Isle of Man-based airline Euromanx has become the latest victim of rising oil prices after the carrier today ceased operations. In recent weeks, all business carrier Eos, South Africa’s Nationwide, Oasis Hong Kong and America’s ATA have failed, many citing the credit crunch and rising oil prices as the reason.

The airline, which launched five years ago, said in a statement: "[Our] employees have worked hard to develop and grow the business but over the last 6 months a number of factors including rising fuel prices and reduced passenger numbers have proved to be insurmountable obstacles to the airline being able to continue to operate."

Brian Kelly, boss of the island’s Online Regional Travel Group, a travel agency which is part of the independent Advantage network of agents, said the failure was unsurprising - rumours about the airline's viability had been circulating on the island for weeks.

"The travelling public of the Isle of Man have had to endure cancelled, delayed and consolidated flights for too long. It's not been a good time to travel by air," he said. "I'm pleased that we have now reached this point so the Island can draw a line and move forward with carriers who are financially stable and committed to providing reliable air links to and from the Isle of Man."

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Flybe, Manx2 and VLM, which also offer services to the island, are offering alternatives to affected travellers.

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