Airline industry leaders say there is no commercial aircraft order bubble, despite backlogs at Boeing and Airbus measured in the thousands of aircraft.

The hundreds of orders placed by airlines, such as Qatar Airways and the rapidly expanding Persian Gulf and Asian carriers, are necessary not merely to fuel the rapid growth of the global airline industry but also to replace the world’s fleet with new generation aircraft, Qatar CEO Akbar Al Baker told reporters at the IATA annual general meeting in Doha. “There is no glut,” Al-Baker said. “There is a huge requirement for fleet replacement. Airlines don’t buy airplanes to park them in a hangar and look at them.”

Al Baker said Qatar plans to replace as many as 130 aircraft in the near future.

Airlines are getting savvier about tailoring fleet needs to specific missions, said Cathay Pacific CEO Ivan Chu. Explaining his airline’s fleet plans, Chu said, “we need the flexibility to better match supply with demand.”

Although most airline industry leaders agree that the demand for new passenger aircraft is justified, new aircraft deliveries have had an effect on cargo and freighter aircraft. With increased belly hold capacity in wide-body aircraft, the demand for freighters has collapsed, said International Airlines Group CEO Willie Walsh. “We are seeing an issue with cargo capacity,” he said.

The lone voice of dissent here was Aeromexico CEO Andres Conesa, who said “there is a glut.” The Mexico market is facing overcapacity, he noted. Aeromexico is dedicating its future orders to international and long-haul aircraft, given the increasing competition in the Mexico domestic market, he said.