Key Points:

  • T'way Air, a South Korean low-cost airline, is set to expand its fleet in 2024, adding seven aircraft to bring the total to nearly 40.

  • The airline reported a significant turnaround in its third-quarter earnings, achieving an operating profit and surpassing 2019's full-year revenue.

  • T'way Air credits its success to strategic investments and the introduction of widebody operations, contributing to route diversification and increased passenger volumes.

Fleet Expansion and Financial Turnaround for T'way Air

T'way Air, a prominent low-cost airline based in South Korea, is preparing for a substantial fleet expansion in 2024, including the addition of more widebody aircraft. The airline has announced plans to acquire seven more aircraft next year, which would increase its operational fleet to approximately 40 airplanes. This expansion underscores the airline's strong recovery and growth trajectory post-pandemic.

Recently, T'way Air reported notable improvements in its financial performance for the third quarter. The airline swung to an operating profit of W33.5 billion ($25.7 million), a significant reversal from the W32.6 billion loss recorded in the same period last year. Moreover, the airline's revenue for the first nine months of the year, amounting to W810 billion, has already exceeded the full-year revenue of 2019, prior to the pandemic.

Strategic Measures and Route Diversification Driving Growth

T'way Air attributes its recent success to strategic and bold investments made during the pandemic, along with preemptive measures to adapt to the changing travel landscape. These efforts included the introduction of widebody operations for the first time, which enabled the airline to diversify its route offerings. Key routes contributing to the airline's enhanced performance include long-distance operations such as Incheon-Sydney, Singapore, Bishkek, and Ulaanbaatar, following the induction of the Airbus A330 aircraft in 2022.

The airline also highlights its unique route differentiation and sales strategies, which have set it apart from other low-cost carriers in the region. This approach has not only improved profitability but also significantly increased passenger traffic. According to traffic data from South Korean regulators, T'way Air's passenger volumes in the first ten months of 2023 were about 25% higher than the corresponding period in 2019, before the pandemic.

Looking ahead, T'way Air is optimistic about its future growth, planning to continue its industry-leading expansion through efficient equipment operation and well-thought-out route strategies. The airline's goal to become the largest low-cost operator in the country reflects its confidence in sustaining this growth momentum. With thorough preparations and bold implementation, T'way Air is well-positioned to achieve its objectives and strengthen its market presence in the coming years.