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April 11 Farewell O8!!!Oasis Hong Kong Airlines (IATA-Code: O8) shut down all its flights on April 10, 2008 following liquidation on April 09, 2008. This is a sad day in aviation business because I liked the young and ambitious airline very much. I even thought of joining them myself one day. I feel the tragedy of their employees and wish them all the best.
Oasis Hong Kong Airlines was founded by Rev. Raymond C. Lee, and his wife, Priscilla H. Lee in February 2005. The chief executive, Steve Miller, was founder and first chief executive of another Hong Kong-based airline, Dragonair. Its inaugural route to London commenced service on October 26, 2006. The first flight, flight O8 700, took off from Hong Kong International Airport after a 24-hour delay. The airline had been scheduled to begin operations on October 25, but Russia revoked the London-bound flight's fly-over rights at 12:09 PM, one hour before the flight's scheduled departure.
Though Oasis originally operated as a low-fare airline, it had already broken-even after the first six months of operations. The airline said that this was achieved through flying long-haul so as to decrease maintenance and fuel costs. It also has a lower cost per passenger-kilometer compared to other airlines in Hong Kong.
Business passengers, and those who used to have to transfer en-route to get to London, would be Oasis' main sources of revenue. Like many other airlines, Oasis planned to hedge a proportion of its fuel purchases to guard against future fuel price increases.
Oasis Hong Kong Airlines was liquidated on April 9 2008. The liquidator KPMG announced the liquidation and that over the following few days it would conduct a search for potential buyers for the airline.
Goodbye O8... And thank you! TrackbacksWeblogs that reference this entry
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