Korean Air
- Country: South Korea
- Website: koreanair.com
- Callsign: Koreanair
- Codes: KE KAL
Korean Air Outlook 2024
Korean Air, South Korea’s largest airline, is poised for significant growth and transformation in 2024. The airline is on track to complete its acquisition of Asiana Airlines, which will create a combined entity that will be the 10th largest airline globally by fleet size. Despite the merger taking longer than expected, Korean Air CEO Walter Cho is confident it will be finalized in 2024, optimizing the airline’s network and offering customers more choices.
In the first quarter of 2024, Korean Air reported a 20% increase in revenue year-on-year, driven by strong passenger traffic recovery and robust cargo demand. The airline’s network capacity has almost recovered to pre-pandemic 2019 levels, except to China. To bolster its fleet, Korean Air finalized an order for 33 Airbus A350 aircraft in April 2024, choosing the A350 over Boeing’s offerings. The airline is also considering ordering up to 30 Boeing jets as early as July 2024.
For the summer 2024 season, Korean Air is expanding its international services, resuming routes to China, Europe, and Southeast Asia, and increasing flight frequencies on major routes. The expansion will bring the airline’s international capacity to approximately 96% of pre-pandemic levels.
As part of the merger with Asiana, Korean Air is selling Asiana’s cargo business to comply with regulatory requirements. In June 2024, Air Incheon was selected as the preferred bidder for the acquisition. This move is expected to help Korean Air overcome a major hurdle in the long-delayed acquisition of Asiana.
Looking ahead, Korean Air will prioritize route profitability amidst intensifying global competition. The airline will focus on its fundamentals, emphasizing safety, customer service, and innovation. With its resilience, strength, and expertise, Korean Air is well-positioned to navigate the challenges ahead and seize opportunities in the global aviation industry.
