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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000911971-03-000009.txt : 20030219
<SEC-HEADER>0000911971-03-000009.hdr.sgml : 20030219
<ACCEPTANCE-DATETIME>20030219111410
ACCESSION NUMBER:		0000911971-03-000009
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030218
FILED AS OF DATE:		20030219

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:		03571910

	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_021803.htm
<DESCRIPTION>FORM 6-K DATED FEBRUARY 18, 2003
<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:  February 18, 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 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>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<P><B>Item 1 - Information Contained in this Form 6-K Report</B></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
February 18, 2003.</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>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<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:    February 18, 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;</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>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<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>
<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 COMPLETES $144 MILLION SALE OF<BR>
7.25% PREMIUM EQUITY PARTICIPATING SECURITY UNITS</B></CENTER>
<BR>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>Nassau, The Bahamas &#150;
February 18, 2003</B> &#150; Teekay Shipping  Corporation (NYSE: TK) today completed the previously
announced  sale of 7.25%  Premium  Equity  Participating  Security  Units (PEPS  Units)  pursuant to its  currently
effective universal shelf registration  statement.  The sale consisted of 5,750,000 PEPS  Units,  including 750,000
PEPS Units issued in connection  with the exercise by the  underwriters'  of their  over-allotment  option.  Teekay
received $143.75 million of gross proceeds from the sale.</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.  were the joint  book-running  managers for the
offering.</FONT></P>

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

<FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>FORWARD-LOOKING STATEMENTS</B><BR>
<BR>
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, subsequent SEC filings and the prospectus supplement relating to the offering.</FONT>


<BR>
<BR>
<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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