MIAMI – South Korean startup, low-cost carrier Air Premia (YP), will receive its first aircraft today, a Boeing 787 Dreamliner. The aircraft, registration number HL8387, is en route now from Seattle to Seoul (ICN). This is the first of three Dreamliners for the airline. Delivery of the remaining two is expected in May and December.
Simpleflying.com reports that delivery of the jets was originally scheduled for 2020 and that YP had hoped for the first flights in September. But the global pandemic pushed back the date.
About Air Premia
Established in July 2017, YP operated under the name AP Air. The company changed its name to Air Premia less than a year later.
Original capitalization was KRW1.5bn (US$1.35m). Throughout 2018 and 2019, the company was able to raise an additional US$150m+ through multiple rounds of financing.
According to simpleflying, the airline earned its Air Carrier License in March 2019. It then announced a long-term operating lease agreement with Air Lease Corporation for three new Boeing 787-9 Dreamliners powered by Rolls-Royce Trent 1000 engines.
Comments from Air Lease Corporation
Steven F. Udvar-Házy, (yes, that Steven F. Udvar-Házy) executive chairman of Air Lease Corporation, said, “We are honored and excited to provide Air Premia the first of three new Boeing 787-9 Dreamliners on long-term lease from ALC…”
“These new aircraft offer advanced dimensions in comfort, service, and affordability in the Korea marketplace, and will serve Air Premia’s route network efficiently with the latest technology long-range aircraft. ALC is proud of our business association with Air Premia and are happy to contribute to the new airline’s success.”
As of today, no booking information is available on the YP English web page. The airline, which will provide long- and medium-haul flights via the Dreamliner, positions itself as providing high-quality value at a low price. Premium economy seats will feature a 42-inch pitch while standard economy will provide a 35-inch pitch.
The airline’s website describes a three-point value proposition: 1) The latest aircraft 2) A single, fleet-wide seat configuration, and 3) competent management. The site also suggests that it will avert competition by strategically selecting medium- and long-haul routes on which competitors do not fly, or have insufficient capacity.
Featured Image: Nick Sheeder/Airways