-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BWDs5Q0bSIpVt6juh1zgcvlIYUZ3DNXqRG6gWthX0W0MKnfgCtqQw+MPt3SH1XRp
 lrzvNJu5ZUE5u7wwyn3fgQ==

<SEC-DOCUMENT>0000911971-01-500008.txt : 20010319
<SEC-HEADER>0000911971-01-500008.hdr.sgml : 20010319
ACCESSION NUMBER:		0000911971-01-500008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010316
FILED AS OF DATE:		20010316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEEKAY SHIPPING CORP
		CENTRAL INDEX KEY:			0000911971
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		
		SEC FILE NUMBER:	001-12874
		FILM NUMBER:		1569716

	BUSINESS ADDRESS:	
		STREET 1:		TK HOUSE, BAYSIDE EXECUTIVE PARK
		STREET 2:		WEST BAY ST & BLAKE RD, PO BOX AP-59213
		CITY:			NASSAU BAHAMAS
		STATE:			C5
		ZIP:			00000
		BUSINESS PHONE:		8093228020

	MAIL ADDRESS:	
		STREET 1:		TK HOUSE, BAYSIDE EXECUTIVE PARK
		STREET 2:		WEST BAY ST & BLAKE RD, PO BOX AP-59213
		CITY:			NASSAU BAHAMAS
		STATE:			C5
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k_031601.htm
<DESCRIPTION>FORM 6-K - PRESS RELEASE
<TEXT>

<HTML>
<HEAD>
<TITLE> Teekay Shipping Corporation </TITLE>
</HEAD>
<BODY>





<BR><BR>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5.5>UNITED STATES
<BR>SECURITIES AND EXCHANGE COMMISSION</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4.5>WASHINGTON,
D.C. 20549</FONT></H1>
<BR>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5>FORM 6-K</FONT></H1>

<CENTER>                                                   Report of Foreign Private Issuer<BR><BR>

                                                 Pursuant to Rule 13a-16 or 15d-16 of<BR>
                                                  the Securities Exchange Act of 1934<BR><BR>




                                           Date of Report:  March 16, 2001<BR><BR><BR>



<FONT FACE="Times New Roman, Times, Serif" SIZE=5>    <B>TEEKAY SHIPPING CORPORATION</B></FONT><BR>
                                        (Exact name of Registrant as specified in its charter)<BR><BR><BR>


                                                               TK House<BR>
                                                        Bayside Executive Park<BR>
                                                     West Bay Street &amp; Blake Road <BR>
                                                  P.O. Box AP-59213, Nassau, Bahamas<BR>
                                                (Address of principal executive office)<BR><BR><BR>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.] </FONT></P>

                                 Form 20-F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>      &nbsp;&nbsp;&nbsp;&nbsp;Form 40- F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U><BR><BR><BR>




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.] </FONT></P>

                                        Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;                     No &nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  X&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><BR><BR><BR>




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[If
&#147;Yes&#148; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):82-_______ ] </FONT></P></CENTER>
<BR><BR><BR><BR>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Item 1 - Information Contained in this Form 6-K Report</B><BR><BR>

Attached as Exhibit I is a copy of an announcement of Teekay Shipping Corporation (the "Company"), dated March 6, 2001.<BR><BR><BR>

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT OF THE COMPANY ON FORM F-3 FILED WITH
THE COMMISSION ON OCTOBER 4, 1995</FONT></P>

<PAGE>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>SIGNATURES</B></FONT></P><BR><BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.<BR><BR></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEEKAY SHIPPING CORPORATION<BR><BR><BR><BR><BR>





Date:  March 16, 2001


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


<U>/s/ Peter S. Antturi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Peter S. Antturi<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice President and Chief Financial Officer<BR><BR><BR>


</FONT></P>

<PAGE>




<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>EXHIBIT I</B></FONT></P><BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>TEEKAY SHIPPING CORPORATION</B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>TK House,
Bayside Executive Park, West Bay Street &amp; Blake Road P.O. <BR>Box AP-59212,
Nassau, Bahamas</FONT></P>






<HR><H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>NEWS RELEASE</FONT></H2><HR>

<BR>




<H2 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>                             FOR IMMEDIATE RELEASE</FONT></H2>

<BR><BR>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>TEEKAY
SHIPPING TO ACQUIRE CONTROL OF UGLAND NORDIC <BR>SHIPPING</FONT></H1>

 <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Natural Extension of Teekay's Core Competencies to the Shuttle Tanker Market <BR>through the Largest Public Operator
                                                   in the Sector<BR><BR>


Transaction Expected to Translate into Enhanced Financial Stability, Earnings <BR>Accretion and
Further Growth Opportunities for Teekay</I></FONT></P>

<BR><BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Nassau, The Bahamas
&#150; March 6, 2001</B> &#150; Teekay Shipping Corporation (NYSE: TK) today
announced the acquisition through a wholly-owned subsidiary of 56% of Ugland
Nordic Shipping (OSE: UNS) for approximately $123 million or NOK 140 per share
in cash representing a 16% premium to UNS&#146; share price at the close of
business on March 5, 2001. The transaction builds the base for Teekay&#146;s
entry into the shuttle tanker market through the acquisition of a controlling
stake in the largest publicly traded shuttle tanker operator. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#147;We have identified
the shuttle tanker market as an area of significant opportunity for Teekay
consistent with our operationally-intensive and customer-focused operating
strategy,&#148; said Bjorn Moller, President and Chief Executive Officer of
Teekay. &#147;Further expanding our services in the offshore marine market is a
natural extension of our core competencies and will allow us to further broaden
the services that we can offer to our customers on a global basis.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Headquartered in
Sandefjord, Norway, UNS is the largest publicly traded company in this sector
controlling a modern fleet of 18 shuttle tankers, which includes four vessels
recently purchased from Awilco and a newbuilding program for four vessels. Three
of the Company&#146;s vessels are jointly owned with leading Swedish shipping
and offshore group, Stena. The Company&#146;s vessels have an average age of 7.5
years and operate primarily in the North Sea under fixed rate long-term
contracts to customers such as Statoil/Navion, PGS and Exxon Mobil. In addition,
UNS owns 17.3% of the publicly traded company Nordic American Tanker Shipping
Ltd (AMEX: NAT), the owner of three Suezmax tankers on a long-term contract to
BP Shipping (current market value of UNS&#146; stake is $30 million). </FONT></P>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#147;UNS has demonstrated
significant growth over the past five years expanding its fleet from five
vessels in 1995 to 18 vessels today and growing its operating profits
correspondingly,&#148; said Moller. &#147;We are excited about the prospects of
adding UNS&#146; shuttle tanker expertise to Teekay&#146;s global franchise and
continuing to add to the growth of the business.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Teekay acquired the 56%
stake from the members of the UNS Board of Directors and several institutional
investors. Teekay will promptly launch a mandatory bid for the remaining shares
in UNS at NOK 140 per share as required by Norwegian law. The UNS Board of
Directors will recommend that the mandatory bid be accepted by the remaining
shareholders. The mandatory offer is expected to be completed by the end of
April. The offer values the remaining shares at approximately $100 million. UNS
also has debt of $560 million net of cash (including payments to be made for the
four newbuildings). </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Before synergies, Teekay
expects this transaction to be modestly accretive to earnings in the first
twelve months and low double digit accretive to earnings in a mid-cycle tanker
market once all of the newbuildings have been delivered. &#147;In addition to
the earnings accretion, the long-term contract nature of UNS&#146; business will
also add significant stability to Teekay&#146;s financial performance,&#148;
said Moller. </FONT></P>

Goldman,  Sachs &amp; Co.  served as  financial  advisor to Teekay.  DnB Markets and  Fondsfinans  served as  financial
advisors to UNS.

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>TEEKAY</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Teekay Shipping Corporation
is a leading provider of international crude oil and petroleum product
transportation services through the world&#146;s largest fleet of medium-sized
oil tankers. Headquartered in Nassau, Bahamas, with offices in eleven other
countries, Teekay employs approximately 300 on-shore and more than 2,700
seagoing staff around the world. The Company&#146;s modern fleet has earned a
reputation for safety and excellence in providing transportation services to
major oil companies, oil traders and government agencies worldwide. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>UNS</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Ugland Nordic Shipping ASA
is one of the world&#146;s largest owners of shuttle tankers transporting crude
oil from offshore production platforms to refineries. UNS is a customer-oriented
shipping company which brings together ships, people and ideas to provide
innovative solutions in offshore and tanker shipping. </FONT></P>




<PAGE>





<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORWARD
LOOKING STATEMENTS</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>This release contains
forward-looking statements (as defined in Section 21E of the Securities Exchange
Act of 1934, as amended) which reflect management&#146;s current views with
respect to certain future events and performance, including statements regarding
future earnings and the Company&#146;s financial performance. The following
factors are among those that could cause actual results to differ materially
from the forward-looking statements, which involve risks and uncertainties, and
that should be considered in evaluating any such statement: changes in
production of or demand for oil and petroleum products, either generally or in
particular regions; greater than anticipated levels of tanker newbuilding orders
or less than anticipated rates of tanker scrapping; changes in trading patterns
significantly impacting overall tanker tonnage requirements; changes in
applicable industry regulations; changes in the typical seasonal variations in
tanker charter rates; and changes in the offshore production of oil. </FONT></P>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
                                           <CENTER>For media enquiries contact:<BR>
                                                    Kim Barbero<BR>
                                              Tel: +1 (604) 789-6056<BR>
                                              Fax: +1 (604) 844-6600<BR>
                                           Email: <U>kim.barbero@teekay.com</U><BR><BR><BR><BR>



                                     For Investor Relations enquiries contact:<BR>
                                                  Geoff Dzikowski<BR>
                                              Tel: +1 (604) 844-6616<BR>
                                              Fax: +1 (604) 681-3011<BR>
                                         Email: <U>geoff.dzikowski@teekay.com</U><BR><BR>


                                              Website: <U>www.teekay.com</U></CENTER>

<BR><BR><BR>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>- end -</FONT></H1>

</BODY>
</HTML>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
