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 Star Bulk Carriers Corp. (NASDAQ:SBLK) jumped as much as 11% today after announcing an acquisition.

So what: Star Bulk is buying Oceanbulk Shipping LLC and Oceanbulk Carriers LLC for 54.1 million shares in an all-stock deal. This will create the largest U.S.-listed dry bulk shipper and will be paid for with new shares of Star Bulk.  

Now what: Oversupply in the dry bulk business has led to massive losses over the last few years and consolidation in the industry is understandable at this point. For Oaktree Capital Management, who owns a large stake in the Oceanbulk businesses, this presents an opportunity to exit from this investment, which may be a driver behind the deal. I don't think this means much about the health of the dry bulk market and wouldn't get bullish, but it's been good for Star Bulk's stock today.