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South Korean LCCs - The end comes for Hansung Airlines

20-Oct-2008

Cheongju-based LCC, Hansung Airlines, South Korea’s first LCC, ceased operations on 18-Oct-08 “for now”, due to worsening economic conditions, increasing fuel costs, a weakened Korean won and difficulties in securing funding or an investor willing to acquire the carrier. Hansung has suspended its domestic services between Seoul Gimpo, Jeju Island and Cheongju-Jeju. [1532 words]

Unlock the following content in this report:

Subheadings:

  • LCCs fail to report profits in South Korean market
  • Jin Air sets sights on international expansion from Sep-08; fleet expansion to proceed in next six months
  • Expects to reported operating loss of USD6.0 million in first seven months of operations
  • Air Busan signs codeshare agreement with parent
  • Jeju Air to further expand international operations
  • Korean domestic aviation market: becoming of the most competitive in the world
  • Planned South Korean LCCs

Graphs and data:

  • South Korea domestic capacity breakdown by carrier (seats per week as % of total): Week commencing 20-Oct-08
  • South Korean carriers fleet size and orders
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