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<SEC-DOCUMENT>0001130319-02-000247.txt : 20020415
<SEC-HEADER>0001130319-02-000247.hdr.sgml : 20020415
ACCESSION NUMBER:		0001130319-02-000247
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20020402
FILED AS OF DATE:		20020402

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:		1934 Act
		SEC FILE NUMBER:	001-12874
		FILM NUMBER:		02599924

	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>o06687e6-k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Proxy Statement and Notice of AGM</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT size="2"><B>WASHINGTON, DC 20549</B>
</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="4"><B>Form&nbsp;6-K</B>
</FONT>

<P align="center"><FONT size="2"><B>REPORT OF FOREIGN ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B>
</FONT>

<P align="center"><FONT size="2">For the month of April&nbsp;2002
</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="4"><B>TEEKAY SHIPPING CORPORATION</B>
</FONT>

<P align="center"><FONT size="2">TK House, Bayside Executive Park,<BR>
West Bay Street &#038; Blake Road<BR>
P.O. Box AP-59213, Nassau,<BR>
The Bahamas<BR>
(242)&nbsp;502-8820<BR>
(Address of principal executive offices)
</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="2">&#091;indicate by check mark whether the registrant files or will file annual
reports under cover Form&nbsp;20-F or Form&nbsp;40-F&#093;
</FONT>
<P align="center"><FONT size="2">Form&nbsp;20-F
<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT>

<P align="center"><FONT size="2">&#091;indicate by check mark whether the registrant by furnishing 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&#093;
</FONT>
<P align="center"><FONT size="2">Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No <U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT>

<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">

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<P><FONT size="2">Please find attached as Exhibit&nbsp;A the Company&#146;s Proxy Statement and Notice for
the 2002 Annual General Meeting of Shareholders which were mailed to
shareholders on or about March&nbsp;29, 2002.
</FONT>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf by the
undersigned, thereunto duly authorized.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="20%">&nbsp;</TD>
        <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
TEEKAY SHIPPING CORPORATION</FONT></TD>
</TR>
<TR>
<TD><FONT size="2"></FONT>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Date: April 2, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
By:&nbsp;<U>&nbsp;/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;</U><BR>

Name:&nbsp;&nbsp;Peter S. Antturi<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice-President, Treasurer<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"></FONT>




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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="77%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<IMG src="o06687teekay.gif" alt="(TEEKAY LOGO)"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<B><FONT size="2">TEEKAY SHIPPING CORPORATION<BR>
	TK&nbsp;House, Bayside Executive Park, West Bay
	Street&nbsp;&#38; Blake Road<BR>
	P.O. Box AP-59213, Nassau, The&nbsp;Bahamas</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right">
<B><FONT size="2">PHONE: (242)&nbsp;502-8820</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">FAX: (242)&nbsp;502-8840</FONT></B>
</DIV>

<P align="left">
<FONT size="2">March&nbsp;29, 2002
</FONT>

<P align="left">
<FONT size="2">Dear Shareholder:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On behalf of the Board of Directors, it is my
pleasure to extend to you an invitation to attend
the&nbsp;2002&nbsp;Annual Meeting of shareholders (the
&#147;Annual Meeting&#148;) of Teekay Shipping Corporation (the
&#147;Company&#148;). The Annual Meeting will be held&nbsp;at:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="7%"></TD>
	<TD width="90%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">Place:</FONT></TD>
	<TD align="left">
	<FONT size="2">The Royal Automobile Club, <BR>
	 89 Pall Mall, <BR>
	 London, England
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday,
May&nbsp;20, 2002
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Time:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9:00&nbsp;a.m.
(London time)
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notice of Annual Meeting of Shareholders and
the Proxy Statement are enclosed herewith. The Proxy Statement
describes the business to be transacted at the Annual Meeting
and provides other information concerning the Company. The
principal business to be transacted at the Annual Meeting will
be (1)&nbsp;the election of Directors and (2)&nbsp;the
ratification of the selection of Ernst&nbsp;&#38;
Young&nbsp;LLP, Chartered Accountants, as the Company&#146;s
independent auditors for the fiscal year ending
December&nbsp;31, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors unanimously recommends
that shareholders vote for the election of the nominated
Directors and for the ratification of Ernst&nbsp;&#38;
Young&nbsp;LLP, Chartered Accountants, as the Company&#146;s
independent auditors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We know that many of our shareholders will be
unable to attend the Annual Meeting. Proxies are therefore
solicited so that each shareholder has an opportunity to vote on
all matters that are scheduled to come before the Annual
Meeting. Whether or not you plan to attend the Annual Meeting,
we hope that you will have your stock represented by completing,
signing, dating and returning your proxy card in the enclosed
envelope as soon as possible. You may, of course, attend the
Annual Meeting and vote in person even if you have previously
returned your proxy&nbsp;card.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="62%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">Sincerely,
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<IMG src="o06687moller.gif" alt="-s- Bjorn Moller"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">BJORN MOLLER
	</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">President and Chief Executive Officer
	</FONT></TD>
</TR>

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

<P align="center">
<B><FONT size="2">NOTICE OF ANNUAL MEETING OF
SHAREHOLDERS</FONT></B>

<P align="center">
<B><FONT size="2">TO BE HELD May&nbsp;20, 2002</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">NOTICE IS HEREBY GIVEN
</FONT></B><FONT size="2">that the Annual Meeting of
shareholders of <B>TEEKAY SHIPPING CORPORATION </B>(the
&#147;Company&#148; ) will be held at The Royal Automobile Club,
89&nbsp;Pall&nbsp;Mall, London, England at 9:00&nbsp;a.m.
(London time), on Monday, May&nbsp;20, 2002 (the &#147;Annual
Meeting&#148;) for the following purposes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">1.</FONT></TD>
	<TD align="left">
	<FONT size="2">To elect three (3)&nbsp;Directors to the
	Company&#146;s Board of Directors for a term of three&nbsp;years;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">2.</FONT></TD>
	<TD align="left">
	<FONT size="2">To ratify the selection of Ernst&nbsp;&#38;
	Young&nbsp;LLP, Chartered Accountants, as the Company&#146;s
	independent auditors for the fiscal year ending
	December&nbsp;31, 2002;&nbsp;and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">3.</FONT></TD>
	<TD align="left">
	<FONT size="2">To transact such other business as may properly
	come before the Annual Meeting or any adjournment or
	postponement thereof.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The nominees for election as Directors are named
in the enclosed Proxy Statement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The record date for the Annual Meeting is
March&nbsp;22, 2002. Only shareholders of record at the close of
business on that date will be entitled to notice, and to vote
at, the Annual Meeting or any adjournment or postponement
thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">ALL SHAREHOLDERS ARE CORDIALLY INVITED TO ATTEND
THE ANNUAL MEETING. WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL
MEETING, YOU ARE URGED TO COMPLETE, SIGN AND DATE THE ENCLOSED
PROXY CARD AND RETURN IT AS PROMPTLY AS POSSIBLE IN THE ENCLOSED
ENVELOPE (WHICH REQUIRES NO ADDITIONAL POSTAGE IF MAILED IN THE
UNITED STATES) IN ORDER THAT THE PRESENCE OF A QUORUM MAY BE
ASSURED. THE GIVING OF SUCH PROXY DOES NOT AFFECT YOUR RIGHT TO
REVOKE IT LATER OR TO VOTE YOUR SHARES IN PERSON IN THE EVENT
THAT YOU SHOULD ATTEND THE ANNUAL MEETING.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="62%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">By Order of the Board of Directors
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<IMG src="o06687bell.gif" alt="(Bruce Bell Signature)"></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">BRUCE C. BELL
	</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">Secretary
	</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Nassau, The Bahamas
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">March&nbsp;29, 2002
</FONT>
</DIV>

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<P align="center">
<B><FONT size="4">TEEKAY SHIPPING CORPORATION</FONT></B>

<DIV align="center">
<B><FONT size="2">TK HOUSE, BAYSIDE EXECUTIVE PARK</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">WEST BAY STREET&nbsp;&#38; BLAKE
ROAD</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">P.O. BOX AP-59213</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">NASSAU, THE BAHAMAS</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">PROXY STATEMENT</FONT></B>

<DIV align="center">
<B><FONT size="2">FOR ANNUAL MEETING OF SHAREHOLDERS</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">TO BE HELD ON MONDAY, MAY&nbsp;20,
2002</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Proxy Statement is furnished by the Board of
Directors of Teekay Shipping Corporation (the
&#147;Company&#148;) in connection with the solicitation of
proxies by the Board of Directors for use at the Company&#146;s
2002 Annual Meeting of shareholders (the &#147;Annual
Meeting&#148;), to be held at 9:00&nbsp;a.m. (London time), on
Monday, May&nbsp;20, 2002 at The Royal Automobile Club,
89&nbsp;Pall&nbsp;Mall, London, England. The principal executive
headquarters of the Company are located at the TK&nbsp;House,
Bayside Executive Park, West Bay Street&nbsp;&#38; Blake Road,
P.O.&nbsp;Box AP-59213, Nassau, The&nbsp;Bahamas.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Proxy Statement and the enclosed proxy card
are first being mailed to the Company&#146;s shareholders on or
about March&nbsp;29, 2002.
</FONT>

<P align="left">
<B><FONT size="2">Record Date and Outstanding Shares</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only holders of record of the Company&#146;s
common stock, par value $0.001 per share (the &#147;Common
Stock&#148;), at the close of business on March&nbsp;22, 2002,
will be entitled to vote at the Annual Meeting. On that date,
the Company had approximately 39,551,019 shares of Common Stock
outstanding.
</FONT>

<P align="left">
<B><FONT size="2">Quorum and Voting</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each share of Common Stock entitles the holder
thereof to one vote. Under the Company&#146;s Bylaws, action may
be taken on a matter submitted to shareholders only if a quorum
exists with respect to such matter. In general, a majority of
the outstanding shares of Common Stock entitled to vote at the
Annual Meeting, present in person or represented by proxy, will
constitute a quorum for the Annual Meeting. However, the number
of shares required to be represented at the Annual Meeting to
constitute a quorum is reduced from a majority to one-third of
the shares entitled to vote on a specific matter if that matter
is recommended by the Continuing Directors (as defined below) or
for purposes of voting on the election of Directors if all
nominees are recommended by the Continuing Directors.
&#147;Continuing Directors&#148; means the incumbent members of
the Board of Directors that were members of the Board on
June&nbsp;15, 1999 and any persons who are subsequently elected
or appointed to the Board if such persons are recommended by a
majority of the Continuing Directors. The Continuing Directors
have recommended for election all the nominees for Director set
out in this Proxy Statement and have recommended the
ratification of the selection of Ernst&nbsp;&#38; Young&nbsp;LLP
be approved. Accordingly, the quorum for each of such matters
will be one-third of the shares entitled to vote, present in
person or represented by&nbsp;proxy.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shareholders are not entitled to cumulative
voting rights in the election of Directors. A nominee for
election to the Board of Directors will be elected by a
plurality of the votes cast by shareholders entitled to vote at
the Annual Meeting. In the election of Directors, any action
other than a vote for a nominee will have the practical effect
of voting against the nominee. For all other matters, action is
approved if the votes
</FONT>

<P align="center"><FONT size="2">1
</FONT>

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<DIV align="left">
<FONT size="2">cast in favor of the action exceed the votes cast
opposing the action. Abstentions and other non-votes are counted
for purposes of determining whether a quorum exists at the
Annual Meeting, but are not counted for any purpose in
determining whether a proposal is approved and have no effect on
the determination of whether a plurality exists with respect to
a given nominee. Proxies and ballots will be received and
tabulated by The Bank of New York, the Company&#146;s
transfer&nbsp;agent.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Revocability and Voting of Proxies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A proxy delivered pursuant to this solicitation
is revocable at the option of the person giving the same at any
time before it is exercised. A proxy may be revoked, prior to
its exercise, by delivering to the Secretary of the Company a
written notice of revocation or a duly executed proxy card
bearing a later date, or by attending the Annual Meeting and
electing to vote in person. Attendance at the Annual Meeting, in
and of itself, will not constitute a revocation of a&nbsp;proxy.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If no directions are specified in a properly
executed proxy, the shares covered thereby will be voted
&#147;FOR&#148; (1)&nbsp;the election of each of the nominees
for Directors recommended by the Board of Directors,
(2)&nbsp;the ratification of the selection of Ernst&nbsp;&#38;
Young&nbsp;LLP, Chartered Accountants, as the Company&#146;s
independent auditors for the fiscal year ending
December&nbsp;31, 2002 and (3)&nbsp;in accordance with the
discretion of the named proxy holders on any other matters
properly brought before the Annual&nbsp;Meeting.
</FONT>

<P align="left">
<B><FONT size="2">Solicitation of Proxies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The accompanying proxy is solicited by and on
behalf of the Board of Directors, and the entire cost of
preparing, printing and mailing this Proxy Statement and the
proxy solicited hereby will be borne by the Company. In addition
to the use of the mails, proxies may be solicited by Directors,
officers and other employees of the Company, without additional
remuneration, in person or by telephone or facsimile
transmission or electronic correspondence. The Company will also
request brokerage firms, bank nominees, custodians and
fiduciaries to forward proxy materials to the beneficial owners
of the Common Stock as of the record date and will provide
reimbursement for the cost of forwarding the proxy materials in
accordance with customary practice. Your cooperation in promptly
completing, signing, dating and returning the enclosed proxy
card will help avoid additional&nbsp;expense.
</FONT>

<P align="center"><FONT size="2">2
</FONT>

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<P align="center">
<B><FONT size="2">PROPOSAL 1: ELECTION OF DIRECTORS</FONT></B>

<P align="left">
<B><FONT size="2">Election of Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors consists of nine members,
three of which are due to be elected in 2002. The nominees for
election in 2002 (the &#147;Nominees&#148;) are set
forth&nbsp;below:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="8%"></TD>
	<TD width="92%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<B><FONT size="2">Class&nbsp;III Director Nominees for terms
	expiring in 2005:</FONT></B></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">Thomas Kuo-Yuen Hsu
	</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">Axel Karlshoej
	</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">Bjorn Moller
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shares eligible to be voted, for which a properly
dated and executed proxy is received by the Secretary of the
Company prior to the Annual Meeting, will be voted in accordance
with any choice specified. Where no choice is specified,
eligible shares will be voted for each Nominee as a Director. If
a Nominee becomes unable or unwilling to serve as a Director for
any reason (which is not now anticipated), the named proxy
holders will vote such shares for a substitute Nominee approved
by the Board of&nbsp;Directors.
</FONT>

<P align="left">
<B><FONT size="2">Information About the Director
Nominees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Thomas Kuo-Yuen Hsu
</FONT></I></B><FONT size="2">(age&nbsp;55) has served as a
Director of the Company since June 1993. He has served
28&nbsp;years with, and is presently Executive Director of,
Expedo&nbsp;&#38; Company (London) Ltd., which is&nbsp;part of
the Expedo Group of Companies that manages a fleet of eight
vessels, ranging in size from 20,000&nbsp;dwt to
280,000&nbsp;dwt. He has been a Committee Director of the
Britannia Steam Ship Insurance Association Limited
since&nbsp;1988.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Axel Karlshoej
</FONT></I></B><FONT size="2">(age&nbsp;61) is President and
serves on the compensation committee of Nordic Industries, a
California general construction firm with which he has served
for the past 29&nbsp;years. He is the older brother of the late
J.&nbsp;Torben Karlshoej, the founder of the Company. He has
served as a Director of the Company since 1989 and Chairman of
the Board from June 1994 to September 1999, and Chairman
Emeritus since stepping down as&nbsp;Chairman.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Bjorn Moller
</FONT></I></B><FONT size="2">(age&nbsp;44) became a Director
and the President and Chief Executive Officer of the Company in
April 1998. Mr.&nbsp;Moller has over 20&nbsp;years experience in
shipping and has served in senior management positions with the
Company for more than 13&nbsp;years. He has headed the
Company&#146;s overall operations since January 1997, following
his promotion to the position of Chief Operating Officer. Prior
to this, Mr.&nbsp;Moller headed the Company&#146;s global
chartering operations and business development activities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The Board of Directors recommends a vote FOR
the election of all Nominees.</FONT></B>

<P align="left">
<B><FONT size="2">Information about Directors Continuing in
Office</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Bruce&nbsp;C. Bell
</FONT></I></B><FONT size="2">(age&nbsp;54) has served as a
Director and as the Corporate Secretary of the Company since May
2000. He is the Managing Director of Oceanic Bank and Trust
Limited, a Bahamian bank and trust company, a position he has
held since March 1994. Prior to joining Oceanic Bank and Trust,
Mr.&nbsp;Bell was engaged in the private practice of law in
Canada, specializing in corporate/commercial, banking and
international business transactions.
</FONT>

<P align="center"><FONT size="2">3
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Dr.&nbsp;Ian&nbsp;D. Blackburne
</FONT></I></B><FONT size="2">(age&nbsp;56) was appointed as a
Director of the Company in September 2000. Dr.&nbsp;Blackburne
has over 25&nbsp;years experience in petroleum refining and
marketing, and in March 2000, he retired as Managing Director
and CEO of Caltex Australia Limited, a large petroleum refining
and marketing conglomerate based in Australia. He is currently
serving as a Director of CSR&nbsp;Limited and
Suncorp-Metway&nbsp;Ltd., Australian public companies, and is
Chairman of the Australian Nuclear Science and Technology
Organization.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">C.&nbsp;Sean Day
</FONT></I></B><FONT size="2">(age&nbsp;52) has been a Director
of the Company since September 1998, and has served as the
Company&#146;s Chairman of the Board since September 1999. He
has also been Chairman of the Board of Seagin International LLC
since April 1999 and was President and Chief Executive Officer
of Navios Corporation from 1989 to 1999. Navios Corporation is a
large bulk shipping company based in Stamford, Connecticut.
Prior to this, Mr.&nbsp;Day held a number of senior management
positions in the shipping and finance industry. He is currently
serving as Director of Genesee&nbsp;&#38; Wyoming Inc., Kirby
Corporation, Sparkling Springs Water Group, CBS Personnel,
California Pellett Mills, Transmarine Navigation Company and as
a Director and President of Friends of South Africa Schools
Fund, Inc. Mr.&nbsp;Day is now engaged as a consultant to the
trust that constitutes the largest shareholder of
the&nbsp;Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Morris&nbsp;L. Feder
</FONT></I></B><FONT size="2">(age&nbsp;85) has served as a
Director of the Company since June 1993. He is President of
Worldwide Cargo Inc., a New&nbsp;York-based chartering firm.
Mr.&nbsp;Feder has been engaged in the shipping industry in
excess of 50&nbsp;years, of which 43 were spent with Maritime
Overseas Corporation, from which he retired as Executive Vice
President and Director in December 1991. He has also served as
Senior Vice President and Director of Overseas Shipholding Group
Inc. and was a member of the Finance and Development Committee
of its Board of Directors. Mr.&nbsp;Feder is a member of the
American Bureau of Shipping, the Connecticut Maritime
Association, and the Association of Shipbrokers and Agents
USA&nbsp;Inc.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Leif&nbsp;O. H&#246;egh
</FONT></I></B><FONT size="2">(age&nbsp;38) was appointed as a
Director in June 1999 in connection with the Company&#146;s
acquisition of Bona Shipholding Ltd. He served as a Director of
Bona from November 1993 to June 1999 and served as its Chairman
from June 1998 to June 1999. Mr.&nbsp;H&#246;egh is Managing
Director of Leif H&#246;egh (UK)&nbsp;Ltd and Vice-Chairman of
Leif H&#246;egh and Co.&nbsp;ASA. He also serves as a Director
of Dannebrog Rederi&nbsp;AS and as the Chairman of H&#246;egh
Capital Partners,&nbsp;Inc.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Eileen&nbsp;A. Mercier
</FONT></I></B><FONT size="2">(age&nbsp;54) has served as a
Director of the Company since December 2000. Ms.&nbsp;Mercier
has over 30&nbsp;years of experience in a wide variety of
financial and strategic planning positions, including Senior
Vice President and Chief Financial Officer for Abitibi-Price
Inc. from 1990 to 1995. Since then she has been President of
Finvoy Management Inc., a management consulting firm
specializing in financial strategy, mergers and acquisitions,
restructuring and corporate governance issues. She also
currently serves as a Director for CGI&nbsp;Group Inc., Quebecor
World Inc., Winpak&nbsp;Ltd., Covington Fund Inc., ING&nbsp;Bank
of Canada, The Workplace Safety and Insurance Board of Ontario,
York University, and the University Health&nbsp;Network.
</FONT>

<P align="left">
<B><FONT size="2">Compensation of Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the twelve months ended December&nbsp;31,
2001, the eight non-employee Directors of the Company receive,
in the aggregate, approximately $180,000 for their services as
Directors, plus reimbursement of their out-of-pocket expenses in
each fiscal year during which they are Directors of the Company.
During that same period, the Company granted stock options to
purchase an aggregate of 80,000 shares of the Company&#146;s
common stock to non-employee Directors with an exercise price of
$41.190 per share. The options expire March&nbsp;14, 2011, ten
years after the date of&nbsp;grant.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As at December&nbsp;31, 2001, the non-employee
Directors held stock options to purchase a total of
485,000&nbsp;shares of the Company&#146;s common stock at
exercise prices ranging from $16.875 to $41.190 per share that
expire between July&nbsp;19, 2005 and March&nbsp;14, 2011, ten
years after each option&#146;s respective date of&nbsp;grant.
</FONT>

<P align="left">
<B><FONT size="2">Board of Directors&#146; Committees and
Meetings</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has standing Audit,
Executive, Governance and Resource Committees. There is no
standing nominating committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee oversees actions taken by the
Company&#146;s independent auditors. The Audit Committee
consists of non-employee Directors Morris&nbsp;L. Feder,
Leif&nbsp;O. H&#246;egh, and Eileen&nbsp;A.&nbsp;Mercier.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Executive Committee is responsible for items
which have been broadly approved by the Board, and which are
beyond the approval levels of the Chairman and CEO. The
Executive Committee consists of CEO and Director, Bjorn Moller,
together with non-employee Directors C.&nbsp;Sean Day,
Morris&nbsp;L. Feder, and Axel&nbsp;Karlshoej.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Governance Committee is responsible for
making recommendations to the Board on corporate governance
issues. The Governance Committee consists of non-employee
Directors Bruce&nbsp;C. Bell, C.&nbsp;Sean Day, and
Eileen&nbsp;A. Mercier, together with the CEO and Director of
the Company, Bjorn&nbsp;Moller.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Resource Committee reviews the compensation
of the Company&#146;s executive officers and makes
recommendations to the Board of Directors regarding
compensation. The Resource Committee consists of non-employee
Directors Dr.&nbsp;Ian&nbsp;D. Blackburne, Axel Karlshoej, and
Thomas Kuo-Yuen&nbsp;Hsu.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors meets at least once
per&nbsp;quarter.
</FONT>

<P align="left">
<B><FONT size="2">Executive Officers</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" nowrap><B><FONT size="1">Name</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Age</FONT></B></TD>
	<TD></TD>
	<TD align="left" nowrap><B><FONT size="1">Position</FONT></B></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Moller, Bjorn*
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Director, President and Chief Executive Officer
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Antturi, Peter S.
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">SVP, Treasurer and Chief Financial Officer
	</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Glendinning, David
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">SVP, Customer Relations&nbsp;&#38; Marine Project
	Development
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Meldgaard, Mads T.
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">VP, Chartering
	</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Westgarth, Graham
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">SVP, Marine Operations
	</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	<FONT size="2">For information regarding Mr.&nbsp;Moller, see
	&#147;&#151;&nbsp;Information About the Director Nominees&#148;
	above.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Peter&nbsp;S. Antturi
</FONT></I></B><FONT size="2">joined the Company in September
1991 as Manager, Accounting and was promoted to the position of
Controller in March 1992, and then to Vice President, Treasurer
and Chief Financial Officer in October 1997. Mr.&nbsp;Antturi
was appointed to his current position of Senior Vice President,
Treasurer and Chief Financial Officer in March 2002. Prior to
joining the Company, Mr.&nbsp;Antturi held various accounting
and finance roles in the shipping industry since&nbsp;1985.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Captain David Glendinning
</FONT></I></B><FONT size="2">joined the Chartering Department
of the Company&#146;s London office in January 1987. Since then,
he has worked in a number of senior positions within the
organization, including Vice President, Commercial Operations,
Vice President, Marine and Commercial Operations. Since February
1999 he has served as Senior Vice President, Customer Relations
and Marine Project Develop-
</FONT>

<P align="center"><FONT size="2">5
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">ment. Captain Glendinning has 18&nbsp;years&#146;
sea service on oil tankers of various types and sizes and is a
Master Mariner with British Class&nbsp;1 Foreign Going
Certificate of&nbsp;Competency.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Mads&nbsp;T. Meldgaard
</FONT></I></B><FONT size="2">joined the Company&#146;s
Chartering Department in January 1986 and served in the European
and Singapore offices until December 1991, when he was appointed
Chartering Manager in the Vancouver office. In January 1994, he
was promoted to the position of General Manager, Chartering, and
then to Managing Director (Singapore) in September 1995. In July
1998, Mr.&nbsp;Meldgaard became Vice President, Chartering based
in&nbsp;Vancouver.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Captain Graham Westgarth
</FONT></I></B><FONT size="2">joined the Company in February
1999 as Vice President, Marine Operations and was promoted to
the position of Senior Vice President, Marine Operations in
December 1999. Captain Westgarth has 29&nbsp;years of shipping
industry experience. Eighteen of those years were spent at sea,
including five years in a command position. He joined the
Company from Maersk Company (UK), where he joined as Master in
1987 before being promoted to General Manager in&nbsp;1994.
</FONT>

<P align="left">
<B><FONT size="2">Executive Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate compensation paid to the five
executive officers listed above (the &#147;Executive
Officers&#148;) was $2,589,006 for the twelve months ended
December&nbsp;31, 2001, a portion of which was attributable to
payments made pursuant to bonus plans of the Company, which
consider both Company and individual performance for a given
period. For the twelve months ended December 31, 2001, the
Company also contributed an aggregate amount of $232,787 to
provide pension and similar benefits for the
Executive&nbsp;Officers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Summary Compensation Table.
</FONT></I></B><FONT size="2">The following table sets forth
certain information regarding the compensation paid in the
aggregate to the Executive Officers during each of the last
three fiscal&nbsp;periods:
</FONT>

<P align="center">
<B><FONT size="2">Summary Compensation Table</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
	<TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11" align="center" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Long-Term Compensation Awards</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Other Annual</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Securities Underlying Options</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><B><FONT size="1">Fiscal Year</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Salary</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Bonus</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation(1)</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">(#)</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">2001
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$1,416,444</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$1,172,562</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$232,787</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">82,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">2000
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$1,575,624</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$749,043</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$209,198</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">119,500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1" noshade></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">1999(2)
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$788,808</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$111,525</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$44,556</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">377,075</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(1)</FONT></TD>
	<TD align="left">
	<FONT size="2">Consists primarily of payments to provide pension
	and similar benefits for the Executive&nbsp;Officers.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(2)</FONT></TD>
	<TD align="left">
	<FONT size="2">Nine months ended December&nbsp;31, 1999; the
	Company changed its fiscal year end from March&nbsp;31 to
	December&nbsp;31, effective December&nbsp;31,&nbsp;1999.
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">6
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Stock Options Granted for the Twelve Months
Ended December&nbsp;31, 2001. </FONT></I></B><FONT size="2">The
following table sets forth certain information with respect to
grants of options to purchase Common Stock of the Company made
to the Executive Officers as a group during the twelve months
ended December&nbsp;31,&nbsp;2001:
</FONT>

<P align="center">
<B><FONT size="2">Option Grants for the Twelve Months Ended
December&nbsp;31, 2001</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
	<TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="5" align="center" nowrap><B><FONT size="1">Aggregate Grants</FONT></B></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7" align="center" nowrap><B><FONT size="1">Potential Realizable Value</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7" align="center" nowrap><B><FONT size="1">at Assumed</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">% of Total Options</FONT></B></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7" align="center" nowrap><B><FONT size="1">Annual Rates</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Granted to</FONT></B></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7" align="center" nowrap><B><FONT size="1">of Stock Appreciation</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><B><FONT size="1">Number of Securities</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Employees for the</FONT></B></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7" align="center" nowrap><B><FONT size="1">for Option Term(1)</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><B><FONT size="1">Underlying Options</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Twelve Months Ended</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise Price</FONT></B></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><B><FONT size="1">Granted</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31, 2001</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">($/sh)</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Expiration Date</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">5%</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">10%</FONT></B></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">82,600
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">9.6%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$41.190</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">3/14/11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$2,139,684</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">$5,422,380</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="23" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
	<TD colspan="23" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(1)</FONT></TD>
	<TD align="left">
	<FONT size="2">This column shows the hypothetical gains or
	option spreads of the options granted based on assumed annual
	compound stock appreciation rates of&nbsp;5% and 10% over the
	full ten-year term of the options. The assumed rates of
	appreciation are for informational purposes only and do not
	represent the Company&#146;s estimate or projection of future
	Common Stock&nbsp;prices.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Aggregate Option Exercises and Year-End
Option Values. </FONT></I></B><FONT size="2">The Executive
Officers exercised an aggregate of 430,750 options during the
twelve months ended December&nbsp;31, 2001. The following table
sets forth certain information regarding the 2001 year-end value
of all options then held by the Executive Officers as
a&nbsp;group.
</FONT>

<P align="center">
<B><FONT size="2">2001 Year-End Option Values</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
	<TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Number of Securities Underlying Unexercised Options</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Value of Unexercised In-the-Money Options</FONT></B></TD>
</TR>

<TR>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">at December&nbsp;31, 2001(1)</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">at December&nbsp;31, 2001(2)</FONT></B></TD>
</TR>

<TR>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">(Excercisable/Unexercisable)</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">(Exercisable/Unexercisable)</FONT></B></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">213,750/240,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="center" valign="bottom"><FONT size="2">$2,504,925/$2,437,255</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(1)</FONT></TD>
	<TD align="left">
	<FONT size="2">The exercisable and unexercisable options have
	exercise prices ranging from $16.875 to $41.190 per&nbsp;share.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(2)</FONT></TD>
	<TD align="left">
	<FONT size="2">Calculated based on the difference between the
	option exercise prices and the market price of the
	Company&#146;s Common Stock of $34.850 on
	December&nbsp;31,&nbsp;2001.
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">7
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B><FONT size="2">Performance Graph</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following graph compares the cumulative total
return to holders of the Company&#146;s Common Stock with the
cumulative total return of the S&#38;P&nbsp;500 Index and the
Dow Jones Marine Transportation Index for the period beginning
July&nbsp;19, 1995, the day of pricing the Company&#146;s
initial public offering, and ending December&nbsp;31, 2001. The
comparison assumes that $100 was invested in the Company&#146;s
Common Stock and in each of the foregoing indices, with all
dividends reinvested. Past performance is not necessarily an
indicator of future&nbsp;results.
</FONT>

<P align="center">
<IMG src="o06687o06687ab.gif" alt="(Performance Graph)">

<P align="center"><FONT size="2">8
</FONT>

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

<P align="center">
<B><FONT size="2">SECURITY OWNERSHIP OF CERTAIN OWNERS AND
MANAGEMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth certain
information regarding beneficial ownership, as of March&nbsp;1,
2002, of the Common Stock by (i)&nbsp;each person known by the
Company to beneficially own more than 5% of the Common Stock and
(ii)&nbsp;Directors and the Executive Officers as a group.
Information for certain holders is based on their latest filings
with the Securities Exchange Commission or information delivered
to the&nbsp;Company.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" nowrap><B><FONT size="1">Identity of Person or Group</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Shares Owned</FONT></B></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><B><FONT size="1">Percent of Class</FONT></B></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Cirrus Trust and JTK Trust(1)
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,315,690</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41.24%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Neuberger Berman LLC
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,817,022</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.65%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Fidelity Management and Research
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,265,060</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.73%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">All Directors and Executive Officers as a group
	(13&nbsp;persons)(2)
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">649,481</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.64%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(1)</FONT></TD>
	<TD align="left">
	<FONT size="2">Cirrus Trust and JTK Trust are under common
	supervision and beneficially own 13,427,397 shares (or 33.95%)
	of Common Stock and 2,888,293 shares (or 7.29%) of Common Stock,
	respectively.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(2)</FONT></TD>
	<TD align="left">
	<FONT size="2">Includes 630,331 shares of Common Stock subject
	to stock options exercisable within 60&nbsp;days after
	March&nbsp;1, 2002. Excludes 309,019 shares subject to stock
	options first exercisable more than 60&nbsp;days after
	March&nbsp;1,&nbsp;2002.
	</FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">CERTAIN TRANSACTIONS WITH RELATED
PARTIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approximately 41.24% of the issued and
outstanding shares of Common Stock is beneficially owned by
Cirrus Trust and JTK&nbsp;Trust (the &#147;Trusts&#148;), which
are under the common supervision of Axel Karlshoej and Thomas
Kuo-Yuen Hsu, Directors of the Company, and Shigeru Matsui,
President of Matsui&nbsp;&#38; Company, Toyko-based ship
brokerage firm, and Arthur&nbsp;F. Coady, Chairman of Oceanic
Bank and Trust, an affiliate of Cirrus Trust and JTK&nbsp;Trust.
Bruce&nbsp;C. Bell, a Director and the Corporate Secretary of
the Company, is the Managing Director of Oceanic Bank
and&nbsp;Trust.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payments made by the Company to the Trusts or
companies related through common ownership in respect of port
agent services, legal and administration fees, shared office
costs and consulting fees for the years ended December&nbsp;31,
2001 and 2000 and the nine month period ended December&nbsp;31,
1999 totaled $1,499,700, $1,638,300 and $510,200, respectively.
</FONT>

<P align="center">
<B><FONT size="2">PROPOSAL 2: RATIFICATION OF SELECTION OF
INDEPENDENT PUBLIC&nbsp;ACCOUNTANTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors requests that the
shareholders ratify its selection of Ernst&nbsp;&#38; Young LLP,
Chartered Accountants, to examine the financial statements of
the Company for the fiscal year ending December&nbsp;31, 2002.
Ernst&nbsp;&#38; Young LLP, Chartered Accountants, examined the
financial statements of the Company for the fiscal year ended
December&nbsp;31,&nbsp;2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The Board of Directors recommends a vote FOR
the ratification of the selection of Ernst&nbsp;&#38; Young LLP,
Chartered Accountants, as independent auditors of
the&nbsp;Company.</FONT></B>

<P align="center"><FONT size="2">9
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">PROPOSALS OF SHAREHOLDERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shareholder proposals intended for inclusion in
the proxy materials for the Company&#146;s 2003 Annual Meeting
of shareholders must be received by the Company not later than
December&nbsp;31, 2002. In addition, the Company&#146;s Amended
and Restated Bylaws establish an advance notice procedure with
regard to certain matters, including shareholder proposals to be
brought before annual meetings of shareholders and nominations
for Directors to be voted on at annual meetings of shareholders.
All notices of proposals and nominations by shareholders that
comply with the advance notice procedures should be sent to the
attention of the Corporate Secretary of the Company at Teekay
Shipping Corporation, TK&nbsp;House, Bayside Executive Park,
West Bay Street&nbsp;&#38; Blake Road, P.O.&nbsp;Box AP-59213,
Nassau, The&nbsp;Bahamas.
</FONT>

<P align="center">
<B><FONT size="2">OTHER BUSINESS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors does not intend to present
any business at the Annual Meeting other than as set forth in
the accompanying Notice of Annual Meeting of Shareholders, and
has no present knowledge that any others intend to present
business at the Annual Meeting. If, however, other matters
requiring a vote of the shareholders properly come before the
Annual Meeting or any adjournment or postponement thereof, the
persons named in the accompanying form of proxy will have
discretionary authority to vote the proxies held by them in
accordance with their judgment as to such&nbsp;matters.
</FONT>

<P align="center">
<B><FONT size="2">ANNUAL REPORT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A copy of the Company&#146;s 2001 Annual Report
to Shareholders for the fiscal year ended December&nbsp;31, 2001
accompanies this Proxy Statement.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="62%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">By Order of the Board of Directors
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<IMG src="o06687bell.gif" alt="(Bruce Bell Signature)"></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">BRUCE C. BELL
	</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">Secretary
	</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Nassau, The Bahamas
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">March&nbsp;29, 2002
</FONT>
</DIV>

<P align="center"><FONT size="2">10
</FONT>
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`
end

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