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Korean Air orders 25 Boeing jets Korea deal boosts Boeing shares
(about 16 hours later)
Korean Air, South Korea's largest airline, is to spend $5.5bn on 25 Boeing planes - the biggest deal in the country's aviation history. Shares in aerospace giant Boeing have surged to record highs on news of a $5.5bn (£2.3bn) order from Korean Air.
The 15 passenger aircraft and 10 freight planes will be delivered between 2009 and 2019. The South Korean group has ordered 25 planes from the firm - 15 passenger aircraft and 10 freight - the biggest deal in the country's aviation history.
The airline said that it now planned to be "one of the world's top 10 passenger carriers by 2010". The planes will be delivered between 2009 and 2019. The order also includes an option for eight more aircraft.
Boeing shares hit all time highs of $90.15 on the US market after the news and later closed 85 cents up at $89.98.
Korean Air said that it now planned to be "one of the world's top 10 passenger carriers by 2010".
Last year it ordered 10 of Boeing's still-in-development Dreamliner jets as well as five Airbus A380 super-jumbos.Last year it ordered 10 of Boeing's still-in-development Dreamliner jets as well as five Airbus A380 super-jumbos.
This latest order is for 10 777-300's, five 737's plus the 10 freight planes made up of 747-8F's and 777-200's.This latest order is for 10 777-300's, five 737's plus the 10 freight planes made up of 747-8F's and 777-200's.
It also has an option to buy eight extra planes.
Korean Air currently has 118 aircraft flying between 33 countries and says China's economic boom will help it produce annual growth of 5%-6% over the next 20 years.Korean Air currently has 118 aircraft flying between 33 countries and says China's economic boom will help it produce annual growth of 5%-6% over the next 20 years.
The deal means that Boeing has now extended its lead over European rival Airbus.
The Chicago based firm's total net orders for the year now stand at 847 while by the end of last month Airbus had 508 orders on its books.