After a delay of nearly nine months, South Korean start-up airline, Air Premia has finally taken delivery of its first Boeing 787-9 Dreamliner on lease from Air Lease Corporation. The aircraft registered HL8387 is the first of ten aircraft on order and is powered by two Rolls Royce Trent 1000 engines.
According to Air Lease Corporation, two more aircraft are scheduled for delivery later this year, with the rest scheduled to be delivered to the airline by 2024. In a company statement, the Executive Chairman of the Air Lease Corporation (ALC), Steven D Udvar-Hazy, stated he was “thrilled” about the delivery of Air Premia’s first aircraft and added the aircraft would, “launch the new airline’s international network and contribute to an excellent debut in the Korea marketplace.”
Meanwhile, the CEO of Air Premia, Peter JY Sim, stated he was extremely grateful and on behalf of the company he said, “We cannot describe in words how grateful and honoured we are to receive our first Boeing 787 Dreamliner.” He also added that “Today, thanks to our great partnership with ALC, is a historic moment for the Korean Air Transportation Industry with the birth of our new hybrid service carrier: Air Premia.”
The history of Air Premia goes back as far as July 2017, when a group of investors announced it was launching a new South Korean hybrid airline, at the time called AP Air with a KRW 10.5 million bond. In May of the following year, the company adopted its current name Air Premia.
Seven months later in January 2019, the newly formed company reaffirmed its long-haul ambitions and placed an order for ten Boeing 787-9 Dreamliner’s, which would be subsequently leased through the Air Lease Corporation (ALC). Air Premia received its Air Operators Certificate (AOC) later that same year in March from the Korean Civil Aviation Association and had originally planned scheduled operations to begin by mid-2020.
Unfortunately, things did not go exactly as planned, at the time the COVID-19 pandemic was ongoing and there was a serious decrease in the demand for international air travel, instead, the airline was forced to postpone its launch date until late-2021 and has yet to set an exact date. However, the delivery of the carrier’s first aircraft will allow the company to begin preparations ahead of a highly anticipated launch date which could certainly disrupt plans for Korean Air and Asian Airlines.
As stated by the CEO, Peter JY Sim, the airline plans to operate as a “hybrid airline”, meaning it will offer near-full service at lower prices than contemporary South Korean airlines such as Asiana Airlines and Korean Air. According to the airline’s website, the carrier plans to offer an initial route network which will include destinations to Vietnam, Hong Kong in addition to cities on the west coast of the United States. Air Premia believes this is an “untapped market in South Korea and plans to offer economy class seats at 80% to 90% of the price of its competitors.”
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