Well, they'll have to find some more airplanes somewhere to lessen the shrinkage. According to the annual report, the plan is to be down to 354 mainline aircraft by this year. That's with the anticipation of losing 22 planes and acquiring 5 - some of the 22 are already gone and the 5 (counting the 3 "new" 757's) are already here.
In 2007, there are 39 leases scheduled to expire (17 HP, 22 US) and an additional 24 (6 HP, 18 US) that have leasor call options - the leasor can demand their return.
In 2008, there are 61 more leases scheduled to expire (19 HP, 42 US), and 18 (all US) leasor call options.
As everyone knows, the next scheduled Airbus deliveries are in 2009. That year there are 34 leases expiring (9 HP, 25 US) and 9 (all US) leasor call options.
Finally, as far ahead as the annual report goes - 2010. There are 24 lease expirations that year, 8 HP and 16 US.
Obviously, a lease set to expire or a leasor having a call option doesn't mean that an airplane will leave. Leases can be extended, lease rates can be negotiated to prevent the leasor from calling in airplanes early. New (at least to us) planes can be leased. But the next couple of years could get interesting unless they find some more planes somewhere.
Jim