Korean Air is deepening its collaboration with Boeing and GE Aerospace to ensure the timely delivery of next-generation aircraft, despite ongoing global supply chain challenges.
On March 21, key executives from all three companies met in Washington, D.C., to discuss how to improve cooperation. The meeting included Walter Cho, Chairman and CEO of Korean Air and Hanjin Group, Kelly Ortberg, President & CEO of Boeing, and Russell Stokes, President & CEO of Commercial Engines and Services at GE Aerospace.
Korean Air is accelerating its fleet renewal program as part of its strategy to expand following its recent integration with Asiana Airlines. To maintain its planned fleet growth, the airline is working to secure delivery positions for new aircraft, considering the current supply constraints in the industry.
The airline will build upon the Memorandum of Understanding (MoU) signed with Boeing at the 2024 Farnborough International Airshow. Under this agreement, Korean Air has placed firm orders for 20 Boeing 777-9 and 20 Boeing 787-10 widebody aircraft. Deliveries will occur through 2033, with the option to purchase 10 additional aircraft on similar terms.
Additionally, Korean Air has agreed to finalize contracts for eight spare engines from GE Aerospace, with two additional engine options. The airline will also enter a comprehensive maintenance agreement for the GE9X engines that will power its Boeing 777-9 fleet.
The total value of the agreements is $32.7 billion (KRW 47.97 trillion), with $24.9 billion allocated for aircraft and $7.8 billion for engines and maintenance.
“Our partnership with Boeing and GE Aerospace is vital to our commitment to excellence,” said Walter Cho, Chairman and CEO of Korean Air and Hanjin Group. “This collaboration is central to our vision of becoming the world’s most loved airline. We are grateful for the strong foundation we have built together and the ongoing support from both governments.”
Korean Air’s fleet modernization efforts are designed to improve the passenger experience, enhance comfort, and reduce carbon emissions, supporting the airline’s Environmental, Social, and Governance (ESG) goals.
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