Securing Next-Generation Fleet On Time... Implementing ESG Management
Aircraft Purchase Worth $24.9 Billion, Engine Purchase Worth $7.8 Billion
Korean Air is strengthening its cooperation with Boeing and GE Aerospace to prepare for global aircraft supply chain issues and to timely introduce the next-generation fleet.
On the 21st (local time) in Washington D.C., USA, at the "Signing Ceremony for Strengthening Cooperation among Korean Air, Boeing, and GE," An Deok-geun, Minister of Trade, Industry and Energy (third from the right), Cho Won-tae, Chairman of Hanjin Group (fourth from the right), Howard Lutnick, U.S. Secretary of Commerce (third from the left), Kelly Ortberg, CEO of Boeing (fourth from the left), and Russell Stokes, President and CEO of GE Aerospace Commercial Engines and Services Division (first from the left), along with representatives from both governments and companies, are posing for a commemorative photo. Photo by Korean Air
On the morning of the 21st (local time) in Washington D.C., Korean Air announced that Cho Won-tae, Chairman of Hanjin Group, Kelly Ortberg, CEO of Boeing, and Russell Stokes, President and CEO of GE Aerospace Commercial Engines and Services, met to discuss ways to enhance cooperation among the three companies.
Korean Air is actively pursuing the introduction of the latest next-generation aircraft to expand and upgrade its fleet in line with the launch of the integrated airline. With global demand for new aircraft rising, the strategy is to secure aircraft supply early to smoothly execute mid- to long-term fleet plans.
The scale of cooperation among the three companies amounts to $24.9 billion for aircraft purchases, $7.8 billion for spare engine purchases and engine maintenance services, totaling $32.7 billion (approximately 47.97 trillion KRW).
Korean Air plans to promptly complete the implementation of the Memorandum of Understanding (MOU) signed with Boeing at the UK’s Farnborough International Airshow last July. The agreement centers on introducing 20 B777-9 and 20 B787-10 aircraft by 2033, with an option to purchase an additional 10 aircraft under similar conditions in the future.
Additionally, Korean Air will finalize the purchase of 8 spare GE engines (with 2 optional engines separately) and a maintenance service contract for GE9X engines used on B777-9 aircraft, thereby strengthening manufacturer support for aircraft and engines.
A Korean Air official stated, "By modernizing our fleet, we will provide customers with a more comfortable and pleasant travel experience and transition to fuel-efficient models to implement our Environmental, Social, and Governance (ESG) management policies."
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