Eastar Jet
Eastar Jet is a South Korean low-cost carrier based in Seoul.
Last updated August 22, 2026
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Overview
Eastar Jet is a South Korean low-cost airline headquartered in Gangseo-gu, Seoul. The carrier was established on October 26, 2007, and obtained its air operator's certificate on August 6, 2008. It began commercial service on January 7, 2009, operating a Boeing 737 flight between Seoul and Jeju. The airline subsequently added the Cheongju–Jeju route in June 2009 and began international operations in December 2009 with a service from Incheon to Kuching, Malaysia. It reached one million passengers carried in January 2010, less than two years after launching scheduled operations. Eastar Jet developed around the low-cost-carrier model, focusing on relatively simple short- and medium-haul operations using Boeing 737 aircraft. Its domestic network has centered on major South Korean city pairs, especially routes linking Seoul and other regional airports with Jeju. Internationally, the airline has served destinations in nearby Asian markets, including Southeast Asia, although its route network has changed over time with market conditions and fleet availability. The company joined the U-FLY Alliance in July 2016 as its fifth member. The alliance connected several Asian low-cost airlines and represented an effort to broaden cooperation and network visibility without converting Eastar Jet into a full-service carrier. Eastar Jet entered a major period of financial and operational stress during the COVID-19 pandemic. In March 2020, Jeju Air agreed to pursue management control and signed a stock purchase agreement for a 51.17 percent stake, subject to the relevant approvals. Jeju Air later abandoned the proposed acquisition in July 2020, citing the economic uncertainty created by the pandemic. Eastar Jet then pursued restructuring and potential new investment. Plans reported at the time included reducing the fleet from 16 aircraft to four and cutting staffing from approximately 1,200 employees to about 400. After an auction process, property developer Sung Jung emerged as the preferred bidder in 2021, with the proposed transaction reported at more than US$97 million. The airline eventually changed ownership again when Sung Jung sold its entire stake to private-equity firm VIG Partners in January 2023. With investment support from VIG Partners, Eastar Jet restarted flight operations in 2023 using three aircraft. The fleet expanded to ten aircraft by the end of that year. In 2024, Eastar Jet continued rebuilding its network and fleet. Its fleet reached 15 aircraft after the addition of four Boeing 737-800s and one Boeing 737 MAX 8. The airline also agreed to acquire 12 additional Boeing 737 MAX 8 aircraft, with planned deliveries of seven aircraft in 2025 and five in 2026. If completed, that program would support a fleet of 27 aircraft by 2026. Ministry of Land, Infrastructure and Transport AirPortal data cited in the reference material recorded approximately 2.2 million domestic passengers and 1.48 million international passengers between January and October 2024, indicating a substantial but incomplete recovery compared with 2019 traffic levels. Eastar Jet's current strategic identity is therefore that of a recovering South Korean low-cost carrier: it combines a domestic Jeju-oriented base with short-haul international flying, while using fleet renewal and capacity expansion to rebuild after pandemic-era disruption. Its long-term network, ownership structure, and fleet plans remain subject to execution and market conditions.
History
Eastar Jet was established in South Korea on October 26, 2007. It obtained its air operator's certificate on August 6, 2008, enabling it to begin scheduled commercial service. The airline launched its first flight on January 7, 2009, linking Seoul and Jeju with a Boeing 737. Its second route, between Cheongju and Jeju, began on June 12 of the same year. Eastar Jet entered international service on December 24, 2009, when it launched an Incheon–Kuching route to Malaysia. Passenger growth was rapid in the early period, and the carrier recorded its one-millionth passenger on January 6, 2010. The airline's operating model was based on low-cost air travel using Boeing 737 aircraft. Domestic services focused heavily on connections to Jeju, while international operations served nearby Asian destinations. Eastar Jet joined the U-FLY Alliance on July 27, 2016, becoming the alliance's fifth member and participating in a regional low-cost-carrier cooperation platform. The airline's development was disrupted by the COVID-19 pandemic. On March 2, 2020, Jeju Air agreed to seek management control of Eastar Jet and signed a stock purchase agreement for a 51.17 percent interest valued at 54.5 billion won. Although the proposed transaction received approval from the Republic of Korea's Fair Trade Commission, Jeju Air announced on July 23, 2020, that it would abandon the acquisition because of the severe economic uncertainty caused by the pandemic. Eastar Jet then entered a restructuring and investment-search phase. Reported restructuring measures included reducing the fleet from 16 aircraft to four and reducing the workforce from approximately 1,200 people to about 400. In 2021, property developer Sung Jung was announced as the preferred bidder after an auction for the airline, with the proposed purchase reported at more than US$97 million. Sung Jung later sold its entire stake to VIG Partners in January 2023. Supported by investment from VIG Partners, Eastar Jet resumed operations in 2023 with three aircraft. It increased the fleet to ten aircraft by the end of that year. During 2024, the airline expanded to 15 aircraft through the addition of four Boeing 737-800s and one Boeing 737 MAX 8. It also pursued the acquisition of 12 additional Boeing 737 MAX 8 aircraft, with planned deliveries split between 2025 and 2026. The planned fleet target associated with that program was 27 aircraft by 2026. Traffic data cited from AirPortal, the aviation information system of South Korea's Ministry of Land, Infrastructure and Transport, showed that Eastar Jet carried about 2.2 million domestic passengers and 1.48 million international passengers between January and October 2024. These figures represented a recovery from the pandemic period but remained below the airline's corresponding 2019 passenger totals. Eastar Jet's post-pandemic strategy has centered on restoring scheduled flying, rebuilding its fleet, and expanding capacity while retaining its low-cost-carrier identity.
- 2024
Fleet reaches 15 aircraft
[1]The fleet expanded to 15 aircraft, including Boeing 737-800s and a Boeing 737 MAX 8.
- 2023
Operations resume after restructuring
[1]Eastar Jet resumed operations with three aircraft after receiving investment support from VIG Partners.
- 2016
Joins U-FLY Alliance
[1]Eastar Jet joined the U-FLY Alliance on July 27, 2016, as its fifth member.
- 2010
One million passengers carried
[1]The airline reached one million passengers carried on January 6, 2010.
- 2009
Commercial operations begin
[1]The airline launched its first commercial service between Seoul and Jeju on January 7, 2009.
- 2009
International operations begin
[1]Eastar Jet launched its first international route, from Incheon to Kuching, on December 24, 2009.
- 2008
Air operator's certificate obtained
[1]Eastar Jet obtained its air operator's certificate on August 6, 2008.
- 2007
Eastar Jet established
[1]The airline was established on October 26, 2007, in South Korea.
Products and positioning
A value-oriented South Korean low-cost carrier focused on domestic Jeju connectivity and short-haul international routes across nearby Asian markets.
Air transportation · 2009
Domestic passenger services
Eastar Jet's domestic business connects South Korean cities, with Seoul–Jeju and Cheongju–Jeju among the historically documented routes. These services form the carrier's core low-cost offering and use narrow-body Boeing aircraft suited to short domestic sectors.
Air transportation · 2009
International passenger services
The airline operates or has operated short-haul international services from South Korea to destinations in East Asia and Southeast Asia. Its first documented international route connected Incheon with Kuching, Malaysia, in December 2009. International routes may change according to demand, aircraft availability, and regulatory conditions.
Aircraft-based travel product · 2009
Boeing 737 fleet service
Eastar Jet's low-cost passenger product is built around an all-Boeing 737 fleet, including Boeing 737-800 aircraft and Boeing 737 MAX 8 aircraft. The carrier has pursued additional 737 MAX 8 aircraft as part of its post-pandemic fleet renewal and capacity expansion.
Brand decisions
2024
Expand and modernize the Boeing 737 fleetGeneration changeBackground
Following the resumption of operations, Eastar Jet sought to restore capacity and improve the scale of its operating fleet.
Action taken
The airline expanded to 15 aircraft and agreed to acquire 12 additional Boeing 737 MAX 8 aircraft, with planned deliveries in 2025 and 2026.
Aftermath
The planned additions were expected to support a fleet of 27 aircraft by 2026, subject to delivery and operational execution.
2023
Ownership transferred to VIG PartnersM&ABackground
Eastar Jet underwent an ownership transition after Sung Jung became the preferred bidder during a post-pandemic auction process.
Action taken
Sung Jung sold its entire stake in Eastar Jet to private-equity firm VIG Partners in January 2023.
Aftermath
With VIG Partners' investment support, Eastar Jet resumed operations and began rebuilding its fleet.
2020
Pursue a majority-stake sale to Jeju AirM&ABackground
Eastar Jet faced severe commercial pressure during the early COVID-19 pandemic and sought a strategic transaction with another South Korean low-cost carrier.
Action taken
Jeju Air signed an agreement to acquire a 51.17 percent stake for 54.5 billion won. The proposed transaction received approval from South Korea's Fair Trade Commission.
Aftermath
Jeju Air withdrew from the transaction in July 2020, citing pandemic-related economic uncertainty.
Proposed purchase price for 51.17 percent stake. 54.5 billion won proposed transaction value (2020)
- Jeju Air — Jeju Air later abandoned the proposed acquisition because of economic uncertainty associated with COVID-19.
2020
Restructure fleet and workforceStrategyBackground
After the proposed Jeju Air transaction failed, Eastar Jet sought to stabilize its operations and attract new investment.
Action taken
The reported restructuring plan reduced the intended fleet from 16 aircraft to four and the workforce from approximately 1,200 employees to about 400.
Aftermath
The airline continued pursuing new buyers and later resumed operations under new investment support.
Sources1 sources
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