The industry's high number of aircraft orders reflects the fact it is in a 'bubble', claims Adam Pilarksi, SVP of Avitas. Speaking at the International Society of Transport Aircraft Trading (ISTAT), Pilarski highlighted the industry's 1,736 aircraft orders and added: "We have a bubble [and] we're just making it bigger." Yet in Airbus' presentation shortly after, John Leahy, COO customers, replied: "We're not necessarily in a bubble but a very strong growth cycle." He told the delegates that Airbus currently has 5,330 orders, but added: "Will every one of those orders get delivered? Absolutely not." Following Leahy, Kostya Zolotusky, MD capital markets at Boeing, quipped that while Airbus celebrates a larger number of orders than Boeing, the latter makes more deliveries. "They always win the order competition but they don't make the deliveries," he said.