Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Singapore Airlines aims for bigger market share with new A350
Singapore Airlines' new Airbus A350-900 jet. The carrier will start providing daily flights between Incheon and Singapore with the state-of-the-art aircraft from March 1. / Courtesy of Singapore Airlines
By Kim Hyun-bin
By Kim Hyun-bin
The air travel market between Korea and Singapore will become more competitive as the Korean government granted flight rights to two local budget carriers, Jeju Air and Eastar Jet, Monday, which will start providing flights from Busan to Singapore in the near future.
So far, Singapore Airlines, Korean Air and Asiana Airlines provide daily flights between Singapore and Incheon.
The recent increase in competition in the region comes as no concern for Singapore Airlines, which says its products and services are differentiated from the local budget airlines. It is also scheduled to launch flight services four times a week between Busan and the Southeast Asian city state starting May 2.
“There will be a different brand and product differentiation. Our brand reputation and products are different from low-cost carriers,” Seah Chee Chian, Singapore Airlines' general manager for Korea, told The Korea Times, Tuesday. “I think we will be able to have our own market share and grow it, and hopefully we can increase the four-times-a-week flights to daily in the future.”
Singapore Airlines enjoys a profitable market share in Korea, with an average seat occupancy reaching nearly 90 percent. But Seah believes the company's profitability will rise even further when it launches flights from Busan.
To stand out in the competition, starting March 1, the airline will introduce a new medium-haul A350-900 aircraft once a day between Incheon and Singapore. The new fuel-efficient aircraft can accommodate 263 economy-class passengers and 40 business-class seats.
“We are bringing in more planes like the A350 and we plan to bring in more new planes this year to increase seats and save fuel costs. The A350 itself saves fuel in the double digits,” Seah said at a press conference in Seoul.
The A350s are known to reduce fuel burn and emissions by 25 percent as well as having significantly lower maintenance costs compared to other planes of a similar size.