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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000911971-02-000019.txt : 20021216
<SEC-HEADER>0000911971-02-000019.hdr.sgml : 20021216
<ACCEPTANCE-DATETIME>20021216135149
ACCESSION NUMBER:		0000911971-02-000019
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20021216
FILED AS OF DATE:		20021216

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:		02858329

	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:		1 BENTALL CENTRE,STE 1400,505 BURRARD ST
		STREET 2:		VANCOUVER, BRITISH COLUMBIA
		CITY:			CANADA V7X 1M5
		STATE:			A6
		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_121602.htm
<DESCRIPTION>FORM 6-K REPORT DATE: DEC 16/02
<TEXT>
<HTML>
<HEAD>
<TITLE>TEEKAY SHIPPING CORPORATION</TITLE>
</HEAD>
<BODY>
<H1 ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE=5>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT></H1>

<H1 ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE=3><u><B>WASHINGTON, D.C. 20549</B></u>
</FONT>
</H1>

<BR>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 6-K</FONT></H1>

<P ALIGN=CENTER>Report of Foreign Private Issuer</P>
<P ALIGN=CENTER>Pursuant to Rule 13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</P>

<hr width=15% size=1 noshade>

                                   <P ALIGN=CENTER>Date of report:  December 16, 2002<BR>
<BR>
                                            <FONT SIZE=4><B>TEEKAY SHIPPING CORPORATION</B></FONT><BR>
                              (Exact name of Registrant as specified in its charter)<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></P>

<hr width=15% size=1 noshade>

<P>&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.]</P>

<P ALIGN=CENTER>Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form 40- F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P>&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.]</P>

<P ALIGN=CENTER>Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P>
<BR>
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<BR>
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<BR>
<P>Item 1 - Information Contained in this Form 6-K Report</P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH=5% ALIGN=CENTER></TD>
<TD WIDTH=95%>Attached as Exhibit I is a copy of an announcement of Teekay Shipping Corporation (the &#147;Company&#148;), dated
December 16, 2002.</TD>
</TR>
</TABLE>
<BR>
<BR>
<p>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.</p>
<BR>
<BR>
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<BR>
<BR>
<BR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>SIGNATURES</FONT></H1>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 its behalf by the undersigned, thereunto duly authorized.
</P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH=45% VALIGN=MIDDLE>
Date:    December 16, 2002
</TD>
<TD WIDTH=55% VALIGN=TOP>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEEKAY SHIPPING CORPORATION
<BR>
<BR>
<BR>
<BR>
By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Peter S. Antturi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter S. Antturi<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Chief Financial Officer<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial and Accounting Officer)<BR>
</TD>
</TR>
</TABLE>
<BR>
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<BR>
<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=3>
TK House, Bayside Executive Park, West Bay Street &amp; Blake Road <BR>
P.O. 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>
<BR>
<BR>
<CENTER><B>TEEKAY SHIPPING TO ACQUIRE STATOIL&#146;S SHIPPING SUBSIDIARY, <BR>
NAVION ASA</B></CENTER>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
     <TD WIDTH=10%><BR></TD>
     <TD WIDTH=10% VALIGN=TOP>o<BR></TD>
     <TD WIDTH=80%>Complements Teekay&#146;s Core Competencies in the Shuttle and Conventional Tanker Markets</TD></TR>
<TR>
     <TD WIDTH=10%><BR></TD>
     <TD WIDTH=10%>o<BR></TD>
     <TD WIDTH=80%>Provides Teekay with Growth Opportunities in Related Market Segments<BR></TD></TR>
<TR>
     <TD WIDTH=10%><BR></TD>
     <TD WIDTH=10%>o<BR></TD>
     <TD WIDTH=80%>Transaction Expected to Enhance Earnings and Improve Financial Stability</TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>Nassau, The Bahamas &#150;
December 16, 2002</B>&#150; Teekay Shipping  Corporation (NYSE: TK) and Statoil ASA (NYSE: STO, OSE: STL)  announced
that they have entered into an agreement  under which Teekay will acquire  Statoil&#146;s  wholly-owned
shipping  company,  Navion ASA, on a debt free basis,  for  approximately  USD 800 million in cash. The transaction
positions Teekay as a strategic  logistics  provider of shuttle tanker services to Statoil and other oil companies,
and  increases  Teekay&#146;s  presence  in the  conventional  crude oil and  product  tanker  trades.  In 2001,  Navion
transported a total of 160 million  tonnes of crude oil and petroleum  products,  exceeding the 135 million  tonnes
carried by Teekay in that year.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Operating from Stavanger,  Norway,  Navion has built a leading  franchise in the complex North Sea offshore loading
business.  It provides  logistics  services to Statoil and other oil  companies  through a portfolio of  fixed-rate
long-term contracts of affreightment  (COAs).  Navion supports this COA business with a modern fleet of 9 owned and
17 in-chartered  shuttle  tankers,  including four vessels from Ugland Nordic Shipping AS (UNS),  Teekay&#146;s  shuttle
tanker subsidiary located in Sandefjord, Norway.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Navion  also  services  the  conventional  tanker  requirements  of Statoil  and other  customers  through a modern
in-chartered  fleet of 12 crude oil tankers and 9 product  tankers  mainly  operating  in the Atlantic  region.  In
addition Navion owns 2 FSO vessels  currently trading as conventional  crude tankers in the Atlantic region,  and 1
gas carrier on long-term  charter to Statoil.  Through  Navion  Chartering,  an entity owned  jointly with Statoil,
Navion has the right of first refusal on Statoil&#146;s oil transportation requirements at the prevailing market rate.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#147;It is an  exciting  breakthrough  for  Teekay  to be chosen as the  global  shipping  and  logistics  provider  to
Statoil,&#148;  said Bjorn  Moller,  President  and Chief  Executive  Officer of Teekay.  &#147;There is a great fit  between
Statoil and Teekay,  both in terms of  operating  philosophy  and growth  ambitions.  Navion  complements  Teekay&#146;s
existing  business and enables us to expand our service offering to our global customer base, for example,  through
Navion&#146;s broader involvement in the product tanker trades.&#148;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#147;We are very pleased to have entered into this sales agreement with Teekay&#148;,  said Erling &Oslash;verland,  Executive Vice
President  of Statoil and  Chairman of Navion.  &#147;We  selected  Teekay due to its proven  record of safety,  service
and quality,  its global reach and its  financial  strength.  I am confident  that Navion will  continue to deliver
first class  service to Statoil and its other  customers.  Under Teekay,  Navion will also be better  positioned to
provide transportation support for Statoil&#146;s growing international oil activity.&#148;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Teekay expects the transaction to provide  substantial  financial  benefits.  &#147;The Navion  transaction will deliver
significant  earnings per share accretion.  It will also add further  stability to Teekay&#146;s  financial  performance
due to Navion&#146;s long-term contracts&#148; said Moller.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The effective date of this  transaction  will be January 1, 2003 and the closing is expected to occur in the second
quarter of 2003.  Following the closing,  Stavanger will become Teekay&#146;s main operating  office in Norway.  At that
time, Peter Antturi,  currently  Teekay&#146;s Senior Vice President and Chief Financial  Officer,  will assume the role
of President of Navion. Mr. Antturi will continue his duties as CFO until a successor is appointed.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>DnB Markets served as financial advisors to Teekay.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Teekay plans to host a conference  call at 11:00 a.m. EDT (8:00 a.m.  PDT, 4:00 p.m. GMT) on December 16, 2002, to
discuss this  transaction,  which will include the  provision of  additional  information.  All  shareholders  and
interested  parties are invited to listen to the live conference call through  www.teekay.com.  A recording of the
call will be  available  until  December  23,  2002 by dialing  (719)  457-0820,  access code  661884,  or via the
Company&#146;s website until January 16, 2003.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>TEEKAY</B></FONT></P>
<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.  With its main operating
office in  Vancouver,  Canada and offices in 11 other  countries,  Teekay  employs  more than 4,100  seagoing  and
shore-based  staff  globally.  The  Company  has  earned a  reputation  for  safety and  excellence  in  providing
transportation services to major oil companies, oil traders and government agencies worldwide.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Teekay&#146;s common stock is listed on the New York Stock Exchange
where it trades under the symbol "TK".</FONT></P>
<BR>
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<BR>
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<BR>
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<BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Fleet Summary:</B></FONT></P>

<PRE>
- ------------------------------------------------------- ------------------------------------------- -------------------
<B>                                                                                                         Million
                          Vessel Type                               Number of Vessels                   Deadweight
                                                                                                          Tonnes</B>
                                                          Teekay         Navion        Combined          Combined
- ------------------------------------------------------- ------------------------------------------- -------------------

<B>Shuttle Tanker Fleet</B>
     Owned Shuttle Tanker (1)                               17              9             26               2.9
     Time-chartered-in Shuttle Tankers                                     17             13*              1.9*
     Newbuilding Shuttle Tankers on order                    2                             2               0.2

<B>FSO Fleet</B>
     Owned FSO Vessels                                       3              2              5               0.6

<B>Conventional Crude Oil Tanker Fleet</B>
     Owned Aframaxes                                        54                            54               5.4
     Time-charterd-in Aframaxes                              5              4              9               0.9
     Newbuilding Aframaxes on order                          6                             6               0.7
     Time-chartered-in Suezmaxes                                            6              6               0.9
     Newbuilding Suezmaxes on order                          3                             3               0.5
     Owned VLCCs                                             1                             1               0.3
     Time-chartered in VLCCs                                                2              2               0.6

<B>Product Tanker Fleet</B>
     Owned Product Tankers                                   2                             2               0.1
     Time-chartered-in Product Tankers                                      9              9               0.3

<B>OBO Fleet (2)</B>                                                8                             8               0.6

<B>Gas Carrier</B>                                                                 1              1               0.0
- ------------------------------------------------------- ------------------------------------------- -------------------
<B>Total</B>                                                       101             50           147              15.9
- ------------------------------------------------------- ------------------------------------------- -------------------

Notes:
*     Excludes four vessels time-chartered-in from Teekay&#146;s shuttle tanker subsidiary, Ugland Nordic Shipping AS;
(1)   Includes seven shuttle tankers of which Teekay&#146;s owership interest ranges from 50% to 89%.
(2)   Includes one 67%-owned OBO carrier and one 52%-owned OBO carrier.

</PRE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>FORWARD LOOKING STATEMENTS</b></FONT></P>
<BR>
<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:  the closing of Teekay's acquisition of Navion;  Teekay's anticipated  relationship
with  Statoil;  growth  opportunities  in  related  market  segments;   expanded  service  offerings;  the  growing
international oil activity of Statoil;  enhanced  earnings and improved  financial  stability;  and other potential
financial and other benefits  relating to the acquisition.  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:  potential  failure to close the  transaction;  the
imposition of a divestiture  order by competition  regulators;  potential  inability of Teekay to integrate  Navion
successfully,  including  the  retention  of key  employees;  customer  and  market  reaction  to the  transaction,
including  its  effect on  Navion's  relationship  with  Statoil;  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;  changes in the  offshore  production  of oil;  and other  factors
discussed  in Teekay's  Report on Form 20-F for the fiscal year ended  December 31,  2001 which is on file with the
SEC.</FONT></P>



                                      <CENTER>For Norwegian Media enquiries contact:<BR>
                                                   Eric Cameron<BR>
                                               Tel: +47 90 83 50 52<BR><BR>

                                        For other Media enquiries contact:<BR>
                                                    Kim Barbero<BR>
                                              Tel: +1 (604) 609-4703<BR><BR>

                                     For Investor Relations enquiries contact:<BR>
                                                  Jerome Holland<BR>
                                              Tel: +1 (604) 844-6654<BR><BR>

                                             Web site: www.teekay.com<BR><BR>

                                                        </CENTER>


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