Long-haul budget carrier Oasis Hong Kong Airlines went into liquidation today, leaving hundreds of travellers stranded.

After 18 months in operation, flights were cancelled with immediate effect. Its collapse comes amid a time of spiraling fuel costs.

Oasis launched in October 2006, flying daily from Gatwick to Hong Kong, and then added flights from Hong Kong to Vancouver.

Under its mantra: “making frequent long-haul travel accessible to all” Oasis had been offering fares to Hong Kong for as low as £65.

According to local newspaper reports Oasis accumulated losses of HK$1 billion during that time.

"It is with great regret that Oasis Hong Kong Airlines has today voluntarily applied to the Hong Kong courts to appoint a liquidator," said chief executive Stephen Miller.

Industry analysts have suggested Oasis’s business model was optimistic in what is a highly competitive sector.

Cathay Pacific has stepped in to help stranded passengers. A special one-way economy class fare of £160 is being offered to Oasis passengers who have confirmed bookings on the airline over the next two weeks on the London to Hong Kong route.

Travelmood, a longhaul operator, was working with 17 affected passengers on Wednesday to find alternative flights.

Richard Twynam, Travelmood’s sales director, said to operate on the lucrative London-Hong Kong route it is essential to have through traffic to other destinations.

“Hong Kong is essentially a stopover destination and much of the traffic is corporate and locked into premium carriers like Qantas and Cathay Pacific,” he said.



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