ALC chairman on fleet renewal: 'This is a time for cleaning out the closet'

Air Lease Corporation (ALC) chairman Steven Udvar-Hazy, speaking on the CAPA Masterclass: Air finance outlook and beyond COVID-19, stated (15-Jul-2020) "This is a time for cleaning out the closet", referring to the retirement of older fleets such as A380s, 747s and earlier generation A320/A321s. He said the COVID-19 crisis will force airlines to make "really important decisions on what aircraft need to be sidelined" and welcomed the trend towards accelerated aircraft retirement and increasing conversions to cargo aircraft.