First draw a blue circle on a different layer on top of the black background.
step 2 of 5
with a soft brush a 1 pixel zoom it and start drawing the waves of the sea.
step 3 of 5
Under that layer create 2 more and draw there with a lighter blue and in the other one a turquose blue almost green draw the shapes of the waves to give the sea a better look.
step 4 of 5
the same way drawing with a 1 pixel brush add the eye the ships and the kraken
step 5 of 5
add clouds and duplicate the waves layer make it bigger and set it to overlay to give the look as if you had floating waves across the planet