Korean Air finalizes US$44.8 billion deal for 103 Boeing aircraft, GE engines
Korean Air has finalized a KRW 60 trillion (US$44.8 billion) agreement to acquire next-generation aircraft and engines, completing a procurement plan first announced in Washington D.C. in August 2025.
The deal was formalized at a signing ceremony held on September 15, 2026, at the Conrad Seoul hotel, attended by senior executives from Korean Air, Boeing, GE Aerospace, and CFM International, as well as key government and financial representatives from both South Korea and the United States.
The signing ceremony drew a notable list of attendees beyond the aviation executives. US Ambassador to South Korea Michelle Steel, AMCHAM Korea Chairman and CEO James Kim, South Korean Minister of Trade, Industry and Resources Jungkwan Kim, and Ki-yeon Hwang, President of the Export-Import Bank of Korea, were all present, reflecting the strategic and diplomatic dimensions of the agreement.
103 Boeing jets, 21 spare engines, and a 15-year maintenance deal
The agreement covers KRW 54.2 trillion (US$36.2 billion) for 103 Boeing aircraft and approximately KRW 12.9 trillion (US$8.6 billion) in engine agreements with GE Aerospace and CFM International, covering 21 spare engines and a 15-year engine maintenance contract for 28 aircraft.
The aircraft order comprises 20 Boeing 777-9s, 25 Boeing 787-10s, 50 Boeing 737-10s, and eight Boeing 777-8F freighters, covering both widebody and narrowbody segments as well as cargo capacity.
A deal with implications beyond the balance sheet
Walter Cho, Chairman and CEO of Korean Air and Hanjin Group, said finalizing the agreements was a proud moment for the airline.
“This is much more than a business deal. It is a testament to the trust and the unbreakable alliance between our two countries,” Cho said.
He added that the investment secures both the reliability of the fleet and the long-term relationship between Korean Air and its engine partners. “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,” Cho said.
Supporting post-merger growth and sustainability goals
The procurement is designed to support Korean Air’s capacity needs following the integration of Asiana Airlines, providing a predictable long-term fleet introduction schedule. The transition to next-generation aircraft is also expected to improve overall fuel efficiency and support the airline’s carbon reduction targets.
A spokesperson for Korean Air said the finalization of the agreement was made possible by the support of both governments, financial institutions, and industry partners, and that the airline intends to leverage the fleet modernization to strengthen its competitive position and drive economic exchange between South Korea and the United States.
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