UPDATE: Korean Air Revises Dreamliner Contract; Delivery To Start In 2016
March 18 2011 - 1:59AM
Dow Jones News
Korean Air Lines Co. (003490.SE) said Friday it has revised its
order for Boeing Co's (BA) 787 Dreamliner aircraft and that it
would start receiving the new planes from 2016.
Korean Air revised the contract so that it would receive 10
B787-9s as opposed to 10 B787-8s as originally agreed upon in 2005,
the company said in a regulatory filing. The airline was supposed
to start receiving the Dreamliners this year.
The B787-9s are slightly bigger than the B787-8 models, which
means it can seat more passengers and take on more cargo.
The disclosure comes after Boeing said last week that the Korean
airline may not be able to get its first Dreamliner this year. The
firm said at the time that no decision has been made about the
delivery schedule for Korean Air.
The contract revision reflects Boeing's struggles with the
Drealmliner program, which has been plagued with various problems
and is now running more than three years late. The American firm
has orders for 843 Dreamliner aircraft from 56 customers, and they
aim to deliver the first Dreamliner in the third quarter to All
Nippon Airways Co. (9202.TO).
Boeing also said Thursday that there is potential for future
parts shortages for the Dreamliner because of the devastating
earthquake in Japan last week. Substantial amount of parts for the
aircraft come from Japanese suppliers.
Separately, Korean Air said it has placed a $640 million order
to acquire two B747-8F aircraft that will be used to ship cargo. It
expects to get the planes by August at the latest.
-By Se Young Lee, Dow Jones Newswires; +82 2 3700 1904;
vincent.lee@dowjones.com
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