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The coronavirus outbreak has indeed induced one of the biggest crisis worldwide with the aviation industry is one of the hardest hit. With air travel in turmoil, many industry players have been predicting its consequences which are yet to be fully realized. However, every cloud has its silver lining.
The current crisis has created both challenges and opportunities for business to look for new avenues. Also, it served as a catalyst for some changes in the aviation industry. According to Daiva Zemaite, Head of EngineStands24, a subsidiary of a global provider of Total Technical Care for aircraft operators and lessors, Magnetic MRO, in their line of business, the pandemic had a positive impact.
"During the months of the pandemic, we saw a surge in business and have exceeded our planned target –our unit is performing well and we are not short of orders, and I can say that such increase was not anticipated. It is a certain success story during these hard times," shared Mrs Zemaite. "Of course, the main influencer here was the grounding of the aircraft almost everywhere in the world at the start of the pandemic in spring – and having an engine stand to remove an engine from parked aircraft is a small yet crucial element. I can confidently say that many airlines have re-evaluated the need of such attribute".
According to Daiva, although quite some airlines have their stands, there is a noticeable trend that they lack maintenance; therefore, the lease becomes the best solution. "Leasing stand means you are getting serviced stand when you need and where you need it, and it was evident that it does also allow airlines to save costs and manpower, especially during the lockdown, as they did not have to take care neither of its maintenance nor logistics".
As another shift in changing industry's perception, Daiva points out to increased interest towards buy-lease back scheme offered by EngineStands24. "In times like these, selling the stand and leasing it back saves internal costs associated with its storage and maintenance as well as secures some cashflow, extremely needed by many in the recent months. I am glad we had introduced this scheme which holds mutual benefits for our customers and for us".