Our storm is past, and that storm's tyrannous rage
-- Speaker (Line 1)

Importance: This first line introduces the premise of the poem. After a terrible storm, sailors find themselves in a calm. Initially, the reader is invited to think of this as a positive development. The calm contrasts positively against the "tyrannous rage" of the storm (1). However, it is also possible for a storm to "pas(s)," as this one has done (1). The suffering caused by the storm has a natural end.

A stupid calm, but nothing it, doth 'suage
-- Speaker (Line 2)

Importance: The calm seems trivial, "stupid" (2). It certainly does not inspire the level of fear attendant in a fierce storm. However, unlike the storm, which has passed on its own, "nothing" can "(as)suage" the danger of the calm (2). The danger of remaining in one place is as bad – and perhaps even worse – than the danger of rapid change.

In calms, Heaven laughs to see...
-- Speaker (Line 6)