Following Sunday’s disaster claiming 179 lives, South Korea declared its intentions to examine every Boeing 737-800 aircraft flown by local airlines. It marked the greatest aviation disaster the nation has experienced in decades. Consequently, Monday’s premarket trade for Boeing (NYSE:BA) shares dropped 5%. Jeju Air operated a Boeing 737-800 that crashed. According to preliminary accounts, the jet turned off its first landing attempt for reasons unknown. The pilot sent a distress signal following a bird strike warning during a second try. Overshot the runway, landed without the front landing gear deployed, ran across a concrete fence, and burst into flames. The incident has spurred a closer examination of South Korea’s aviation safety policies.
Monday, Acting President Choi Sang-mok assembled a task team to guide officials in reviewing the aircraft operation systems of the country and improving safety measures. “Our first focus should be preventing like events and strengthening a safer Republic of South Korea,” Choi added. The crash also revealed difficulties in government crisis management within political unrest following the impeachment of Prime Minister Han Duck-soo and President Yoon Suk Yeol. The exact cause of the occurrence is under investigation.
This article first appeared on GuruFocus.
