The global tanker market is depressed, it appears that there is little hope that it will recover for at least two years, according to a panel of expert speaking yesterday at a MarineMoney event in New York City. “What a difference a year makes,” said Jonathan B. “Last year everyone was slapping each other on the back, but I don’t think there is any doubt where we are today; we are in a trough,” Chappell said. The global shipping markets are historically cyclical and difficult to predict, even for seasoned veterans, and there was no consensus on when a full recovery would come about, though generally it seems 12 to 36 months is a popular line of thought. “The easy answer is: ‘rates are down and there are too many ships,’” said Jan Andersen, Head of Shipping, ST Shipping and Transport Pte.