Korean Air fleet to soar with $22 billion order for 50 Boeing airplanes

Industry

Published: 22 Jul. 2024, 19:06 Updated: 22 Jul. 2024, 19:12

Korean Air fleet to soar with $22 billion order for 50 Boeing airplanes

Boeing's 777-9 and 787-10 aircraft [KOREAN AIRLINES]

Korean Air is purchasing as many as 50 widebody aircraft from Boeing in a deal possibly worth up to 30 trillion won ($22 billion) in a bid to modernize its fleet ahead of a prospected merger with Asiana Airlines, the country's second-largest carrier.

The Korean flag carrier on Monday inked a memorandum of understanding with the U.S. plane maker to buy 20 777-9s and 20 Boeing 787-10s, with the right to buy 10 more 787-10s later on.

The size of the deal is reportedly around 30 trillion won, the carrier's biggest purchase in its history, though the exact amount has not been disclosed.

"The Boeing 777-9s and 787-10s with their capability of long-haul flights to regions such as North America and Europe are expected to play an important role after Korean Air’s merger with Asiana Airlines," the carrier said in a statement.

The 777-9 is the longest and most efficient aircraft in Boeing's 777 series, the world's most common aircraft. The airplane comes with longer new carbon-fiber composite wings that increase the fuel efficiency by more than 10 percent compared to previous versions.

It can travel 13,000 kilometers (8,078 miles), enabling it to connect to all U.S. destinations departing from Incheon International Airport, and can accommodate up to 420 passengers.

The 787-10 is the largest model in the 787 family, able to carry 15 percent more passengers and cargo than the 787-9 currently in service, according to Korean Air.

It releases up to 20 percent fewer carbon emissions and its fuel efficiency is 25 percent better than other aircraft models of a similar size.

"The addition of the Boeing 777-9 and 787-10 aircraft marks a significant milestone in our strategic objective to expand and upgrade our fleet," said Walter Cho, chairman and CEO of Korean Air, at the signing ceremony held Monday at the Farnborough International Airshow in Farnborough, Britain.

"These new airplanes will elevate passenger comfort and enhance operational efficiency, while significantly reducing carbon emissions, supporting our long-term commitment to sustainable aviation."

The latest deal will boost Korean Air's fleet to a total of 203 aircraft by 2034, including recently-signed deals to purchase 33 Airbus A350s and 50 Airbus A321neos.

The top Korean airline is currently pushing to merge with Asiana Airlines, which was initiated in November 2020 and now only awaits approval from the United States among the 14 mandatory reporting countries.

Korean Air expects to receive that approval by October.

BY SARAH CHEA [chea.sarah@joongang.co.kr]