Jeju Air orders up to 50 737 MAX airplanes from Boeing

Boeing [NYSE: BA] and South Korean airline Jeju Air have announced the airline has placed a firm order for 40 737 MAX 8 airplanes with options for 10 additional jets, the companies said.

The deal, valued at up to USD 5.9 billion at list prices, is the largest order ever placed by a Korean low cost carrier and reflects rising demand for air travel in South Korea.

Jeju Air, based in South Korea´s Jeju Island, began operation in 2005 as the country´s first low-cost carrier. Since that time, the carrier has spearheaded the rapid development of Korea´s LCC market and contributed to the expansion of the broader Korean commercial aviation industry.

Along with the new airplanes, Boeing Global Services will provide Jeju Air with digital tools to reduce their operating costs. The solutions include the Fuel Dashboard Program, which allows operators to look across their fleet and identify areas where they can optimize their fuel spending.

Jeju Air serves 60 domestic and international routes with approximately 200 daily flights. The carrier is a founding member of the Value Alliance, the first pan-regional low-cost carrier alliance formed with eight airlines based in Asia.

The 737 MAX is the fastest-selling airplane in Boeing history, accumulating about 4,800 orders from more than 100 customers worldwide.