Although we saw a slowdown in shipping activity during the initial stages of COVID, things have improved rapidly over the past few months. Pent-up demand for consumer goods in particular is being realized and supporting a rebound in activity, particularly across the core shipping assets we monitor. That being said, as show on the right, since spiking in late 2021/early 2022, global shipping prices have decreased as consumers shift spending to fuel and service. 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, more recently port call duration has ticked up, as many ships are not waiting at ports with empty containers due to decreasing demand.