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 oil tanker owner Frontline (NYSE: FRO) fell 10% today in a relatively quiet day at the company.

So what: There wasn’t any direct news out about Frontline today, but competitor Overseas Shipholding Group reduced its dividend, which sent a shock to investors. Bloomberg also released an article today highlighting the tanker industry’s slow demolition rates, which are hurting owners’ revenues.

Now what: Not only are tankers not being demolished, the overall fleet is growing faster than demand can keep up. That leaves tanker owners between a rock and a hard place when trying to negotiate rates. They can either take a loss on each voyage or have an idle tanker, neither of which is desirable. I’m going to stay away from oil tanker stocks for right now, as it will take a long time for the oversupply to shake itself out.

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