The recent accident in South Korea marks the ninth incident involving Boeing aircraft this year, highlighting several safety concerns and mishaps that have plagued the company.
This tragic event involved a Boeing 737-800 at Muan International Airport, which skidded off the runway, crashed into a concrete wall, and went up in flames, leading to the loss of 179 lives. Initial reports suggest a possible bird strike, although experts debate its role in crippling the plane’s landing gear.
The year has been tumultuous for Boeing, with incidents ranging from in-flight fires and unexpected drops to mechanical failures. Notable mishaps include a Boeing 737 catching fire after skidding off the runway in Senegal and a 737 engine fire over Texas.
More importantly, there is the mysterious death of John Barnett, a former Boeing employee and whistleblower, which has also fueled scrutiny on the company. Barnett had exposed safety flaws in Boeing’s 787 Dreamliner production and was involved in a legal battle against Boeing before his death, which was reportedly a self-inflicted gunshot wound.
Other incidents include a cargo flight crash in Lithuania, where a Boeing 737-400 veered off course and collided with a house. Various failures, such as the accidental loss of a door plug at 16,000 feet over Oregon, have led to lawsuits and financial repercussions for airlines. Boeing compensated Alaska Airlines $16 million for revenue losses after grounding their 737 Max 9 fleet post-incident.
Despite continued assurances from CEO Dave Calhoun and heightened scrutiny on Boeing’s quality control processes, these incidents have considerably shaken confidence in Boeing’s small plane fleet.
The company faces immense pressure to rectify safety oversights and reassure airlines and passengers worldwide regarding its aircraft’s reliability and safety. Boeing’s commitment to stringent safety measures and quality checks is crucial in restoring trust and ensuring that such accidents do not reoccur.
Meanwhile, investigations into these incidents continue, with families and the aviation industry anxiously awaiting transparent findings and necessary changes from the aerospace giant.
All the misfortunate events this year have led the share price of Boeing Co to drop 28% from January. At one point in mid November, the price fell nearly 50% YTD. Meanwhile, Airbus is benefiting from the downfall of its rival, notching a 10% gain this year.
