Undervalued Stocks

Am I missing something, or are there some really cheap stocks out there? For example, GENCO Shipping (GNK) is a company that owns container ships and leases them out. Yes, they have quite a it of debt, but is seems to be cheap debt & at the current price of $15.73, their $1 dividend results in a yield of more that 25%. And they do expect growth. Another thing to consider though is that China might be holding off on shipping recently to get a better shipping rates that they will try to lock in with long term contracts.  I am thinking that I should buy real stocks and not just depend on mutual funds.