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Avia Solutions Group Executive Emzon Shung on Aviation as Essential Infrastructure

Avia Solutions Group Executive Emzon Shung on Aviation as Essential Infrastructure
A Career Rooted in Aviation
Emzon Shung, a US businessman with over two decades of experience in the aviation industry, now leads WOLF Holding, an aviation asset management company established this year by Avia Solutions Group. Despite its recent inception, WOLF Holding is pursuing an ambitious strategy, currently seeking to raise USD 500 million by inviting third-party investors to participate in aircraft and engine investments. Shung emphasizes that being part of a global aviation group, combined with the rapid expansion of the ACMI (aircraft, crew, maintenance, and insurance) sector, provides a distinctive value proposition within the asset management industry.
Shung’s passion for aviation began more than 20 years ago when he earned his private pilot’s license. He subsequently launched a private aircraft maintenance business and, in 2005, acquired an airline in Israel with partners, developing a global aircraft leasing operation. “We bought brand-new aircraft—Boeing 787s, Airbus A321neos, A330neos—and leased them to airlines worldwide,” Shung recalls. His professional journey eventually intersected with Gediminas Ziemelis, founder and chairman of Avia Solutions Group, leading to the creation of WOLF Holding, which focuses on acquiring, selling, and long-term leasing of aircraft tailored to market demands.
Industry Evolution and the Rise of ACMI
Shung reflects on significant transformations within the aviation sector, particularly the evolution of the ACMI model. Historically regarded as an emergency support mechanism for airlines facing technical difficulties or operational disruptions, ACMI has now become a strategic tool for fleet planning, route management, and addressing seasonal demand fluctuations. Airlines increasingly contend with variable demand driven by school holidays, major celebrations, and peak travel periods, factors that have fueled the rapid growth of the ACMI market.
The COVID-19 pandemic marked a pivotal moment for the sector. Shung notes that while ACMI services existed prior to the pandemic, the surge in cargo flights during the crisis, coupled with supply chain disruptions and shortages of new engines and aircraft, generated unprecedented demand for passenger ACMI services. Avia Solutions Group’s companies have since concentrated efforts on meeting this heightened demand.
Market Challenges and Strategic Responses
Despite growth opportunities, Avia Solutions Group has faced operational and maintenance challenges. Issues that contributed to the underperformance and eventual cessation of SmartLynx Airlines affected the group’s overall performance, resulting in financial losses and eliciting mixed reactions from investors. While some viewed these setbacks negatively, others regarded the group’s decision to divest underperforming divisions as a strategic move aimed at streamlining operations and strengthening the company’s core business.
Most aircraft operated by Avia Solutions Group are leased from 41 companies worldwide. Lessors actively offer aircraft to ACMI operators, yet growth remains constrained by limited aircraft availability. Shung highlights this limitation, stating, “Avia Solutions Group could grow even faster if we had access to more aircraft,” underscoring the opportunities for lessors in the current market environment.
As Avia Solutions Group continues its divestment and restructuring efforts, competitors have responded with increased activity in the wet-lease market. This evolving landscape presents both challenges and opportunities as the group seeks to position aviation as an essential infrastructure for the future.

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