A Dubai-based entrepreneur, Gediminas Ziemelis, has built a fortune of approximately $1.5 billion through a specialized form of aircraft leasing amid a global shortage in the aviation industry. His company, Avia Solutions Group, provides airlines with short-term aircraft leases that include full crews and maintenance, a practice known as wet leasing. This strategy has become increasingly vital as airlines face unprecedented delays and demand surges.
The surge in demand for travel has collided with manufacturing delays faced by major aerospace producers. As a result, many airlines turn to wet leasing providers to expand their capacity quickly without making long-term fleet investments. Ziemelis's firm has accumulated a fleet of 187 aircraft and recently secured a deal for up to 80 Boeing jets, supporting Boeing during a challenging period.
Opportunities in the Aviation Supply Chain
Avia offers a comprehensive solution for airlines encountering sudden spikes in demand or unplanned maintenance issues. Major carriers such as Eurowings and Grupo Viva Aerobus rely on these wet leasing services to maintain operational flexibility.
"This model helps airlines during unexpected demand spikes or unplanned maintenance," said Gediminas Ziemelis, emphasizing the importance of speed and flexibility in today’s market.
The global wet leasing sector saw record growth in 2024, with over 920,000 block hours flown according to IBA Group. While once a seasonal stopgap, wet leasing now provides a year-round critical capability for airlines worldwide.
Despite its benefits, the model carries risks—such as high fixed costs during downturns like the COVID-19 pandemic—when many leased aircraft were grounded. Nonetheless, the industry’s reliance on this approach is expected to continue as airlines seek rapid capacity expansion and operational agility.
