Korean Air has finalised a $44.8 billion aircraft and engine investment covering 103 Boeing aircraft, 21 spare engines and a 15-year engine maintenance agreement.
The contracts conclude the procurement plan announced by the airline in Washington D.C. in August 2025 and comprise $36.2 billion in aircraft orders and approximately $8.6 billion in agreements with GE Aerospace and CFM International.
The aircraft order includes 20 Boeing 777-9s, 25 787-10s, 50 737-10s and eight 777-8F freighters.
Korean Air said the investment will provide a predictable long-term fleet introduction schedule to support capacity growth following its integration with Asiana Airlines.
The introduction of next-generation aircraft is also expected to improve fleet fuel efficiency and support the carrier's carbon reduction goals.
The engine agreements cover 21 spare engines supplied by GE Aerospace and CFM International, together with a 15-year maintenance contract covering 28 aircraft.
Korean Air and Boeing marked the agreements at a signing ceremony in Seoul on September 15 attended by representatives from the airline, Boeing, CFM International and GE Aerospace, as well as government and financial representatives from South Korea and the US.
Walter Cho, chairman and chief executive of Korean Air and Hanjin Group, said: “Bringing our Washington agreements to the finish line today is a proud moment for Korean Air. This is much more than a business deal. It is a testament to the trust and the unbreakable alliance between our two countries.”
Cho added: “While Boeing provides our wings, GE gives us the heartbeat of our fleet. This historic investment guarantees the reliability and efficiency our customers expect, allowing us to keep connecting people and businesses between our two economies.”
A Korean Air spokesperson said: “Finalising our Washington MOU was made possible by the trust and support of both governments, our financial institutions, and our partners.
“We will leverage this fleet modernisation to strengthen our competitive edge and continue driving economic exchange between Korea and the United States.”
Above photo caption: - Front row from left: Hiro Rodriguez, Executive Director of the DOC Advocacy Center; Stephanie Pope, Boeing Commercial Airplanes President and CEO; Kim Jung-kwan, ROK Minister of Trade, Industry and Resources; Michelle Steel, U.S. Ambassador to the Republic of Korea; Walter Cho, Korean Air Chairman and CEO; and Gaël Méheust, GE/CFM International President and CEO. - Back row from left: James Kim, AMCHAM Korea Chairman and CEO; Hwang Ki-yeon, Export-Import Bank of Korea Chairman and CEO; Andrew Gately, U.S. Embassy Minister-Counsellor for Commercial Affairs.
