Ireland-based lessor Genesis has expanded its parts-trading operation into Asia after opening a new components hub for subsidiary ReGEN at Singapore Changi Airfreight Center.
This adds to existing locations in Europe and North America, with Genesis stating that the new facility will give Asian airline and MRO customers faster access to critical materials.
“We are excited to open ReGEN’s Singapore Components Hub and bring ready-to-install, serviceable material closer to our customers,” said David Curran, head of ReGEN, in a statement. “Asia is the world’s fastest-growing aviation region, and increasing aircraft utilization is driving greater maintenance requirements and demand for replacement material.”
Aircraft lessor Genesis established ReGEN in 2023 as supply chain problems mounted in the wake of the COVID-19 pandemic. Genesis CEO Karl Griffin said those problems have only intensified as airlines keep older aircraft in service to mitigate new aircraft delivery delays.
Genesis itself is the subject of a sales process, with other businesses that combine leasing and parts trading rumored to be in the running. These include GA Telesis, Willis Lease Finance Corporation and FTAI Aviation.
GA Telesis CEO Abdol Moabery recently spoke to Aviation Week about the influence of lessors on the parts-trading market.
“Recently, developments have reflected the increased importance of life-cycle management to lessors, and we are seeing more of them incorporate this element [parts trading] into their strategy. However, it isn't for everyone,” Moabery said. “I expect lessors to remain important participants, but I also expect partnerships between asset owners and established aftermarket companies to make more economic sense than every lessor attempting to recreate a global [used serviceable material] platform.”
Despite its ongoing sale process, this year Genesis has continued to acquire narrowbodies powered by International Aero Engines V2500 and CFM International CFM56 engines, mostly in portfolio trades from other lessors.
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