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What: Shares of Ship Finance International
So what: The news today isn't specific to Ship Finance International, but Frontline's bomb has hit all oil shippers. Overseas Shipholding Group
Now what: You can't say we didn't see this coming. Earlier this year, a new tanker was taken straight from the shipyard to a war lay-up, meaning there wasn't enough work to make operating the ship profitable.
Fellow fool Chris Barker warned of the glut of ships way back in 2009, and I warned that supertankers were sunk earlier this year. That stance certainly hasn't changed after today's news, and I would stay far away from any ship transporting oil at this point.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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