) has announced its acquisition of five secondhand VLCC’s and two Suezmax newbuilds from Metrostar for a total price of $620 million. These acquisitions will increase the company’s capacity by approximately 50%. The company has a financing agreement with Nordea Bank and DnB NOR to provide 60% of the financing for the transaction. Consequently, Jefferies & Co. has raised its 2010 and 2011 EPS estimates for the company, as the transaction is expected to be accretive. EPS estimates for FY2010 have been raised from ($0.68) to ($0.45). Similarly, EPS for FY2011 is now expected to be $0.87 instead of $0.65. Jefferies has reiterated its ‘Buy’ rating for the company. The price target for the stock has been increased to $12.