$800,000-a-day tankers: Are shipping stocks cheap or just cyclical?

The shipping industry has benefited from surging spot freight rates in the key tanker segments during recent wars – US versus Iran, Israel versus Palestine, and Russia versus Ukraine. Fears of shortage of oil / fuel in key consuming countries like China and India during recent conflicts have resulted in surging spot freight rates in tanker segments. The shipping industry has benefited from surge in spot freight rates during recent conflicts / wars with record profits. Is it still worth investing in shipping stocks?