Korean Airlines said Monday evening it has ordered eight all-new 777-8 freighter aircraft from Boeing to support long-term growth and fleet modernization.
With the deal, Boeing (NYSE: BA) closed the gap with Airbus in the market for the next-generation widebody freighter.
The cargo aircraft are part of a $50 billion deal that includes 95 passenger jets, GE engines and maintenance service. Korean Air said the planes will be delivered by 2030. Korean Air and Boeing held a signing ceremony in Washington, D.C., where South Korean President Lee Jae Myung met President Donald Trump to discuss trade and security issues. Trump said he would maintain the 15% tariffs imposed on Korea in July.
Korean Air is the sixth largest cargo airline in the world by traffic. It operates seven Boeing 747-8 and 12 777 freighters, plus four 747-400 freighters that joined the fleet with the acquisition in December of Asiana Airlines. The airline also manages cargo shipments carried by the passenger fleet.
Boeing has received 63 orders for the 777-8 freighter, including four from China Airlines in May. Qatar Airways is the launch customer for the new platform.
The 777-8 can carry nearly as much cargo as a 747-400 but has 30% improved fuel efficiency, 25% better operating costs per ton and up to a 60% smaller area for noise impact on the ground, according to Boeing. The company plans to deliver the first aircraft in 2028 after several years of development delays.
Airbus is challenging Boeing’s dominance in the freighter market with development of its own widebody freighter based on the A350 passenger jet. It has 66 reservations for production slots after Air Lease this summer pulled back an order for seven A350 freighters.
Korean Air’s Aerospace Division produces parts for Boeing, including the 777 family of airplanes.
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