For applications making use of magnonic spin currents damping effects, which decrease the spin conductivity, have to be minimized. We here investigate the magnon transport in an yttrium iron garnet thin film with strongly reduced effective magnetization. We show that in a three-terminal device the effective magnon conductivity can be increased by a factor of up to six by a current applied to a modulator electrode, which generates damping compensation above a threshold current. Moreover, we find a linear dependence of this threshold current on the applied magnetic field. We can explain this behavior by the reduced effective magnetization and the associated nearly circular magnetization precession.