After a corporate governance spat with a Chinese outfit, long-time finance man Ned Sherwood said he will never invest in a company based in that country again.

But he has yet to come to the same conclusion about another sector known for its governance challenges: shipping.

While Sherwood said it is wrong to label him an "activist investor", he has fought and won proxy fights against company management teams, and is believed to be the first shareholder to successfully oust executives of a China-based, US-traded company.