Flaws in RTX’s Pratt & Whitney engines proving to benefit short-term jet rentals
Airlines are scrambling to find replacements for hundreds of single-aisle jetliners that will be sidelined by a recently discovered engine issue, providing a boon to companies that lease out aircraft and crews.
About 3,000 Pratt & Whitney geared turbofan engines powering the Airbus A320neo — the industry’s top-selling jet — must be removed and brought in to repair shops over the next three years to check for potentially flawed components made from contaminated metal powder, Pratt parent RTX said Monday.
The issue will ground hundreds of aircraft for months, depriving carriers of capacity amid a post-pandemic rebound in air travel.
Companies that lease out aircraft and crew on a temporary basis stand to benefit, according to the founder of Avia Solutions Group, which provides aircraft, crew, maintenance and insurance on a short-term basis, also referred to as wetleasing.
Avia, whose customers include Deutsche Lufthansa, Turkish Airlines and British Airways, is in talks with airlines about providing temporary capacity while their GTF engines are inspected in workshops, Avia founder Gediminas Ziemelis said in an interview.
“This reminds me of the situation when the Max was grounded,” said Ziemelis, referring to the prolonged grounding of the Boeing 737 Max model following two fatal crashes.
To fill the void, airlines were forced to seek alternative capacity.
Lufthansa expects to wet-lease 40 to 50 aircraft next summer as part of its plan to backfill capacity when its GTF-powered A320s go in for shop visits, the German airline’s chief executive officer, Carsten Spohr, said at an event in the U.S. on Tuesday.