GECAS signs purchase-and-leaseback deal with Korean Air for five B777Fs

02 / 09 / 2016

GE Capital Aviation Services (GECAS) has signed a purchase-and-leaseback transaction with Korean Air Lines for five new Boeing 777 freighters as part of the Asian carrier’s fleet renewal programme.

The commercial aircraft leasing arm of GE said that deliveries of the GE90-powered aircraft freighters are scheduled in late 2016 and 2017.

Korean Air Cargo currently operates a fleet of some 30 freighter aircraft which, together the South Korean’s passenger division, serves 125 destinations in 40 countries.

Korean Air Cargo announced a decision to buy five B777Fs worth $1.5bn early in 2015. The B777F is a long-range twin-engine freighter, capable of flying 4,900 nautical miles with a full payload at general cargo market densities. 

Formed in 2000, GECAS' Cargo Aircraft Group currently leases nearly 100 freighters to airline customers worldwide. Its fleet includes the Boeing 737, 767, 747 and 777 freighter models. 

As announced in 2015, GECAS is currently conducting a programme of converting up to 20 B737-800NG passenger aircraft to freighters.