Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of dry-bulk shipper Safe Bulkers (NYSE: SB) were taking on water today, sinking as much as 11% in intraday trading on heavy volume.

So what: After yesterday's close, Safe Bulkers announced that it would be issuing 5 million new shares to help it fund ship purchases, capital spending, and "other general corporate purposes" including paying down debt. The new shares priced today at $8.40, roughly 9% below yesterday's closing price. The company had about 66 million shares outstanding prior to the offering, so the new shares represent dilution of a bit less than 8%.

Now what: The entire dry-bulk industry has been under pressure lately and share prices have been severely depressed, which makes the offering all the more costly for shareholders. However, as with any offering like this, the bottom line is whether management is able to put the new funds to good use. If the new money is put to use in areas that create more value than the implied cost of raising it, then there may be reason to give the share issuance a thumbs-up.

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