Korean Air

Article

August 20, 2022

Korean Air (大英航空, English: Korean Airlines CO., LTD., KAL) is the national airline of Korea and the founding airline of SkyTeam, an airline alliance, has Incheon International Airport and Gimpo International Airport as hub airports.

Company

Korean Air is a subsidiary of the Hanjin Group, a Korean transportation company specializing in transportation, and was incorporated into an affiliate with privatization in 1969. It is a listed company on the KOSPI (Korea: 003490), and the size of the company as of 2021 is about 10.46 trillion won in market capitalization. It is the largest airline in Korea and the only airline operating first class among domestic airlines. As of 2020, the airline is connecting 127 cities in 44 countries, and as a founding member of SkyTeam, one of the world's three largest airline alliances, he led the formation of the alliance with Delta Air Lines, Air France and Aeromexico. Among the airlines belonging to SkyTeam, Korean Air has a large influence, and its status is very high, especially in East Asia. In 2008, as the demand for low-cost airlines at home and abroad increased, Jin Air was established.

History

Early days

It was born in 1929 when Shin Yong-wook established the Chosun Flight School. Then, in October 1936, the Chosun Aviation School changed its name to the Chosun Aviation Corporation and started regular flights. After the liberation of Korea, the Korean Air Corporation changed its name to Korea National Airlines (Korean International Airlines until October 1948) and resumed operations on March 1, 1946 with permission from the US military government. However, it was on the verge of bankruptcy due to operational difficulties due to sharp decline in demand and the rising exchange rate, and Shin Yong-wook's suicide. However, the company was suffering from chronic financial difficulties, such as debt and accumulated losses reaching a whopping KRW 2.7 billion, and pushed for privatization. It was acquired for KRW 1.45 billion and was privatized at the same time as the current Korean Air. At that time, Korean Air had one DC-9 jet aircraft, and two old DC-3 aircraft, one DC-4 aircraft, two F-27 aircraft, and two FC-27s. had a stand In the early stages of privatization, all propellers were to be disposed of for the purpose of disposing of old aircraft and operating jet aircraft on all routes, but only four DC-3 and FC-27, which were old aircraft, were retired. was put into In addition, the YS-11 aircraft was introduced from Japan for domestic and short-haul flights and operated for domestic and short-haul international flights until 1976.

Growth period

Korean Air, which was privatized in 1969, introduced the Boeing 720 aircraft and put it into short-haul international routes, ushering in the jet era. The Boeing 707 aircraft served as Korean Air's sole jet aircraft until 1970, and the first international route was launched that same year. During this period, Korean Air also introduced three Boeing 707 cargo planes to diversify revenue generation. With the introduction of the Boeing 707 in 1971, the route was covered with a Boeing 727 aircraft and only one Boeing 707 aircraft by 1972. On March 26, 1971, Honolulu and Los Angeles were acquired through a new aviation agreement, and this route is still operated as Korean Air's main route, with flight numbers KE0**. For the effective operation of this route, Cho Jung-hoon, the then president, decided to introduce the Boeing 747, and on October 18, 1972, the Boeing 747-2B5 (B5 was introduced by Korean Air).