Tufton Investment Management, a London-based investment manager with more than 40 years of experience in shipping, is expanding into commodities and natural resources—but shipping will remain at the centre of its strategy.

On 14 September 2026, Tufton became the investment manager of CQS Natural Resources Growth and Income PLC, a UK-listed investment trust focused on global mining, energy and precious metals. The trust was subsequently renamed City Natural Resources Growth and Income PLC.

Speaking to Xinde Marine News during the 18th Capital Link Shipping & Marine Services Forum, Nikos Petrakakos, Managing Director – Maritime Investments at Tufton, said the move was driven by the potential research synergies between shipping and commodities.

Shipping investment analysis often focuses heavily on vessel supply, including fleet growth, newbuilding deliveries and asset availability. Commodity investors, by contrast, tend to examine the demand side in greater detail, including production, consumption and trade flows.

According to Nikos, combining these two perspectives can give Tufton a more complete view of shipping markets and support better-informed investment decisions.

However, he stressed that this does not mean shipping and commodity investment strategies will merge. Each fund will continue to follow its own mandate, return requirements and investor objectives.

A disciplined approach to shipping assets

Tufton currently focuses mainly on second-hand vessels. Nikos said the firm’s last newbuilding investment was around ten years ago, although some investment mandates still consider newbuilding projects, particularly those backed by long-term contracts.

The challenge is valuation.

“There are opportunities, but whether they make sense is a different question,” he said.

Different investors have different return expectations. Some investors in Japan, South Korea and other markets may accept lower or different return levels, while Tufton remains relatively conservative.

“We would rather wait for the right opportunity than invest in a bad opportunity just to invest.”

China remains part of the opportunity set

Tufton is also looking to expand its engagement with investors in Japan, Singapore and the wider Asian market. The firm previously had a presence in Hong Kong and is considering further opportunities in both Asia and China.

China is relevant to Tufton in two ways: as a source of shipping assets and as a potential investor market.

When assessing newbuilding opportunities, Nikos said Chinese shipyards are firmly on Tufton’s radar.

“The quality of Chinese shipyards is top-notch. Many Chinese shipyards are now among the best in the world,” he said.

Although Tufton’s current portfolio is concentrated in second-hand vessels, Chinese yards could still play an important role in future projects supported by long-term contracts.

At the same time, Tufton is exploring opportunities to develop relationships with Asian and Chinese investors.

Despite its expansion into commodities and natural resources, Nikos made clear that shipping remains the firm’s foundation.

“Shipping is what we were built on. It has been our focus for 40 years, and it remains our focus.”