UK shipowner Tufton Oceanic Assets has seen its shift from container ships to product tankers pay off with a strong annual profit.

The London-listed fund said earnings hit $107.3m in the financial year ended 30 June, up from $79.5m in the previous 12 months.

Total income from changes in asset values and dividends was $115.5m, from $82.5m a year ago.

The net asset value (NAV) total return for the financial year was 32.5%.