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<SEC-DOCUMENT>0000911971-03-000011.txt : 20030221
<SEC-HEADER>0000911971-03-000011.hdr.sgml : 20030221
<ACCEPTANCE-DATETIME>20030220200601
ACCESSION NUMBER:		0000911971-03-000011
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030220
FILED AS OF DATE:		20030221

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:		03574993

	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_022003.htm
<DESCRIPTION>FORM 6-K DATED FEBRUARY 20, 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 20, 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 19, 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 20, 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>

<H2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif">EARNINGS RELEASE</FONT></H2>
<BR>
<HR><CENTER><B>TEEKAY SHIPPING CORPORATION<BR>
REPORTS FOURTH QUARTER PROFIT OF $33.1 MILLION</B></CENTER>
<HR>
<BR>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>4th Quarter Highlights</U></FONT></H2>

<ul>
<li>Net income of $33.1 million, or $0.82 per share
<li>International Fleet TCE earnings of $20,562 per day
<li>EBITDA of $90.3 million, of which $32.6 million was from long-term fixed-rate contracts
<li>Announced $800 million acquisition of Navion ASA
</ul>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>Nassau, The Bahamas &#150;
February 19, 2003</B> &#150; Teekay Shipping  Corporation today reported net income of $33.1 million,
or $0.82 per share,  for the quarter ended December 31, 2002,  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 were $155.1  million,
compared to $152.2 million recorded in the same period in 2001, 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>Net income  for the year ended  December  31,  2002 was $53.4  million,  or $1.33 per  share,  compared  to $336.5
million,  or $8.31 per share,  for the year ended  December 31, 2001.  The results for the year ended December 31,
2001 included a $10.2 million,  or $0.25 per share,  gain on the sale of three  50%-owned  vessels.  There were no
vessel sales during the year ended  December 31, 2002.  Net voyage  revenues for the year ended  December 31, 2002
were $543.9 million,  compared to $789.5 million in the prior year, 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>The following key indicators serve to highlight changes in operating performance:</FONT></P>

<PRE>
________________________________________________________________________________________________________________________
<B>
                                                 Three Months    Three Months     Three Months
                                                    Ended            Ended           Ended              Years Ended
                                                 December 31,    September 30,    December 31           December 31,
                                                                                                   _____________________
                                                     2002            2002            2001            2002        2001</B>
________________________________________________________________________________________________________________________

<B>International Tanker Fleet:</B>
Revenue-generating ship-days                         5,186            4,881           5,093          19,711      20,154
TCE per revenue-generating ship-day                $20,562          $16,175         $21,203         $18,205     $30,542
TCE per calendar-ship-day                          $18,689          $13,772         $18,790         $15,951     $27,281
Vessel operating expense per calendar-ship-day      $5,213           $5,616          $5,529          $5,496      $5,374
Operating cash flow per calendar-ship-day          $10,659           $5,528         $11,029          $7,774     $19,747

<B>Oil/Bulk/Ore (&#147;OBO&#148;) Fleet:</B>
Revenue-generating ship-days                           658              650             611           2,618       2,485
TCE per revenue-generating ship-day                $14,704          $11,455         $11,041         $13,167     $16,856
TCE per calendar-ship-day                          $12,500           $9,565          $8,605         $11,215     $13,632
Vessel operating expense per calendar-ship-day      $6,678           $6,221          $6,378          $6,359      $6,246
Operating cash flow per calendar-ship-day           $2,196              $24           -$378          $1,554      $5,195

<B>UNS Fleet:</B>
Calendar-ship-days                                   1,148            1,104           1,104           4,424       3,470
Operating cash flow per calendar-ship-day          $16,624          $13,544         $14,928         $14,902     $15,905

<B>Australian Fleet:</B>
Calendar-ship-days                                     460              460             460           1,825       1,716
Operating cash flow per calendar-ship-day          $14,821          $14,656         $16,643         $15,081     $15,583

_________________________________________________________________________________________________________________________
</PRE>


<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Tanker Market</U></FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The tanker market  improved  during the fourth  quarter of 2002 due to an increase in tanker  demand  combined with
continued  tight tanker supply  following the sinking of the tanker  Prestige in November 2002.  Global oil demand,
an  underlying  driver of tanker  demand,  rose by 2.0  million  barrels  per day (mb/d) to 78.7 mb/d in the fourth
quarter of 2002,  compared to third quarter levels,  primarily due to seasonal  factors and the shutdown of nuclear
power plants in Japan.  Global oil  production  increased  by 1.3 mb/d to 77.9 mb/d in the fourth  quarter of 2002,
compared to third quarter  levels.  The general strike in Venezuela  disrupted oil exports and reduced  Venezuela&#146;s
output  from 3.4  mb/d in  November  2002 to 0.9  mb/d in  December  2002.  This  resulted  in the  replacement  of
short-haul crude supplies with long-haul  supplies to meet the production  shortfall,  increasing tanker tonne-mile
demand in the fourth  quarter.  The  sinking of the  Prestige,  a  26-year-old  vessel,  contributed  to  increased
charterer discrimination against older vessels, resulting in an increased demand for more modern vessels.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The  International  Energy Agency (&#147;IEA&#148;)  reported annual global oil demand growth of 0.5% during 2002 and, as of
February 12, 2003, was forecasting oil demand of 78.0 mb/d for 2003, a 1.5% increase over 2002.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The size of the world  tanker fleet  increased  to 307.5  million  deadweight  tonnes  (&#147;mdwt&#148;) as of December 31,
2002,  up 1.1% from the end of the previous  quarter.  A total of 3.2 mdwt was sold for  demolition  in the fourth
quarter,  compared to 4.0 mdwt in the previous quarter,  while deliveries of tanker newbuildings during the fourth
quarter  totalled 6.9 mdwt,  up from 5.6 mdwt in the previous  quarter.  Overall for 2002,  the world tanker fleet
grew by 2.8 mdwt, or 0.9%, compared to the end of 2001.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>As of December 31, 2002, the world tanker  orderbook was 60.5 mdwt,  representing  19.7% of the of the total world
tanker  fleet,  compared to 60.4 mdwt,  or 19.8%,  at the end of the previous  quarter and down from 63.1 mdwt, or
20.7%, as of December 31, 2001. The Aframax tanker  orderbook as of December 31, 2002 remained  unchanged from the
previous quarter,  consisting of 131 ships, or 20.4% of the world Aframax fleet,  compared to 121 ships, or 19.2%,
as of December 31, 2001.</FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Teekay Fleet</U></FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>As of December  31,  2002,  the Teekay  fleet  (excluding  vessels  managed for third  parties)  consisted  of 102
vessels,  including five  time-chartered-in  Aframax tankers and twelve newbuilding  tankers on order. On November
19, 2002, Teekay took delivery of an Aframax shuttle tanker  newbuilding,  which commenced a long-term charter for
eight years. In addition,  during the fourth quarter,  Teekay entered into a long-term bareboat  in-charter for an
Aframax newbuilding expected to deliver in the fourth quarter of 2003.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The following is a summary of the Teekay fleet as of December 31, 2002:</FONT></P>

<PRE>
_____________________________________________________________________________________________________________________
<B>
    Type                                                        Number                           Dwt</B>
_____________________________________________________________________________________________________________________

    International Tanker Fleet:
      100%-owned Aframaxes                                        53                           5,298,700
      Time-chartered-in Aframaxes                                  5                             515,800
      Newbuilding Aframaxes on order                               7                             789,000
      Newbuilding Suezmaxes on order                               3                             456,000
      Suezmax (1)                                                  2                             302,000
      VLCC                                                         1                             280,700
    OBO Fleet (2)                                                  8                             625,900
    Australian Fleet                                               5                             381,900
    UNS Fleet:
      Shuttle Tankers (3)                                         16                           1,587,400
      Newbuilding Shuttle Tankers on order                         2                             239,500
_____________________________________________________________________________________________________________________
<B>
    Total:                                                       102                         10,476,900</B>
_____________________________________________________________________________________________________________________
</PRE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(1)  Includes one 50%-owned Suezmax tanker.<BR>
(2)  Includes one 67%-owned OBO carrier and one 52%-owned OBO carrier.<BR>
(3)  Includes six shuttle tankers of which Teekay&#146;s ownership interest ranges from 50% to 89%.</FONT></P>
<BR>
<BR>
<BR>
<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Other Highlights</U></FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>On December 16, 2002,  Teekay and Statoil ASA  announced a  definitive  agreement  under which Teekay will acquire
Statoil&#146;s  wholly-owned  shipping company,  Navion ASA, on a debt free basis, for approximately US $800 million in
cash.  As previously announced, this transaction is expected to close in the second quarter of 2003.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>On  February 18,2003,  Teekay announced that it had completed the sale of its 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 gross proceeds of $143.75 million from the
sale.  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>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.  Headquartered in Nassau,
Bahamas,  with offices in 11 other  countries,  Teekay  employs more than 4,100  seagoing  and  shore-based  staff
around  the  world.  The  Company&#146;s  fleet  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's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK".</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Company  plans to host a  conference  call at 11:00 a.m. EDT (8:00 a.m.  PDT) on February 20, 2003,  to discuss
the  results  for the  quarter.  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) 457-0825, access code 463361, or via the Company&#146;s Web site until March 20, 2003.</FONT></P>



                                            <CENTER>Contact: Investor Relations<BR>
                                               Attn: Jerome Holland<BR>
                                                  (604) 844-6654<BR>
                                             Web site: <u>www.teekay.com</u></CENTER>
<BR>
<BR>
<BR>
<BR>
<BR>
<HR><CENTER><B>                                    SUMMARY CONSOLIDATED STATEMENTS OF INCOME</B><BR>
                           (in thousands of U.S. dollars, except share and per share data)</CENTER>
<HR>

<PRE><b>                                       <U>Three Months</U>      <U>Three Months</U>         <U>Three Months</U>
                                          <U>Ended</U>              <U>Ended</U>               <U>Ended</U>               <U>Years Ended</U>
                                       <U>December 31,</U>      <U>September 30,</U>        <U>December 31,</U>           <U>December 31,</U>
                                           <U>2002</U>               <U>2002</U>                <U>2001</U>            <U>2002</U>          <U>2001</U>
                                        <U>(unaudited)</U>       <U>(unaudited)</U>         <U>(unaudited)</U>
</b>
<B>NET VOYAGE REVENUES</B>
Voyage revenues                           222,835            184,927            213,146          783,327      1,039,056
Voyage expenses                            67,691             62,166             60,925          239,455        249,562
- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
Net voyage revenues                       155,144            122,761            152,221          543,872        789,494
- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
<B>OPERATING EXPENSES</B>
Vessel operating expenses                  40,620             44,365             41,427          168,035        154,831
Time-charter hire expense                  12,309             11,430             14,542           49,949         66,019
Depreciation and amortization              39,160             37,295             36,810          149,296        136,283
General and administrative                 14,422             14,330             13,326           57,246         48,898
- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
                                          106,511            107,420            106,105          424,526        406,031
- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
Income from vessel operations              48,633             15,341             46,116          119,346        383,463
- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
<B>OTHER ITEMS</B>
Interest expense                          (14,120)           (14,675)           (15,305)         (57,974)       (66,249)
Interest income                               803                898              1,329            3,494          9,196
Other (loss) income                        (2,210)              (921)              (943)         (11,475)        10,108

- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
                                          (15,527)           (14,698)           (14,919)         (65,955)       (46,945)
- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
Net income                                 33,106                643             31,197           53,391        336,518
- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
Earnings per common share
- -       Basic                               $0.83              $0.02              $0.79            $1.35          $8.48
- -       Diluted                             $0.82              $0.02              $0.78            $1.33          $8.31
- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
Weighted-average number of common
shares outstanding
- -       Basic                          39,668,835         39,667,088         39,732,985       39,630,997     39,706,799
- -       Diluted                        40,273,565         40,229,966         40,244,186       40,252,396     40,488,222
- ------------------------------------ ------------------ ----------------- ----------------- ------------- -------------
</PRE>
<BR>
<BR>
<BR>

<HR>
<CENTER><B>                                         SUMMARY CONSOLIDATED BALANCE SHEETS</B><BR>
                                           (in thousands of U.S. dollars)</CENTER>
<HR>

<PRE><B>                                                                        <U>As at December 31,</U>     <U>As at December 31,</U>
                                                                               <U>2002</U>                    <U>2001</U>
</B>

<B>ASSETS</B>
Cash and cash equivalents                                                     284,625                   174,950
Other current assets                                                          178,933                    92,519
Marketable securities &#150; long-term                                              13,630                    16,026
Vessels and equipment                                                       1,928,488                 1,925,844
Advances on newbuilding contracts                                             138,169                   117,254
Other assets                                                                   90,472                    54,109
Goodwill                                                                       89,189                    87,079
- -------------------------------------------------------------------- ------------------------- -----------------------
<B>Total Assets</B>                                                                2,723,506                 2,467,781
- -------------------------------------------------------------------- ------------------------- -----------------------
<B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B>
Accounts payable and accrued liabilities                                      105,950                    75,495
Current portion of long-term debt                                              83,605                    51,830
Long-term debt                                                              1,047,217                   883,872
Other long-term liabilities                                                    44,512                    39,407
Minority interest                                                              20,324                    18,977
Stockholders&#146; equity                                                        1,421,898                 1,398,200
- -------------------------------------------------------------------- ------------------------- -----------------------
<B>Total Liabilities and Stockholders&#146; Equity</B>                                  2,723,506                 2,467,781
- -------------------------------------------------------------------- ------------------------- -----------------------
</PRE>
<BR>
<BR>
<BR>

<HR>
<CENTER><B> SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS</B><BR>
(in thousands of U.S. dollars)</CENTER>
<HR>

<PRE>
<B>                                                                                       <U>Years Ended</U>
                                                                                       <U>December 31,</U>
                                                                             <U>2002</U>                    <U>2001</U></B>
Cash and cash equivalents provided by (used for)

<B>OPERATING ACTIVITIES</B>
- -------------------------------------------------------------------- ------------------------- ----------------------
<B>Net cash flow from operating activities</B>                                       214,444                   520,150
- -------------------------------------------------------------------- ------------------------- ----------------------

<B>FINANCING ACTIVITIES</B>
Net proceeds from long-term debt                                              255,185                   688,381
Scheduled repayments of long-term debt                                        (51,830)                  (72,026)
Prepayments of long-term debt                                                  (8,000)                 (751,738)
Other                                                                         (32,351)                  (35,505)
- -------------------------------------------------------------------- ------------------------- ----------------------
<B>Net cash flow from financing activities</B>                                       163,004                  (170,888)
- -------------------------------------------------------------------- ------------------------- ----------------------

<B>INVESTING ACTIVITIES</B>
Expenditures for vessels and equipment                                       (135,650)                 (184,983)
Expenditures for drydocking                                                   (34,913)                  (20,064)
Deposit for the purchase of Navion ASA                                        (76,000)                        -
Expenditure for the purchase of Ugland Nordic Shipping AS                           -                  (176,453)
Investment in joint venture                                                   (26,000)                        -
Other                                                                           4,790                    25,888
- -------------------------------------------------------------------- ------------------------- ----------------------
<B>Net cash flow from investing activities</B>                                      (267,773)                 (355,612)
- -------------------------------------------------------------------- ------------------------- ----------------------

<B>Increase (decrease) in cash and cash equivalents</B>                              109,675                    (6,350)
Cash and cash equivalents, beginning of the period                            174,950                   181,300
- -------------------------------------------------------------------- ------------------------- ----------------------
<B>Cash and cash equivalents, end of the period</B>                                  284,625                   174,950
- -------------------------------------------------------------------- ------------------------- ----------------------
</PRE>
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<HR>
<CENTER><B>                                            TEEKAY SHIPPING CORPORATION<BR>
                                              SUPPLEMENTAL INFORMATION</B><BR>
                                           (in thousands of U.S. dollars)</CENTER>
<HR>

<PRE>
<B>                                                            <U>Three Months Ended December 31, 2002</U>
                                                                       <U>(unaudited)</U>

                                         <U>International</U>        <U>OBO</U>           <U>UNS</U>         <U>Australian</U>         <U>Total</U>
                                         <U>Tanker Fleet</U>        <U>Fleet*</U>        <U>Fleet</U>           <U>Fleet</U>           <U>Fleet</U> </B>
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------
Net voyage revenues                         103,087         13,642         26,366         12,049          155,144
Vessel operating expenses                    26,367          4,915          5,229          4,109           40,620
Time-charter hire expense                     7,867          4,442              -              -           12,309
Depreciation and amortization                25,664          2,187          8,694          2,615           39,160
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------

<B>                                                          <U>Three Months Ended September 30, 2002</U>
                                                                       <U>(unaudited)</U>

                                         <U>International</U>        <U>OBO</U>           <U>UNS</U>         <U>Australian</U>         <U>Total</U>
                                         <U>Tanker Fleet</U>        <U>Fleet*</U>        <U>Fleet</U>           <U>Fleet</U>           <U>Fleet</U> </B>
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------
Net voyage revenues                          76,064         10,627         24,388         11,682          122,761
Vessel operating expenses                    28,435          4,579          7,469          3,882           44,365
Time-charter hire expense                     7,843          3,587              -              -           11,430
Depreciation and amortization                24,467          1,987          8,279          2,562           37,295
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------
</PRE>
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<CENTER><B>                                            TEEKAY SHIPPING CORPORATION<BR>
                                              SUPPLEMENTAL INFORMATION - CONTINUED</B><BR>
                                           (in thousands of U.S. dollars)</CENTER>
<HR>

<PRE>
<B>                                                            <U>Three Months Ended December 31, 2001</U>
                                                                        <U>(unaudited)</U>

                                         <U>International</U>        <U>OBO</U>           <U>UNS</U>         <U>Australian</U>         <U>Total</U>
                                         <U>Tanker Fleet</U>        <U>Fleet*</U>        <U>Fleet</U>           <U>Fleet</U>           <U>Fleet</U> </B>
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------
Net voyage revenues                         104,396         10,829         24,712         12,284          152,221
Vessel operating expenses                    27,475          4,694          5,568          3,690           41,427
Time-charter hire expense                    10,046          4,496              -              -           14,542
Depreciation and amortization                23,515          1,642          9,504          2,149           36,810
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------


<B>                                                                <U>Year Ended December 31, 2002</U>

                                         <U>International</U>        <U>OBO</U>           <U>UNS</U>         <U>Australian</U>         <U>Total</U>
                                         <U>Tanker Fleet</U>        <U>Fleet*</U>        <U>Fleet</U>           <U>Fleet</U>           <U>Fleet</U> </B>
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------
Net voyage revenues                         346,900         51,005         98,377         47,590          543,872
Vessel operating expenses                   109,386         18,567         24,310         15,772          168,035
Time-charter hire expense                    31,693         18,256              -              -           49,949
Depreciation and amortization                97,640          7,767         33,618         10,271          149,296
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------


<B>                                                                <U>Year Ended December 31, 2001</U>

                                         <U>International</U>        <U>OBO</U>           <U>UNS</U>         <U>Australian</U>         <U>Total</U>
                                         <U>Tanker Fleet</U>        <U>Fleet*</U>        <U>Fleet**</U>         <U>Fleet</U>           <U>Fleet</U> </B>
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------
Net voyage revenues                         598,538         67,395         80,053         43,508          789,494
Vessel operating expenses                   105,519         18,239         17,815         13,258          154,831
Time-charter hire expense                    38,430         27,589              -              -           66,019
Depreciation and amortization                92,737          5,384         30,161          8,001          136,283
- --------------------------------------- --------------- ------------- --------------- --------------- ---------------
</PRE>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
*   Time-charter hire expense for the OBO Fleet represents the minority pool participants&#146; share of the OBO
    pool&#146;s net voyage revenues.<BR>
** Represents results for the period from March 6, 2001 to December 31, 2001.</FONT></P>
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                                              FORWARD LOOKING STATEMENTS
</B></CENTER>
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<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 tanker charter rates, the balance of supply and demand in the crude tanker market,
and the expected  closing of Teekay&#146;s  acquisition of Navion ASA. 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:  changes in production of or demand
for oil and petroleum products,  either generally or in particular regions; greater or less than anticipated levels
of tanker  newbuilding  orders or greater 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;  the potential  inability to close the Navion
transaction;  and other factors  discussed in Teekay&#146;s  Report on Form 20-F for the fiscal year ended  December 31,
2001 and subsequent SEC filings,  including the Rule 424(B)  prospectus  supplement  filed with the SEC on February
14, 2003.</FONT></P>
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