AMERICAN planemaker Boeing and Korean budget carrier Jeju Air announced the airline is ordering forty 737 MAX 8 aircraft with options for 10 additional jets, reports the American Journal of Transportation. The deal, valued at up to US$5.9 billion at list prices, is the largest order ever placed by a Korean low-cost carrier and reflects rising demand for air travel in South Korea. "With Korea's growing commercial aviation market, we are excited to take the next step in expanding our business with the 737 MAX," said Jeju Air CEO Seok-Joo Lee. Jeju Air, based in South Korea's Jeju Island, began operation in 2005 as the country's first low-cost carrier. Since then, the carrier has spearheaded the rapid development of Korea's budget travel market and contributed to the expansion of the broader Korean commercial aviation industry, said the report. Flying a fleet of nearly 40 Next-Generation 737-800s, Jeju Air has steadily expanded its business and profits. The airline has achieved 25 per cent annual sales growth over the past five years and recorded 17 consecutive quarters of profit. Said Boeing vice president Ihssane Mounir: "We are extremely proud that Jeju Air has become a leader in the vibrant LCC [low-cost carrier] market by flying the Boeing 737. And we are delighted that the airline has chosen to build their future fleet with this major order for the 737 MAX."