Activist investor Ned Sherwood has weighed in on Navios Maritime Partners' all-stock acquisition of Navios Maritime Acquisition, and the result is another broadside aimed at the governance practices of Navios principal Angeliki Frangou.

And although the main target of Sherwood's barbs is not the merger itself — the investor admits he could be better off for it — the man behind MRMP Managers does say Navios Maritime Acquisition could have been bought for less money.

Sherwood is unrelenting in accusing Frangou of manipulating her public companies to achieve maximum benefit for her private management companies, which derive various commissions and fees for serving the listed shipowners.