GE Capital Aviation Services Ltd. reports it has a new purchase-and-leaseback arrangement with Korean Air Lines Co. Ltd. concerning five Boeing 777F freighters, with delivery to begin this year. Boeing Commercial Airplanes first announced the Korean Air order last year, reporting then it would be worth $1.5 billion to the jet builder at current prices.
GECAS noted the new aircraft would be fitted with GE Aviation GE90 engines.
The 777F is a cargo-aircraft version of the 777, a long-range twin-engine jet capable of covering 4,900 nautical miles (9,070 km) with a full payload. According to Boeing, the 777F’s range offers significant savings for cargo operators, with fewer stops (and thus, landing fees), less downtime at transfer hubs, lower cargo handling costs, and shorter cargo delivery times.
The GE90 is a high-bypass turbofan aircraft engines developed specifically for the Boeing 777. It’s often described as the world's largest and the most powerful jet engine.
Korean Air currently operates 86 Boeing passenger jets and has orders for 12 777-300ERs, 10 747-8 Intercontinentals, 10 787-9 Dreamliners, two 747-8 Freighters, and six 777 Freighters.
Korean Air Cargo currently operates a fleet of 30 aircraft.
The GECAS’ Cargo Aircraft Group leases nearly 100 freighters to airline customers worldwide, including Boeing 737, 767, 747 and 777 freighter models. Currently, GECAS is converting 20 737-800NG passenger aircraft to freighters.