The AirAsia flight QZ8501, which went missing on Sunday morning, en route to Singapore from Indonesia, is presumed crashed to ocean.
Indonesian National Search and Rescue Agency chief Henry Bambang Soelistyo said, "Based on the coordinates that we know, the evaluation would be that any estimated crash position is in the sea, and that the hypothesis is the plane is at the bottom of the sea."
The fact that Flight 8501 gave no distress signal, shows something happened quickly.
The tragedy marks the third commercial air disaster involving airlines in SouthEast Asia in 2014.
It adds to the mysterious disappearence of Malaysia Airlines Flight 370 on March 8, en route to Beijing with 239 people aboard, and the July 17, downing of another Malaysia Airlines flight MH17 over rebel-controlled eastern Ukraine, while on a flight from Amsterdam to Kuala Lumpur, killing all 298 people on board.
"We have no idea at the moment what went wrong," said Tony Fernandes, CEO AirAsia. "Let's not speculate at the moment."
The tragedy marks the first airplane lose to the low cost airline. Yesterday AirAsia shares fell 7.8% against the Malaysian Airline 4%, after the Flight MH370 disappearence.
Currently ships, planes and helicopters from Indonesia, Malaysia, Australia and Singapore are scouring the Java Sea for missing jet.
