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CHANGI Airport Group (CAG) is introducing a one-time rebate and extending others to help cargo partners tide over challenging conditions in the industry.
The operator of Singapore's commercial airport on Wednesday unveiled a Special Assistance Package that will offer cost support to cargo agents on top of an existing incentive scheme that provides cost assistance based on the volume of cargo handled. The existing scheme itself is being extended for a year.
With the Special Assistance Package, cargo agents that achieve strong growth will be able to receive a rebate of up to 45 per cent on their annual rental, CAG said.
CAG will also extend an existing 30 per cent landing fee rebate for scheduled freighter operations for another year.
The changes take place on April 1, 2016.
The airport estimated that the measures will total about S$14 million in the year ending March 31, 2017.
Global airfreight volumes had modest growth of 2.2 per cent in 2015, a slower increase than in 2014, CAG said.
"The soft industry outlook is likely to continue in 2016, due to continued headwinds brought about by weaker economic conditions and slowing global trade," CAG senior vice-president of market development Lim Chng Kiat said in a statement. "In light of the trying business conditions, we are committed to support our cargo partners through these difficult times. Amid the challenges, we hope that CAG's package of support measures for our cargo partners will serve as a source of optimism."