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Changi Airport Group increases support for air cargo sector
Changi Airport Group (CAG) announced that it is increasing its support for the air cargo sector in the face of continuing headwinds for the airfreight business.For the first six months of 2013, rebates for landing fees at Changi Airport will be raised to 50% for all scheduled freighter flights. This additional initiative, amounting to S$4.5 million, brings CAG’s total support for the air cargo sector to close to S$20 million since the start of FY2012/131.
In March 2012, CAG announced a S$15-million cargo support package for FY2012/13 consisting of a 20% landing fee rebate for freighter flights, partnership funding support for new cargo development initiatives, as well as up to 20% rental rebates for cargo tenants leasing CAG cargo facilities at the Changi Airfreight Centre.
While passenger traffic at Changi has been growing steadily over the past year, the air cargo sector has been facing downward pressure due to falling yields of airfreight carriers, as well as persistently high jet fuel prices. The International Air Transport Association has reported that the global cargo tonnage is likely to contract 2.0% in 2012. In Singapore, the manufacturing sector has declined for four consecutive months, and the country’s growth forecast for 2012 has been cut to around 1.5% on the back of a sharp contraction in electronics manufacturing.
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