Habster
FYI you are a bit behind the power curve there good buddy. Fed Ex is heavy into the international market and have purchased companies in Europe, India, Japan, and China. They are moving aggressively into Europe and with 20 757's heading to CDG, and another bundle to China pretty much says it all. Not to mention the 16 777's.
As to layinlow's assessment, he is about right on. The industry is going to go into one of their troughs pretty soon and a lot of ACMI and bottom feeders are going to hit a serious wall. Only those with serious capital to keep it going during this period will prevail. Just look at the history.