The air cargo peak season, which started late last year, has continued into the first half of 2024 with demand consistently surpassing supply. According to Xeneta, volumes increased by 13% year over year in June, while capacity grew by only 3%, the slowest rate this year. This mismatch is pushing prices higher, and Xeneta’s chief air freight officer, Niall van der Wouw, cautioned that shippers should brace for even higher costs in the fourth quarter, with peak season surcharges expected by late August.