Steven Udvar Hazy Quotes
104 Steven Udvar Hazy Quotes
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[In 2008] As we approach the next decade, the blue skies over Connecticut will once again reflect the innovation, courage, and talents of the people who make Pratt & Whitney a very special contributor to the impact of aviation on our planet.
Steven Udvar Hazy
[In February 2008] More demand is coming from Asia. The North American market is a very mature market, is a very mature market, whereas Asia is still a high-growth market.
Steven Udvar Hazy
[In February 2008] As leasing rates come down a little bit, and the industry goes through a sort of readjustment cycle, there will be fewer leasing companies.
Steven Udvar Hazy
[In February 2008 due to congestion at airports.] A larger plane will be the only way airlines can add capacity in high-density market.
Steven Udvar Hazy
[In March 2008 on describing his job.] As a hobby that I’ve found a way to get paid for. Some people play golf, I come to work.
Steven Udvar Hazy
[On being asked in March 2008 by John Leahy (Airbus COO) when they saw a bright-red Airbus A320 jetliner flying overhead ‘Unlike you John, I know every one of my customers. That’s Myair, and that’s their No. 2 airplane.
Steven Udvar Hazy
[In March 2008] I see an almost religious fanaticism that has overwhelmed the industry – the belief that consolidation and mergers are the medicine to solving problems.
Steven Udvar Hazy
[In March 2008 on ILFC steering clear of leasing aircraft to US legacy carriers due to the US bankruptcy code.] I’m not in the mood to subsidize Delta or Northwest, but there are always people who are willing to do foolish things.
Steven Udvar Hazy
[In March 2008] As the airlines go through the consolidation process, the number of eligible brides diminishes rapidly. So we could wind up with an awkward set of remaining carriers.
Steven Udvar Hazy
[In March 2008 on the merger of Air France and KLM] KLM, which is owned by Air France, still carries its own paintjob and can function as its own airline within the parentage of Air France.
Steven Udvar Hazy
[In March 2008 on Swiss being owned by Lufthansa.] It’s a seamless product and you maintain unique independent features of the separate entities.
Steven Udvar Hazy
[In March 2008 on China.] China will continue to be a bright star.
Steven Udvar Hazy
[In March 2008 on the future of Indian airlines due to shortages in the areas of airports, air traffic control and pilots.] We’ll wind up with a core of three or four airlines.
Steven Udvar Hazy
[In March 2008 on forecasting.] I can’t predict the magnitude of the downturn.
Steven Udvar Hazy
[In March 2008] One of the ugliest things about a downturn is when airlines with too much capacity chase a finite amount of traffic.
Steven Udvar Hazy
[In March 2008] A lot of airlines planned an unabated steady growth. This is particularly true of low-cost carriers in the US and Asia. Nowhere in the history of commercial aircraft have we had such a high proportion of the backlogs coming from this segment of the industry. Airlines that are less dependent on the core business traffic are more vulnerable to recession.
Steven Udvar Hazy
[In March 2008 on the price of fuel directly affecting their operating costs.] Everyone is drinking from the same foundation, so fuel on a proportional basis is a higher overall percentage of an airline’s direct operating costs than ever before and the industry can’t escape that.
Steven Udvar Hazy
[In March 2008] If there is a downturn that is greater than 2002, it will not be generated by the industry, it will have to come from an external source. This could be something external and negative that will reduce the demand for air travel – it will not be airline induced.
Steven Udvar Hazy
[In March 2008 on China wanting to compete with Airbus and Boeing as well as Brazil, Canada, Russia and Japan all eager to compete.] Something is going to happen with the manufacturers of one of those countries. One is going to be more successful than the others and that will create a rival for Airbus and Boeing. I don’t think the status quo is going to last much more than another five years. The puzzle will change shape, which is good for the industry.
Steven Udvar Hazy
[In June 2008] The airline industry has lost money seven of the past ten years. But the industry has a history of survival.
Steven Udvar Hazy
[In November 2008 on AIG selling ILFC to a group of investors and management by early next year.] Early next year, we will consummate the closing. One thing is to reach a deal. It’s another to close the deal.
Steven Udvar Hazy
[In November 2008] We’re in the process of selling ILFC to a group of investors including management that will take back the company from AIG.
Steven Udvar Hazy
[In February 2009 on Boeing and Airbus possibly seeing production drop as much as 35 percent over the next 18 months] Reductions will come in steps until it reaches equilibrium. It wouldn’t be surprising to us if there were (production-rate) cuts of between 30 and 35 percent at both Boeing and Airbus. Airlines are focused on survival, not ordering planes.
Steven Udvar Hazy
[In February 2009] This could be a year where the number of net cancellations and deferrals actually exceed genuine new orders… Certainly the elements are out there for that to happen.
Steven Udvar Hazy
[In March 2009 on negotiations to buy ILFC from AIG.] We are working with investors to buy ILFC back so we can recapitalize ILFC, boost its balance sheet, get out from the AIG cloud, maximize profitability and regain our well-deserved investment-grade ratings. [That is] The essence of what ILFC is working on to accomplish in the coming weeks.
Steven Udvar Hazy
[In March 2009] I am weary of all the legalistic negativity when ILFC’s fundamentals are so strong and our long-term potential so promising.
Steven Udvar Hazy
[In June 2009 on ILFC possibly canceling orders for ten Airbus A380 superjumbos.] We can pull out between January and June 2010 without paying penalties.
Steven Udvar Hazy
[In June 2009] I see a general structural change in the industry and in the way that airlines think about the A380.
Steven Udvar Hazy
[In October 2009] The capital markets since the Lehman meltdown have not been able to cater to the needs of our industry.
Steven Udvar Hazy
[In July 2010 on the changes to ILFC which he had sold to AIG back in 1990 when AIG received a government bailout in 2008.] We’d be able to sketch out a deal on the back of an envelope and then implement the deal within a few days. But ILFC wasn’t in a position to buy planes after the bailout. No matter how good of a deal it was. The priority was to pay back the government.
Steven Udvar Hazy
[On ILFC in July 2010 after he had newly started ALC.] We have a lot of friends over there. Our children grew up together. We go to barbeques together. I’m not looking to hurt them. I think there’s a big enough market out there that we both can prosper.
Steven Udvar Hazy
[In July 2010 on his goal for ALC to have as many as 125 aircraft by spring and within five years having 350-500 planes in comparison to ILFC having a fleet of almost 1,000 planes.] I think that’s a manageable, healthy size. It’s nice to work from a blank sheet of paper.
Steven Udvar Hazy
[In July 2010] We have a seasoned management team.
Steven Udvar Hazy
[On Air Lease Corp in July 2010] We have a global leadership team that has an average of 22 years leadership experience in the airline leasing sector.
Steven Udvar Hazy
We’re two thousand aircraft as a group in our career. That far exceeds the other rivals in the business… Our main focus is the international sector, so we’re less dealing with the US airlines and mainly dealing with the growth areas of the world –Asia, Latin America, Eastern Europe, Middle East. And it’s very exciting.
Steven Udvar Hazy
[On whether he was seeing slowing growth in the emerging markets in July 2010.] Not at all. In fact we just came back from a global tour and virtually every developing country we visited whether it’s China or Eastern Europe we’re seeing 20% rate of growth in airline travel. Growth of the middle classes, young people who are getting into traveling. It’s really a global phenomenon.
Steven Udvar Hazy
[On higher oil prices and it’s impact on airlines in July 2010] It’s forcing airlines to look at their own fleets and measure their fuel efficiency and it’s driving towards more efficient aircraft, more economical aircraft that utilizes jet fuel – has a lower cost of maintenance. So higher oil prices are causing airlines to reflect and making sure they have the most efficient, modern fleets. And that’s really helping our business right now.
Steven Udvar Hazy
[On how many aircraft Air Lease Corp has in July 2010] We actually have fifty-three as of today. One hundred by the end of the year.
Steven Udvar Hazy
[In July 2010] We review all opportunities, but our primary growth will be organic growth and our thinking is to have about 500 aircraft in the next five years which will give us a formidable presence in the market.
Steven Udvar Hazy
[In July 2010 on him and retirement at Air Lease Corp.] There are no plans for retirement! This is an exciting business. It’s a global business. It’s full of opportunities and challenges and I enjoy it and look forward to it. I love aviation and I love helping airlines modernize their fleets. And I have no plans for retirement.
Steven Udvar Hazy
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