In the dry bulk space there are only three publicly traded companies left that are still large enough for Cramer to cite them on CNBC.
They are Diana Shipping, Navios Maritime Partners, and DryShips.
"Of the three, I think Diana, DSX, is the one to own, albeit only for speculation as this is an $8.80 stock with a market capitalization of just $713 million," he said.
Why Diana Shipping?
Cramer thinks the management is making savvy moves in anticipation of a turn.
"Looking into 2014, management has shifted to somewhat shorter duration time charters, which suggests that they think a turn is coming and rates are going to go higher," Cramer said.
--------------------------------------------------------------
Read More from Mad Money with Jim Cramer
Without Metals Can Rally Endure?
The Luxe Life for Cheap
Could the Fed Destroy the Bull Market?
--------------------------------------------------------------
"Meanwhile, Diana has used the weakness in the dry bulk market to expand its fleet, buying more ships at ultra-low prices. They bought at a time when no one else could because Diana kept their powder dry with a relatively clean balance sheet," Cramer explained.
Also Cramer likes the metrics.
"Diana's currently trading at a 5.5% discount to its net asset value of $9.29, and if I'm right the value of those assets should increase dramatically over the next 18 months."
All told, Cramer said he was blessing Diana as a 'buy' because it's 'best of breed' in the space.
However it's important to note this is a higher risk investment.
"This stock is speculative," Cramer added. "If you buy, please buy in small increments and only use limit orders, not market orders."