Korean Air to buy up to 50 Boeing planes for strategic fleet upgrade

Korean Air is to purchase up to 50 new widebody aircraft from Boeing in its push to enhance fleet quality and meet sustainability goals.

The deal price is estimated to reach some 30 trillion won ($23 billion), according to industry sources. The company declined to confirm.

The national flag carrier signed a memorandum of understanding with Boeing on Monday on the sidelines of the Farnborough International Airshow 2024, a premier aerospace trade show currently being held in the UK.

Korean Air said it offered its intention to procure 20 units of 777-9 and 20 units of 787-10, with optional plans for 10 units of the largest 787 Dreamliner.

The signing ceremony was attended by Korean Air Chairman and CEO Walter Cho and Boeing Commercial Airplanes CEO Stephanie Pope.

"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," Cho said. "This investment underscores our commitment to providing a best-in-class flying experience. The new airplanes will elevate passenger comfort and enhance operational efficiency, while significantly reducing carbon emissions, supporting our long-term commitment to sustainable aviation," the CEO added.

Pope expressed deep appreciation for Korean Air's selection of two of Boeing's largest and most efficient airplanes.

"Boeing airplanes have played an integral role in the growth of Korean Air over the past 50 years, and we are confident the 777X (series) and 787 Dreamliner will support the airline’s long-term sustainability goals and continued growth." the CEO said.

The new Boeing fleets, set to be allocated for long-haul routes to North America and Europe, are expected to play a crucial role, especially after the pending merger between Korean Air and Asiana Airlines.

With a range of over 13,000 kilometers, the 777-9 can provide direct services to all US destinations from Incheon International Airport, the nation’s main gateway.

The 787-10 is the largest variant in the 787 family, capable of carrying 15 percent more passengers and cargo than the 787-9 currently in service. It is also more fuel efficient compared to similar-sized aircraft with reduced carbon emissions of over 20 percent.

With the addition, Korean Air plans to have a total of 203 next-generation, eco-friendly aircraft in its fleet by 2034, including 33 A350s, 50 A321neos and 20 Boeing 787-9s.