Rohit Baniwal, writer
Brief news
- South Korea has mandated an emergency inspection of all B737-800 planes following a fatal incident involving Jeju Air, resulting in a significant drop in Boeing shares.
- The investigation into the crash, which killed 179 of 181 passengers, is being led by the U.S. National Transportation Safety Board, with black boxes currently being analyzed.
- Jeju Air and other airlines operating the B737-800 are under scrutiny, with officials examining compliance with safety regulations and potential bird strike laws.
Detailed news
South Korea has ordered an inspection of all B737-800 planes, which are the kind that was involved in a fatal incident that occurred over the weekend with Jeju Air, that are operated by its domestic airlines. This has caused Boeing shares to drop by more than three percent in premarket trade on Monday.
Acting President Choi Sang-mok instructed the Ministry of Transport to carry out an emergency safety inspection of the entire airline operation system in the country. Meanwhile, officials at the Ministry of Land, Infrastructure, and Transport, also known as MOLIT, stated that they would carry out a “comprehensive special inspection of the B737-800.”
As of 8:15 am Eastern Time, shares of Boeing that are listed on the New York Stock Exchange had fallen 4.7% during premarket trading before reversing their losses and trading more than 3% lower.
The precise circumstances behind the catastrophe, which occurred on Sunday and resulted in the deaths of 179 of the 181 individuals who were on board the flight, are shrouded in mystery. At the Muan International Airport in South Korea, the plane landed without the appropriate gear being deployed, slid off the runway, and collided with a wall before exploding into flames. Two members of the crew were rescued from the debris, and they were the only ones to survive.
During a briefing that took place on Monday, MOLIT stated that the pilot of the aircraft had described a “bird strike,” which occurred just a few minutes after the control tower at the airport issued a bird activity warning. Yu Kyung-soo, director of aviation safety policy at MOLIT, was quoted as saying that the pilot also proclaimed “Mayday” and provided the control tower with a notification of a “go-around,” which is a term that refers to an unsuccessful attempt at landing. This information was obtained via an NBC News translation.
Both of the black boxes that were found within the airplane have been removed and are currently being analyzed. In the meantime, the National Transportation Safety Board of the United States is leading a group of investigators from the United States, which includes representatives from the Federal Aviation Administration and Boeing, to provide assistance to the Aviation and Railway Accident Investigation Board of South Korea in their investigation into the incident. The probe will also include the participation of the engine maker CFM International, which is a joint venture between GE Aerospace and Safran Aircraft Engines, one of the companies based in France.
Officials from MOLIT stated on Monday that they were researching the concrete wall that the airplane collided into to determine whether or not it was connected to the accident.
In addition to that, they stated that they would execute an inspection of the B737-800.
The well-known Boeing narrow-body aircraft has been in service for close to thirty years, and its creation predates the troublesome 737 Max jets, which are a later generation of the model created by the United States manufacturer.
According to a statement released by MOLIT on Monday, the B737-800 is utilized extensively by South Korean low-cost carriers, with Jeju Air being the largest operator with 39 jets. A number of other airlines, including as T’way Air, Jin Air, Eastar Jet, and Air Incheon, are also operating the model, and Korean Air, the national airline, has two of them.
The director of the Aviation Policy Office at MOLIT, Ju Jong-wan, made the following statement on Monday, according to the translation provided by NBC News: “We will examine compliance with various regulations, including operational records, inspections, and maintenance conducted before and after flights.”
It is our intention to examine the possibility of enhancing laws concerning bird strikes, which have been recognized as a possible cause of the tragedy, particularly for new airports that are now under construction.
CNBC was informed by a spokeswoman for Boeing that the company is now in communication with Jeju Air regarding flight 2216 and is prepared to provide help to them. We would like to express our most sincere sympathies to the families of those who have lost loved ones, and we continue to keep the passengers and crew in our thoughts.
Local media said that another Jeju Air aircraft of the same model returned to Gimpo Airport in South Korea shortly after takeoff on Monday due to problems with its landing gear. The aircraft had indicated that it was experiencing those problems.
Yonhap, a news website, reported that Song Kyung-hoon, the head of the management support office at Jeju Air, stated that the airline would provide help to the victims and their families during a press event that took place on Sunday. He also stated that the aircraft was covered by a one billion dollar insurance policy.
In addition, Song disagreed with the notion that the accident was caused by technical failures or a lack of proper safety procedures.
It is not related to any maintenance concerns that this event occurred. Whenever it comes to the upkeep of airplanes, there is no room for compromise under any circumstances,” Song stated.
According to data provided by FactSet, the stock of Jeju Air reached an all-time low on Monday and ended the day with a decline of 8.65%.
Source : CNBC news
