Although we saw a slowdown in shipping activity during the initial stages of COVID, activity surged in the immediate aftermath, sending shipping costs soaring due to robust demand and supply chain bottlenecks. However, after peaking in late 2021, shipping costs moderated through the end of 2022 and now sit slightly above 2020 and pre-pandemic levels. On the right, we show global port call duration by region since 2020. Since the global reopening, port call duration has deceased, reflecting improving supply chains. However, across all geographies, port call durations remain above pre-pandemic levels seen in January and February 2020.