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 Teekay Tankers (NYSE:TNK) rose 10% today after announcing jointly with Teekay (NYSE:TK) that they are forming a new subsidiary.

So what: The two companies are forming Tanker Investments Ltd., which will "opportunistically acquire, operate, and sell modern second-hand tankers." The theory is that the tanker business is in a cyclical low, and when a recovery takes place, the business will take advantage by owning a fleet purchased at a discount.

Teekay Tankers and Teekay Corportation will each own 10% of the company for a $25 million investment. Part of the deal also includes the sale of four 2009-built Suezmax tankers from Teekay and the sale of Teekay's management operations business to Teekay Tankers. This business will then manage Tanker Investments' fleet for a fee.

Now what: The good news for Teekay Tankers investors is that there's upside from owning the operations business and little downside outside of the $25 million invested in the new company. I'm not convinced that the tanker business is in a cyclical low, but if it is that will provide great upside. I'm not buying until we really see a recovery in this business, because right now Teekay Tankers is still losing money and the tanker business is under a lot of pressure from declining U.S. imports.