With air travel demand returning to pre-pandemic highs, airlines and lessors are gearing up for a busy 2024 summer season.
However, this surge in travel demand outpaces the current supply and capacity of aircraft in the market due to several different factors, including aircraft delivery delays and supply chain issues. This has inadvertently created favorable conditions for aircraft lessors and ACMI (aircraft, crew, maintenance, and insurance) providers such as SmartLynx Airlines, which have the inventory to meet the shortfall in capacity.
SmartLynx Airlines, based in Riga, Latvia, is a leading specialist in full service ACMI aircraft leasing, also known as wet leasing. The airline, which also provides cargo and charter services, operates a fleet of 67 narrow and widebody aircraft. This is comprised of aircraft types such as the Airbus A320, A321, A330 and the Boeing 737 MAX 8, as well as a freighter fleet of Airbus A321 Freighters. The airline is also a subsidiary of Avia Solutions Group, the world’s largest ACMI capacity provider.
SmartLynx Airlines announced the appointment of Edvinas Demenius as the new Chief Executive Officer (CEO) and Chairman of the Board, from February 15, 2024.
Demenius joined the airline in 2017 as Vice President for Business Development. By 2021, he was appointed to the board of the airline and later appointed Chief Commercial Officer in 2023.
In an Aviation Forum interview hosted by Avia Solutions Group, Demenius offered insight into the airline’s plans for 2024. He detailed the company’s focus on improving efficiency and asset utilization and its investment into “people growth” backed by a team of more than 2000 people. He also revealed the company’s aim to expand its fleet to 100 aircraft by 2027.
Demenius noted that SmartLynx Airlines expects to see a record performance in 2024, upping its fleet to 70 aircraft by Q2 2024.
“I believe that 2024 will be another record year for our company,” Demenius said. “We expect to grow our revenues by 10-12% this year.”