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-tankers operator Overseas Shipholding Group (NYSE: OSG) soared to intraday gains as high as 14.3% on very average trading volume.

So what: Oil prices are racing higher today, which always helps the tanker operators. Moreover, drilling giant ConocoPhillips (NYSE: COP) was awarded a license to start a major oilfield project in Alaska, which should bring plenty of fresh shipping business to mainly American shipper Overseas.

Now what: The good news is very welcome for Overseas, since the company has fallen into a funk with negative earnings and shrinking sales in recent quarters. Share prices are still down 71% year to date. The company recently slashed its dividend in half but still yields a very generous 8.6% at these prices. This would be an awesome time to buy into that dividend if you believe in the tanker industry -- but some stocks tank for a reason. This is hardly a risk-free investment.

Interested in more info about Overseas Shipholding Group? Add it to My Watchlist.

Fool contributor Anders Bylund holds no position in any of the companies mentioned. We Fools don't all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Check out Anders' holdings and bio, or follow him on Twitter and Google+. We have a disclosure policy.