Korean Air will formalise its contracts for new aircraft and engine orders, in a deal worth over $32.7 billion, as the airline looks to speed up its fleet renewal plans.
The SkyTeam operator on 22 March says it will “further develop” the memorandum of understanding signed with Boeing at the 2024 Farnborough air show, where it ordered 20 Boeing 777-9s and 20 787-10s.
Deliveries of the new aircraft are expected to be completed by 2033, says Korean Air. In 2024 when it announced the order, Korean had expected deliveries to commence in 2028.
“The airline is working to secure aircraft delivery positions to maintain its fleet plan with current industry supply conditions,” states Korean Air.
At a briefing earlier in the month, Korean Air executives citied delivery delays among challenges facing the airline, which will be merging with compatriot Asiana Airlines. To mitigate delays, the airline has had to keep its older aircraft – including its Airbus A380s and 747-8s – flying for longer.
The firming of the aircraft commitments come on the sidelines of a visit to the USA by Korean Air executives and South Korean lawmakers.
Korean Air will also finalise its contracts for eight spare GE9X engines, with options for two more, as well as an engine MRO agreement with GE Aerospace. The GE9X engines will power the 777-9s that the airline will be taking delivery of.
