This is an analyzer trace showing at the top of the trace, the OLS, LR, LRR sequences while the link was being initialized.
The right hand panel shows the contents of the FLOGI frame from the N_Port to the F_Port (FFFFFE). Notice that at this time, the N_Port does not yet have an address (000000).
Useful information can be obtained by studying these analyzer traces. We can see that the N_Port does not support Class 1, but does support Classes 2 and 3. It is using Alternate Buffer Credit Mode and can guarantee 2 BB Credits at its receiver port.