UK shipping fund Tufton Oceanic Assets is moving its focus to tankers and bulkers as container ship newbuilding orders pile up.

The London-listed operation sold four boxships in the first quarter, while acquiring two handysize dry cargo vessels.

Tufton said the container ship market remained strong over the first three months, with record time-charter rates and asset values.

However, there were fewer transactions in the sale and purchase market in February and March.

In its first quarter update, Tufton pointed out that the boxship orderbook has risen to about 25% of the existing fleet, which will result in increasing capacity growth from 2023.