financial penalties are not punitive, Capa said.
It added that most of the deferrals could be for 2010 deliveries and beyond, as customers have to pay heavy penalties to cancel near-term deliveries.
Consequently, deliveries are holding up this year, said Capa. "Boeing and Airbus have delivered 237 aircraft to the world's beleaguered airlines and lessors in the first quarter (Boeing: 121 and Airbus: 116) – one less than the same period last year (Boeing: 115 and Airbus: 123)," the report said.
And if the global economic downturn worsens, both Boeing and Airbus are wary that they could probably end 2009 with negative orders, that is cancellations outnumbering orders, the Capa report added.