A cyclical stock is a different animal. A cyclical stock looks expensive with a high p/e (low earnings) but that is when you want to buy them. A cyclical stock looks cheap with a low p/e (high earnings) but that is when you want to sell them.
Ocean shipping stocks are cyclical. IOW a trade, not an investment. Even shipowners know this that's why they are some of the best traders on earth and some of the best capital allocators. At the end of most conferences (always fascinating) they are asked how they would spend extra cash. Buybacks, dividends, buy more ships, pay down debt, etc.
If I were a trader ocean shipping would be my preferred vehicle. Macro trends, company fundaments, and which sector to buy i.e oil, drybulk, containerships, etc. Maybe one of the only growth sectors I see for ocean shipping is LNG (bullish).