The wreckage of Jeju Air Co. Flight 2216 at Muan International Airport in Muan County, South Korea, on Monday, December 30, 2024.
SeongJoon Cho | Bloomberg | Getty Images
Boeing Shares fell more than 3% in late morning trading Monday after South Korea ordered an inspection of all 737-800 planes — the model involved in a deadly Jeju Air crash this weekend — operated by its domestic airlines were exploited.
Acting President Choi Sang-mok has ordered the Ministry of Transport to conduct an emergency safety inspection of the country's entire aviation system, while officials from the Ministry of Land, Infrastructure and Transport, or MOLIT, said they would conduct a “comprehensive special inspection '. of the B737-800.”
There is uncertainty about the exact circumstances of the crash, which killed 179 of the 181 people on board the flight on Sunday. The plane landed at Muan International Airport in South Korea without proper equipment, skidded off the runway and hit a wall, causing it to burst into flames. The survivors were two crew members who were pulled from the wreckage.
In a briefing on Monday, MOLIT said the plane's pilot reported a “bird strike” a few minutes after the airport's control tower issued a bird activity warning. The pilot also informed the control tower of a “go-around,” referring to an aborted landing attempt, and called out “Mayday,” said Yu Kyung-soo, director of aviation safety policy at MOLIT, according to a translation from NBC News.
Two black boxes were recovered from the aircraft and sent for analysis. The U.S. National Transportation Safety Board, meanwhile, is leading a team of U.S. investigators, including the Federal Aviation Administration and Boeing, to assist South Korea's Aviation and Railway Accident Investigation Board in an investigation into the crash. Engine manufacturer CFM International, a joint venture between GE Aerospace and France's Safran Aircraft Engines, will also be involved in the study.
A Jeju Air Boeing 737-800 on the runway at Tokyo Narita Airport in 2017.
Sopa images | Light rocket | Getty Images
MOLIT officials said Monday they were investigating the concrete wall that hit the plane for its connection to the accident.
They also said they would conduct an inspection of the B737-800.
The popular Boeing narrow-body aircraft has been in service for almost three decades, with development predating the US manufacturer's troubled 737 Max jets, a later version of the model.
The B737-800 is widely used by South Korean low-cost carriers, MOLIT said on Monday, with Jeju Air the largest airline with 39 aircraft. Other operators include T'way Air, Jin Air, Eastar Jet and Air Incheon, while national carrier Korean Air has two of this model.
“We will examine compliance with various regulations, including operational data, inspections and maintenance carried out before and after flights,” Ju Jong-wan, director of the Aviation Policy Office at MOLIT, said Monday, according to the NBC News translation.
“We plan to review stricter regulations regarding bird strikes, which have been identified as a possible cause of the accident, especially for new airports under construction.”
A Boeing spokesperson told CNBC: “We are in contact with Jeju Air regarding Flight 2216 and stand ready to support them. We extend our deepest condolences to the families who have lost loved ones, and our thoughts remain with the passengers and the crew.”
The wreckage of the Jeju Air plane that went off the runway and crashed lies at Muan International Airport in Muan, South Korea on December 30, 2024.
Kim Hong-ji | Reuters
Local media reported that another Jeju Air plane of the same model returned to South Korea's Gimpo airport shortly after takeoff on Monday after reported landing gear problems.
“The model and type of aircraft has a very strong safety record and more than 200 airlines around the world have chosen to fly the Boeing 737-800 in the past year,” said Paul Charles, CEO and travel analyst at The PC Agency, by email. .
“Investigators will have to sift through all maintenance records related to the 737-800s at Jeju Air to see if they can provide further clues as to why the aircraft's landing gear failed to come down.”
At a press conference Sunday, Song Kyung-hoon, head of Jeju Air's management support office, said the airline would support the victims and their families and that the plane was covered by $1 billion in insurance, according to news site Yonhap.
Song also denied that mechanical faults or inadequate safety preparations played a role in the crash.
“This crash is not about maintenance issues. There can be absolutely no compromises when it comes to aircraft maintenance,” Song said.
Jeju Air shares hit an all-time low on Monday, closing 8.65% lower, according to data from FactSet.
— CNBC's Yeo Boon Ping and Leslie Josephs contributed to this story.