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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000911971-03-000005.txt : 20030210
<SEC-HEADER>0000911971-03-000005.hdr.sgml : 20030210
<ACCEPTANCE-DATETIME>20030210162355
ACCESSION NUMBER:		0000911971-03-000005
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030210
FILED AS OF DATE:		20030210

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:		03547620

	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_021003.htm
<DESCRIPTION>FORM 6-K DATED FEBRUARY 10, 2003
<TEXT>
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<HEAD>
<TITLE>TEEKAY SHIPPING CORPORATION</TITLE>
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<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:  February 10, 2003<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 by furnishing the information contained in this Form, the registrant 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>
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<P>Item 1 - Information Contained in this Form 6-K Report</P>

<P>Attached as Exhibit I and Exhibit II are copies of announcements of Teekay Shipping Corporation (the
&#147;Company&#148;), dated February 10, 2003.</P>
<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>
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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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 10, 2003
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
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<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>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FOR IMMEDIATE RELEASE</B></FONT></P>
<BR>
<BR>
<CENTER><B>TEEKAY SHIPPING CORPORTATION<BR>
ANNOUNCES PRELIMINARY FISCAL 2002<BR>
OPERATING RESULTS</B></CENTER>
<BR>
<BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>Nassau, The Bahamas &#150;
February 10, 2003</B>&#150; Teekay Shipping  Corporation (NYSE: TK) today announced its preliminary
unaudited  operating  results for the fourth quarter and year ended December 31, 2002.  Preliminary  net income for
the  quarter  ended  December  31,  2002 was $33.1  million,  or $0.82 per share,  compared  to net income of $31.2
million,  or $0.78 per share,  for the quarter ended December 31, 2001.  Net voyage  revenues for the quarter ended
December  31, 2002 were $155.1  million,  compared to $152.2  million  recorded in the same period last year,  while
income from vessel operations increased to $48.6 million from $46.1 million.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Preliminary  net income for the year ended  December 31, 2002 was $53.4  million,  or $1.33 per share,  compared to
net  income of $336.5  million,  or $8.31 per share,  for the  fiscal  year ended  December  31,  2001.  Net voyage
revenues  for the year ended  December  31,  2002 were $543.9  million,  compared  to net voyage  revenues of $789.5
million for fiscal 2001, while income from vessel operations decreased to $119.3 million from $383.5 million.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Since Teekay&#146;s  financial  statements for the quarter and year ended  December 31, 2002 have not been  finalized,  information
regarding  the Company's results for these  periods is subject to change  and,  with respect to the fiscal 2002 year-end results, remains  subject  to a final  audit by the  Company&#146;s  external
independent auditors.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Teekay plans to release its final audited  results for the year ended  December 31, 2002 on February 19, 2003,  and
will host a conference  call at 11:00 a.m. EST (8:00 a.m. PST) on February 20, 2003 to discuss these  results.  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 February 27, 2003 by dialing (719) 457-0820,  access code 463361,  or
via the Company&#146;s Web site until March 20, 2003.</FONT></P>

<P><B>TEEKAY</B></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'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><B>FORWARD-LOOKING STATEMENTS</B></P>

<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  expected  financial  results of Teekay for fiscal  2002.  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:  final results for fiscal 2002 could differ materially  because of unforeseen  information  relating to
Teekay&#146;s  results for fiscal 2002 or  accounting  adjustments  made during the 2002 year-end  financial  statement
close  process;  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>
<BR>

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

                                    Email: <u>investor.relations@teekay.com</u><BR><BR>

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

                                                        - end -</CENTER>



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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>EXHIBIT II</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>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FOR IMMEDIATE RELEASE</B></FONT></P><BR>
<BR>
<BR>
<CENTER><B>TEEKAY SHIPPING ANNOUNCES PLANS TO OFFER<BR>
PREMIUM EQUITY PARTICIPATING SECURITY UNITS</B></CENTER>
<BR>
<BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>Nassau, The Bahamas &#150;
February 10, 2003</B>&#150; Teekay  Shipping  Corporation  (NYSE:  TK) today  announced that it is
offering  $125  million in Premium  Equity  Participating  Security  Units (PEPS Units)  pursuant to its  currently
effective  universal shelf  registration  statement.  The offering will consist of 5 million PEPS Units, each with
a stated  amount of $25.  The  offering  will  increase to 5.75  million  units if the
underwriters exercise their over-allotment option in full.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Each PEPS Unit will  include a purchase  contract  under which the buyer will agree to purchase  shares of Teekay's
common stock on February 16,  2006. Each unit will also contain a $25 principal  amount,  subordinated  Teekay note
due May 18, 2006.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Proceeds  from the offering  may be used to finance  potential  acquisitions  and for general  corporate  purposes,
including capital expenditures, working capital, and the repayment of debt.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Morgan Stanley &amp; Co.  Incorporated  and Salomon Smith Barney Inc. will be the joint  book-running  managers for the
offering.  Copies of the  prospectus  supplement  relating to this  offering may be obtained  from Morgan  Stanley,
Prospectus  Department,  1585  Broadway,  New York,  New York 10036 or from Salomon  Smith  Barney,  Brooklyn  Army
Terminal, 5th Floor, 140 58th Street, Brooklyn, New York, 11220, Attention: Prospectus Department.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>This news release does not constitute an offer to sell or the  solicitation  of an offer to buy any of these or any
other  securities,  nor will  there be any sale of these  securities  in any state or  jurisdiction  in which  such
offer,  solicitation or sale would be unlawful prior to registration or qualification  under the securities laws of
any such state or jurisdiction.</FONT></P>

<P><B>TEEKAY</B></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'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><B>FORWARD-LOOKING STATEMENTS</B></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The  statements  in this  press  release  that are not  historical  facts  or  information  may be  forward-looking
statements.  These  forward-looking  statements  involve risks and uncertainties that could cause the outcome to be
materially  different.  Certain of these risks and  uncertainties are listed in Teekay's 2001 Annual Report on Form
20-F and subsequent SEC filings.</FONT></P>
<BR>

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

                                    Email: <u>investor.relations@teekay.com</u><BR><BR>

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

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