South Korea will get a new government plane next year. The state is renting a Boeing 747-8 from the stricken national airline Korean Air.
Korean Air is one of the biggest fans of the new version of the jumbo jet. With an order of 17 copies, the airline is the second largest customer of the Boeing 747-8 after Lufthansa. It has added ten passenger and seven freight copies to its fleet.
However, Korean Air also had to shut down its Boeing 747-8 during the Corona crisis. And how many of them the airline will need after the restart is unclear given the likely weak demand over the years. After all, she has already found a solution for a jumbo jet. The government rents it for five years and pays 300 billion won or the equivalent of 220 million euros.
Replacement aircraft are part of the contract
The state of South Korea is already a Korean Air customer. It is renting a Boeing 747-400 from the national airline to transport the government. The current contract expired in March. Because there were no new applicants at three auctions, it was extended until October 2021, according to the Korea Herald newspaper.
Then the machine with the number 10001 is replaced. It’s good business for Korean Air. The government pays the Boeing 747-8 a leasing fee that is more than twice that currently paid for the 747-400. In addition to the aircraft, it provides pilots, mechanics, flight attendants and a suitable replacement aircraft.
Including jammer
The Boeing 747-8 will only be available to the President and Government of South Korea in November 2021. State-of-the-art communication and defense systems will be installed in the coming months, including radar signal jammers and flares to deflect missiles.
And something else will change: The Boeing 747-8 will get a new livery. The current jumbo jet also discreetly bears the national colors. The government originally tended to buy an airplane. However, due to the Corona crisis, she is now once again opting for a rental solution.
Other help from the state
Korean Air was hit hard by the Corona crisis. “If it goes on like this for a long time, we could reach the point where we cannot guarantee that the company will survive,” said company president Woo Kee-hong in March. State-owned banks have now helped the airline with 1200 billion won.
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