In Singapore the challenging outlook for the global air freight industry has prompted Changi Airport Group to offer about $14 million in rebates for firms in the industry. A one-time rebate for cargo carriers, and firms helping companies organise air freight of their merchandise was unveiled by the group. The group also extended an incentive scheme providing firms rental rebates based on the volume of cargo handled.
With these measures, carriers and freight handling firms can potentially enjoy a rebate of up to 45 per cent of annual rental, Changi Airport Group said.
Air cargo demand has been subdued by a tough global economic environment, weak world trade and a slowdown in the economy of China, the group said in a statement. Global air freight volumes experienced modest growth of 2.2 per cent last year, which was slower than 2014, it noted.