Global aircraft lessor, Guggenheim Aviation Partners (GAP), has canceled two of its four B747-8 freighter orders with Boeing. GAP chief executive officer, Steve Rimmer, said that existing freighters parked in the desert may be sufficient for its purposes in this current market slump.

“We’ve never seen this quantity of freighters before in the desert,” he said. “This time we won’t see the market pick up fast because there’s a lot of good quality aircraft in the desert.”

Boeing’s orders for the 747-8 freighter now stand at 76, the first of which is to be delivered to Cargolux in the fourth quarter.