Barely a day passes during the current annual results season without a major listed company announcing a new share repurchase programme, or the extension of an existing one. Over the past two years, companies in the Standard & Poor's 500 index have spent about $1.1trn on share buy-backs, according to figures published by the Financial Times.
And in recent weeks, a flurry of shipping companies on both sides of the Atlantic have added their names to the list of those promising to pass cash back to shareholders in a similar fashion.
