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GE to Buy, Leaseback Five 777s for Korean Air

GE Capital Aviation Services Ltd. (General Electric Co IW500/6) reports it has a new purchase-and-leaseback arrangement with Korean Air Lines Co. Ltd. concerning five Boeing (IW500/9) 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.

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