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. âWhat a difference a year makes,â said Jonathan B. âLast year everyone was slapping each other on the back, but I donât think there is any doubt where we are today; we are in a trough,â 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. âThe easy answer is: ârates are down and there are too many ships,ââ said Jan Andersen, Head of Shipping, ST Shipping and Transport Pte.