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 Ship Finance International (NYSE: SFL) fell as much as 19% today after fellow oil shipper Frontline (NYSE: FRO) said it may run out of cash next year.

So what: The news today isn't specific to Ship Finance International, but Frontline's bomb has hit all oil shippers. Overseas Shipholding Group (NYSE: OSG) is down 17% on the day, as investors jump ship from these oil shippers.

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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