The scale of the crisis is only beginning to sink in. Two weeks ago IATA estimated COVID-19 would cost the world’s airlines some $113 million in revenue. Now it will only say that ‘things are clearly worse than this.’ .

Adding strong support to IATA’s calls for financial aid for the industry, Peter Harbison, Chairman Emeritus of CAPA - Centre for Aviation, has predicted that by the end of May this year most airlines in the world will be bankrupt, at least technically, and that coordinated government and industry action is needed immediately if catastrophe is to be avoided. As the Covid-19 crisis unfolds , leasing companies are having to rapidly adjust their tactical and strategic decision-making. With fleets being grounded worldwide airlines are seeking relief from lease commitments and capital expenditure programmes are grinding slower. In addition airlines are prioritising cash in their businesses and in that context carriers with unencumbered aircraft assets are exploring sale and leaseback options