-- A new low-fare airline wants to strike the major carriers in a market they have had safely to themselves: transatlantic flights. 

Led by Southwest Airlines Co. and JetBlue Airways Corp., low-fare carriers have taken domestic market share -- and profits -- from the big guys and forced them to change the way they do business. Now a startup called SkyLink Airways aims to replicate that success on flights to Europe. 

SkyLink seeks to fly scheduled and charter service, beginning in May 2005, from Baltimore to London and Paris. Average ticket prices would be 15 percent to 70 percent below those offered by major airlines, the Dulles, Va.-based company said in a business plan filed with the Transportation Department on Feb. 20. 

Several industry experts said it was only a matter of time and predicted others will follow SkyLink's lead. At least one existing U.S.-based budget carrier, ATA Airlines Inc., has expressed informal interest in transatlantic service. 

On transatlantic routes the major carriers have not faced any recent challenges from low-fare carriers. 

SkyLink chose Baltimore-Washington International Airport because it currently offers limited service to Europe and because its two busiest tenants, Southwest Airlines and AirTran Airways, already carry loads of budget-conscious fliers to and from the airport. 

"It's really a new business model," Josh Marks, SkyLink's 27-year-old president and cofounder, said. While conceding that cheap transatlantic tickets are already sold by the major carriers, Marks countered that this low-priced inventory is scant and largely unavailable to last-minute business travelers -- a constituency SkyLink will target. 

Marks is partnering with chief executive Kenneth Carlson, 59, an industry veteran who has run a couple of small airlines, including Jet Express and Midway Airlines. 

SkyLink is still negotiating aircraft agreements with Boeing and Airbus and is "close to announcing a deal," Marks said. 

If SkyLink gets the OK from federal regulators to begin service, they should expect a fierce counterattack in the form of lots of cheap fares from well-established carriers seeking to defend their turf. 

In order to seriously contend against carriers such as American Airlines and British Airways, analysts said SkyLink will need deep pockets. Marks said SkyLink is attempting to line up more than $130 million in financing from venture capitalists, though he would not name potential investors. 

The uncertainty surrounding SkyLink's financing is no small problem: It could lead to the demise of the young venture before the end of April. 

Last month, the Transportation Department threatened to dismiss SkyLink's application outright without more evidence of who its financial backers are and how much they will commit.