UK shipowning fund Tufton Oceanic Assets believes investment opportunities are bound to arise due to the coronavirus pandemic.

Writing in the company's interim report, chairman Rob King said it is still too early to make definitive projections about the effect of Covid-19 on world trade.

But he added: "Inevitably there will be some distress leading to investment opportunities."

The fleet of 16 bulkers, tankers, a gas carrier and boxships has a "relative resilience" due to diversification and longer-term charter coverage to strong partners.