Dispersion of elastic waves in an infinite circular cylindrical shell of Kirchhoff-Love type is studied. The spring-type boundary condition on the outer surface, analogous to Winkler foundation for a plate is considered. The problem of free shell vibrations is explored. The dispersion equation and the dispersion curves character in the vicinity of the veering point is analyzed. The propagating waves and their energy fluxes in the shell are investigated. The contributions to the total energy flux of various energy transfer mechanisms in the shell are compared. Their short-wave and long-wave asymptotics are analyzed.