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<SEC-DOCUMENT>0001130319-01-500355.txt : 20020413
<SEC-HEADER>0001130319-01-500355.hdr.sgml : 20020413
ACCESSION NUMBER:		0001130319-01-500355
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20011227

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORDIC AMERICAN TANKER SHIPPING LTD
		CENTRAL INDEX KEY:			0001000177
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-51685
		FILM NUMBER:		1824057

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX HM 1179
		CITY:			HAMILTON HMEX BERMUD
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		4412952244

	MAIL ADDRESS:	
		STREET 1:		PO BOX HM 1179
		STREET 2:		HM EX
		CITY:			HAMILTON
		STATE:			D0

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		SC 13G

	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>SC 13G
<SEQUENCE>1
<FILENAME>o061581sc13g.htm
<DESCRIPTION>SCHEDULE 13G
<TEXT>
<HTML>
<HEAD>
<TITLE>Schedule 13G</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</FONT>

<P align="center"><FONT size="2"><B>SCHEDULE 13G</B>
</FONT>

<P align="center"><FONT size="2"><B>Under the Securities Exchange Act of 1934</B>
</FONT>

<P>
<HR width="10%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="2">Nordic American Tanker Shipping Limited<BR>
(Name of Issuer)
</FONT>

<P align="center"><FONT size="2">Common Stock<BR>
(Title of Class of Securities)
</FONT>

<P align="center"><FONT size="2">G65773106<BR>
(CUSIP Number)
</FONT>

<P align="center"><FONT size="2">May&nbsp;28, 2001<BR>
(Date of Event Which Requires Filing of this Statement)
</FONT>

<P align="left"><FONT size="2">Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
</FONT>
<P align="left"><FONT size="2"><IMG src="o061581box.gif" alt="BOX">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;13d-1(b)
</FONT>

<P align="left"><FONT size="2"><IMG src="o061581checkbox.gif" alt="BOX">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;13d-1(c)
</FONT>

<P align="left"><FONT size="2"><IMG src="o061581box.gif" alt="BOX">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;13d-1(d)
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSIP No.&nbsp;G65773106
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Persons: Teekay Shipping Corporation<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.R.S. Identification Nos. of above persons (entities only). Not applicable.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;[x]<BR>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC Use Only
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or Place of Organization: Republic of the Marshall Islands.
</FONT>
<P><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Shares Beneficially Owned by Each
Reporting Person With</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power. 0</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power: 1,150,221*</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power: 0</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power: 1,150,221*</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person: 1,150,221*</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (9)&nbsp;Excludes Certain Shares (See Instructions).</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent of Class&nbsp;Represented by Amount in Row (9): 11.8%</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type of Reporting Person: CO</FONT>
<P>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Item&nbsp;4 of this Schedule&nbsp;13G</FONT>
<P align="center"><FONT size="2">Page 2 of 5</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2"><B>Item&nbsp;1.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Name of Issuer:<BR>
This Schedule&nbsp;13G relates to Nordic American Tanker Shipping Limited, a Marshall Islands corporation (the &#147;Company&#148;).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Address of Issuer&#146;s Principal Executive Offices:<BR>
The Company&#146;s principal executive offices are located at Cedar House, 41 Cedar Avenue, Hamilton HMEX, Bermuda.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;2.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Name of Person Filing:<BR>
This Schedule&nbsp;13G is being filed on behalf of Teekay Shipping Corporation (&#147;Teekay&#148;).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Address of Principal Business Office:<BR>
The address of Teekay&#146;s principal business office is: TK House, P. O. Box AP59214, Bayside Executive Park, West Bay
Street &#038; Lake Road, Nassau, Bahamas.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Citizenship:<BR>
Teekay is organized under the laws of the Republic of the Marshall Islands.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Title of Class of Securities:<BR>
This Schedule&nbsp;13G relates to the Company&#146;s common shares, $.01 par value per share.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">CUSIP Number: The Company&#146;s CUSIP number is G65773106.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;3. If this statement is filed pursuant to &#167;&#167;240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
        <TD width="2%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="92%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="2%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="92%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="2%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="92%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
        <TD width="2%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="92%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C.
80a-8).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
        <TD width="2%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="92%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investment adviser in accordance with &#167;240.13d-1(b)(1)(ii)(E);</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
        <TD width="2%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="92%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An employee benefit plan or endowment fund in accordance with &#167;240.13d-1(b)(1)(ii)(F);</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">Page 3 of 5</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
        <TD width="1%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="93%"><FONT size="2">A parent holding company or control person in accordance with &#167;240.13d-1(b)(1)(ii)(G);</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
        <TD width="1%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="93%"><FONT size="2">A savings association as defined in Section&nbsp;3(b) of the Federal Deposit Insurance Act (12
U.S.C. 1813);</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
        <TD width="1%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="93%"><FONT size="2">A church plan that is excluded from the definition of an investment company under section
3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
        <TD width="1%"><FONT size="2">&#091; &#093;</FONT></TD>
        <TD width="93%"><FONT size="2">Group, in accordance with &#167;240.13d-1(b)(1)(ii)(J).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;4. Ownership.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Amount beneficially owned: 1,150,221*</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Percent of class: 11.8%</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Number of shares as to which the person has:</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</table>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">Sole power to vote or to direct the vote: 0</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">Shared power to vote or to direct the vote: 1,150,221*</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">Sole power to dispose or to direct the disposition of: 0</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">Shared power to dispose or to direct the disposition of:
1,150,221*</FONT></TD>
</TR>
</TABLE>
<P>
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective May&nbsp;28, 2001 Teekay acquired direct ownership of all of the outstanding shares of Ugland Nordic Shipping ASA, a Norwegian Shipping Company
(&#147;Ugland&#148;). As sole shareholder of Ugland, Teekay has indirect beneficial ownership of the Company&#146;s common shares directly owned of record by Ugland as of
the date of this Schedule&nbsp;13G.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;5. Ownership of Five Percent or Less of a Class</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Ownership of More than Five Percent on Behalf of Another Person.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;8. Identification and Classification of Members of the Group</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">Page 4 of 5</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2"><B>Item&nbsp;9. Notice of Dissolution of Group</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;10. Certification</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Not applicable</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a participant in any transaction having
that purpose or effect.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><B>SIGNATURE</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">December 21, 2001</FONT><BR>
<HR size="1" align="left" width="60%" noshade><FONT size="2">
</FONT></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Date</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">TEEKAY SHIPPING CORPORATION</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:    -s- Peter Antturi<BR>
</FONT><HR size="1" align="left" width="60%" noshade><FONT size="2">
Name:  Peter Antturi<BR>
Title: Vice President, Treasurer and<BR>
Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001)</B>
</FONT>

<P align="center"><FONT size="2">Page 5 of 5</FONT>



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