In an ocean with a horizontal bottom where no wind is blowing it is shown that the spin (angular momentum) of the ocean is conserved. Thus, when energy is dissipated, at least one of three things will happen: i) Wave spectra may move towards lower frequencies. ii) The directional distribution may be changed towards long-crested waves. iii) Shear currents may be generated. By neglecting ii) and iii), the frequency shift of a spectrum is calculated due to molecular dissipation. When all energy transforming phenomena as e.g. wave breaking and turbulence generation are taken into account, the conservation of spin seems to be able to explain the frequency shift of wave spectra. In shallow water it is shown that there is energy transfer from the waves to shear currents.