Jeju Air

Jeju Air Co., Ltd. is the first and the largest South Korean low-cost airline.[1][2] Named after Jeju Island, the airline is headquartered in Jeju City with its largest base at Jeju International Airport. It was a founding member of the Value Alliance.

Aekyung Group is Jeju Air's largest shareholder, and Jeju Air is the largest shareholder in AK Holdings, the holding company of Aekyung Group.[3] In 2024, it was reported that AK Holdings has injected over 600 billion won to Jeju Air in the previous four years.[3] Jeju Air is the most profitable among AK Group's five subsidiaries.[4]

Jeju Air is the first Korean LCC to be publicly listed on the Korea Exchange.[4]

History

The airline was established as a joint venture by Aekyung Group and the government of Jeju Province on 25 January 2005. It was established under a different Korean name (a transliteration of "Jeju Air"). It received a business license on 25 August 2005, which made it the third major airline in the country after Korean Air and Asiana Airlines. On 20 September 2005, it changed its Korean name to its current form. It acquired its first aircraft on 2 May 2006, and had its first commercial flight on the Jeju-Gimpo route, on 5 June 2006. By the end of 2006, it had five aircraft.[5] In addition to air service, the group is also the owner of a Holiday Inn Express in Seoul.[6]

In 2016, it helped found Value Alliance, the world's first pan-regional low-cost carrier (LCC) alliance, comprising eight Asia Pacific LCCs.[7] In 2017, Jeju Air carried over 6 million passengers, with revenue reported of $890mm US operating profits over $80mm US. In 2018, Jeju Air carried 7.3 million international passengers along with 4.7 million domestic passengers. Its domestic traffic has been relatively flat since 2016 as it has focused almost entirely on international expansion.[8]

After an initial public offering in 2015, Jeju Air finances were stable until the coronavirus outbreak in early 2020.[9] In November 2020, there were approximately 3,100 employees at the airline.[10] In August 2021, Jeju Air sold stock, raising $180 million for financing operations;[11] this was one of three occasions between 2020 and 2024 where it raised capital; the total was almost $500 million.[9]

In 2024, in the National Customer Satisfaction Index (NCSI) organized by the Korea Productivity Headquarters, Jeju Air was ranked No. 1 in the LCC category for the third consecutive year.[12]

Destinations

Jeju Air offers scheduled domestic services, as well as international destinations including China, Japan, Oceania, and Southeast Asia.[13][14]

Fleet

Accidents and incidents

• On 12 August 2007, Jeju Air Flight 502, a De Havilland Canada Dash 8-400 (registered as HL5256), performed a runway overshoot at Gimhae International Airport. All 74 passengers and five crew members survived, but four passengers were injured. The aircraft was substantially damaged and written off.[66][67]
• In March 2022, the Ministry of Land, Infrastructure and Transport of Korea halted two flights of Jeju Air for 20 and 7 days, respectively, because they failed to follow the safety protocol.[68][69][67]
• On 29 December 2024, Jeju Air Flight 2216, a Boeing 737-8AS (registered as HL8088) returning from Suvarnabhumi Airport in Bangkok, Thailand, experienced a runway excursion at 9:07AM KST (UTC +9) and crashed into an airport perimeter fence at Muan International Airport in Muan County, South Korea.[70] The aircraft skidded down the runway on its belly before striking a reinforced concrete wall and exploding. Four crew members and all 175 passengers were killed, while two crew members survived and were taken to the hospital in Seoul.[71] It has been assumed that the accident was due to a bird strike that caused a failure in the deployment of the landing gear, but the exact cause is still under investigation.[72] This was the deadliest accident on South Korean soil, and the deadliest involving a Korean-registered aircraft since 1997. Jeju Air's CEO pledged to repair trust and strengthen safety measures in a press conference following the incident.[73]

External links

• Jeju Air Cargo