Korean Air has finalized its order from Boeing and GE Aerospace, securing delivery slots for next-generation aircraft. This move aims to support the airline’s fleet expansion plans despite ongoing supply chain challenges. This agreement includes firm orders for 20 Boeing 777-9 and 20 Boeing 787-10 widebody aircraft, scheduled for delivery through 2033. The deal also includes options to purchase 10 additional aircraft under similar terms.
On March 21, Walter Cho, Chairman and CEO of Korean Air and Hanjin Group, met with Boeing President and CEO Kelly Ortberg and GE Aerospace President and CEO Russell Stokes in Washington, D.C. During the meeting, they discussed strategies to strengthen their partnership and ensure aircraft delivery positions remain on schedule.
To maintain its growth momentum following the Asiana Airlines merger, Korean Air is accelerating its fleet renewal program. The airline is actively working to secure aircraft delivery positions, helping it keep pace with its fleet plan amid current industry supply limitations.
The airline plans to build on the Memorandum of Understanding it signed with Boeing during the 2024 Farnborough International Airshow.
To power its expanding fleet, Korean Air has finalized contracts with GE Aerospace for eight spare engines. The agreement also includes options for two additional engines and a full maintenance contract for the GE9X engines that will be used on the Boeing 777-9 aircraft.
$32.7 Billion Deal to Boost Fleet Modernization
The airline’s agreements with Boeing and GE Aerospace are valued at $32.7 billion (KRW 47.97 trillion). This figure includes $24.9 billion for aircraft orders and $7.8 billion for engines and maintenance services.
“Boeing and GE Aerospace provide the advanced technology that powers our commitment to excellence,” said Walter Cho, Chairman and CEO of Korean Air and Hanjin Group. “Our partnership is essential to our vision of becoming the world’s most loved airline. I’m grateful for the solid foundation we’ve built together and the support from both governments that enables our continued success.”
Korean Air’s fleet modernization aims to enhance passenger experience while promoting sustainability. The new, fuel-efficient aircraft will reduce carbon emissions, contributing to the airline’s Environmental, Social, and Governance (ESG) goals.
As Korean Air continues to grow, its partnership with Boeing and GE Aerospace ensures it maintains a modern and efficient fleet, supporting its long-term expansion plans.
