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<SEC-DOCUMENT>0000945234-03-000155.txt : 20030328
<SEC-HEADER>0000945234-03-000155.hdr.sgml : 20030328
<ACCEPTANCE-DATETIME>20030328171655
ACCESSION NUMBER:		0000945234-03-000155
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20030328
FILED AS OF DATE:		20030328

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:		03626262

	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>o09013ae6vk.htm
<DESCRIPTION>PROXY CIRCULAR
<TEXT>
<HTML>
<HEAD>
<TITLE>Proxy Circular</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 March&nbsp;2003
</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 2003 Annual General Meeting of Shareholders which were mailed to
shareholders on or about March&nbsp;28, 2003.
</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: March&nbsp;28, 2003</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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<P><HR noshade><P>
<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="o09013ateekay.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;28, 2003
</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
2003&nbsp;Annual Meeting of Shareholders (the &#147;Annual
Meeting&#148;) of Teekay Shipping Corporation (the
&#147;Company&#148;). The Annual Meeting will be held 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 Corporation of Trinity House
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Trinity Square
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Tower Hill
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">London, England
</FONT>
</DIV>
<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">Date:</FONT></TD>
    <TD align="left">
    <FONT size="2">Thursday, May&nbsp;15, 2003
    </FONT></TD>
</TR>

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

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

</TABLE>

<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 LLP,
Chartered Accountants, as the Company&#146;s independent
auditors for the fiscal year ending December&nbsp;31, 2003.
</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
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 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="o09013amoller.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>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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 15, 2003</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 Corporation of Trinity
House, Trinity Square, Tower Hill, London, England at 9:00 a.m.
(London time), on Thursday, May&nbsp;15, 2003 (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 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 &#38; Young LLP,
    Chartered Accountants, as the Company&#146;s independent
    auditors for the fiscal year ending December&nbsp;31, 2003; 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;17, 2003. 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
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="o09013abell.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;28, 2003
</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 &#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 THURSDAY, MAY 15, 2003</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
2003 Annual Meeting of Shareholders (the &#147;Annual
Meeting&#148;), to be held at 9:00&nbsp;a.m. (London time), on
Thursday, May&nbsp;15, 2003 at The Corporation of Trinity House,
Trinity Square, Tower Hill, London, England. The principal
executive headquarters of the Company are located at the
TK&nbsp;House, Bayside Executive Park, West&nbsp;Bay
Street&nbsp;&#38; Blake&nbsp;Road, P.O. 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;28, 2003.
</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&nbsp;per share (the &#147;Common
Stock&#148;), at the close of business on March&nbsp;17, 2003,
will be entitled to vote at the Annual Meeting. On that date,
the Company had approximately 39,755,105&nbsp;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 &#38; Young LLP,
Chartered Accountants, as the Company&#146;s independent
auditors for the fiscal year ending December&nbsp;31, 2003.
Accordingly, the quorum for each of such matters will be
one-third of the shares entitled to vote, present in person or
represented by 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. For all other matters, action is approved if
the votes cast in favor of the action
</FONT>

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

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<DIV align="left">
<FONT size="2">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 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 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 &#38; Young
LLP, Chartered Accountants, as the Company&#146;s independent
auditors for the fiscal year ending December&nbsp;31, 2003, and
(3)&nbsp;in accordance with the discretion of the named proxy
holders on any other matters properly brought before the Annual
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, 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 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 2003. The nominees for
election in 2003 (the &#147;Nominees&#148;) are set forth 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;I Director Nominees for terms
    expiring in 2006:</FONT></B></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">Dr.&nbsp;Ian D. Blackburne
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">C. Sean Day
    </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 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">Bruce C. Bell
</FONT></I></B><FONT size="2">(age 55) has served as a Director
and as the 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="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Dr.&nbsp;Ian D. Blackburne
</FONT></I></B><FONT size="2">(age 57) was appointed as a
Director of the Company in September 2000. Dr.&nbsp;Blackburne
has over 25&nbsp;years&#146; 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 Limited and Suncorp-Metway Ltd.,
Australian public companies in the diversified industrial and
financial sectors. Dr.&nbsp;Blackburne is also the 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 53) 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. From
1989 to 1999, he was President and Chief Executive Officer of
Navios Corporation, 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 a Director of Genesee &#38;
Wyoming Inc., Kirby Corporation, CBS Personnel and California
Pellett Mills.
</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">Thomas Kuo-Yuen Hsu
</FONT></I></B><FONT size="2">(age 56) has served as a Director
of the Company since June 1993. He has served 29&nbsp;years
with, and is presently Executive Director of, Expedo &#38;
Company (London) Ltd., which is part of the Expedo Group of
Companies that manages a fleet of eight vessels ranging in size
from 20,000 dwt to 280,000 dwt. He has been a Committee Director
of the Britannia Steam Ship Insurance Association Limited since
1988.
</FONT>

<P align="center"><FONT size="2">3
</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;
<B><I><FONT size="2">Axel Karlshoej
</FONT></I></B><FONT size="2">(age 62) has served as a Director
of the Company since 1989, was Chairman of the Board from June
1994 to September 1999, and has been Chairman Emeritus since
stepping down as Chairman. Mr.&nbsp;Karlshoej is President and
serves on the compensation committee of Nordic Industries, a
California general construction firm with which he has served
for the past 30&nbsp;years. He is the older brother of the late
J. Torben Karlshoej, the founder of the&nbsp;Company
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Bjorn Moller
</FONT></I></B><FONT size="2">(age 45) became a Director and the
President and Chief Executive Officer of the Company in April
1998. Mr.&nbsp;Moller has over 20&nbsp;years&#146; experience in
shipping and has served in senior management positions with the
Company for more than 15&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><I><FONT size="2">Morris L. Feder
</FONT></I></B><FONT size="2">(age 86) has served as a Director
of the Company since June 1993. He is President of Worldwide
Cargo Inc., a New York-based ship chartering firm.
Mr.&nbsp;Feder has been engaged in the shipping industry for
over 50&nbsp;years, of which 43 were spent with Maritime
Overseas Corporation, from which he retired as Executive Vice
President and a Director in December 1991. He has also served as
Senior Vice President and a Director of Overseas Shipholding
Group Inc. Mr.&nbsp;Feder is a member of the American Bureau of
Shipping, the Connecticut Maritime Association, and the
Association of Shipbrokers and Agents USA Inc. Mr.&nbsp;Feder
has indicated that he intends to retire from the Company&#146;s
Board at the end of this year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Leif O. H&#246;egh
</FONT></I></B><FONT size="2">(age 39) 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 as its Chairman from
June 1998 to June 1999. Mr.&nbsp;H&#246;egh is the joint
controlling shareholder and Vice-Chairman of Leif H&#246;egh and
Co. ASA, a shipping company. He also serves as a Director of
NeoMed Management Ltd. and as the Chairman of H&#246;egh Capital
Partners, Inc.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Eileen A. Mercier
</FONT></I></B><FONT size="2">(age 55) has served as a Director
of the Company since December 2000. Ms.&nbsp;Mercier has over
30&nbsp;years&#146; 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. She also currently serves as a Director for
CGI Group Inc., Quebecor World Inc., Winpak Ltd., Hydro One
Inc., ING Bank of Canada, The Workplace Safety and Insurance
Board of Ontario, York University, and the University Health
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 year ended December&nbsp;31, 2002, the
eight non-employee Directors of the Company received, in the
aggregate, approximately $180,000 for their services as
Directors, plus reimbursement of their out-of-pocket expenses.
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 the non-employee Directors, with an exercise
price of $39.12 per share. The options expire March 11, 2012,
ten years after the grant date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As at December&nbsp;31, 2002, the non-employee
Directors held stock options to purchase a total of 435,000
shares of the Company&#146;s Common Stock at exercise prices
ranging from $16.875 to $41.190 per share and with expiration
dates between July&nbsp;19, 2005 and March&nbsp;11, 2012, ten
years after each option&#146;s respective grant date.
</FONT>

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

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

<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 meets at least once per
quarter. During 2002 the Board of Directors met seven&nbsp;times.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has standing Audit,
Nominating and Governance, and Compensation Committees.
</FONT>

<P align="left">
<B><I><FONT size="2">Audit Committee</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee is appointed by the Board of
Directors to assist the Board in fulfilling its oversight
responsibilities to monitor:
</FONT>
<P>

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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">The integrity of the financial statements of the
    Company;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">Compliance by the Company with legal and
    regulatory requirements;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">The independence and performance of the
    Company&#146;s internal and external auditors; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">The systems of internal controls that management
    and the Board have established.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additionally, the Audit Committee reviews
procedures to identify the principal risks facing the Company
and reports to the Board on the systems in place to monitor
these risks.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In this context, the Audit Committee hereby
reports as follows:
</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">The Audit Committee has reviewed and discussed
    the audited financial statements for the year ended
    December&nbsp;31, 2002 with the Company&#146;s management.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)</FONT></TD>
    <TD align="left">
    <FONT size="2">The Audit Committee has discussed with the
    independent auditors the matters required to be discussed by the
    Statement on Auditing Standards No.&nbsp;61, <I>Communications
    with Audit Committees.</I>
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)</FONT></TD>
    <TD align="left">
    <FONT size="2">The Audit Committee has received the written
    disclosures and the letter from the independent auditors
    required by the Independence Standards Board Standard
    No.&nbsp;1, <I>Independence Discussions with Audit
    Committees,</I> and has discussed the matter of independence
    with the independent auditors.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(4)</FONT></TD>
    <TD align="left">
    <FONT size="2">Based on the review and discussions referred to
    in paragraphs (1) through (3)&nbsp;above, the Audit Committee
    has recommended to the Board of Directors of the Company, and
    the Board of Directors has approved, that the audited financial
    statements be included in the Company&#146;s Annual Report on
    Form&nbsp;20-F for the year ended December&nbsp;31, 2002, for
    filing with the U.S. Securities and Exchange Commission
    (&#147;SEC&#148;).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Members of the Audit Committee are Eileen A.
Mercier, Chair, Morris L. Feder, and Leif O. H&#246;egh. Each
member of the Audit Committee is independent as defined under
the listing standards of the New York Stock Exchange.
</FONT>

<P align="left">
<B><I><FONT size="2">Fees of the Independent
Accountants</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate fees billed for professional
services rendered by Ernst &#38; Young LLP, Chartered
Accountants during the year ended December&nbsp;31, 2002 are as
follows:
</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">Audit Fees (for the audit of the Company&#146;s
    annual financial statements for the year ended December&nbsp;31,
    2002, reviews of our quarterly financial statements and other
    documents filed with the SEC): $321,765 (2001&nbsp;&#151;
    $265,965);
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">5
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<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">(2)</FONT></TD>
    <TD align="left">
    <FONT size="2">Audit-Related Fees (for audit of certain pension
    funds and certification of bond compliance): $17,900
    (2001&nbsp;&#151; $60,110);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)</FONT></TD>
    <TD align="left">
    <FONT size="2">Tax Fees: $202,590 (2001&nbsp;&#151; $264,150);
    and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(4)</FONT></TD>
    <TD align="left">
    <FONT size="2">All other fees: $1,605 (2001&nbsp;&#151; $56,950).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><I><FONT size="2">Nominating and Governance
Committee</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Nominating and Governance Committee is
appointed by the Board and responsible for:
</FONT>
<P>

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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">Making recommendations to the Board on Director
    nominations;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">Reporting annually to the Board an assessment of
    the Board&#146;s performance and making recommendations to the
    Board regarding the status of the compensation of Directors in
    relation to other companies of comparable size; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">Advising the Board generally on corporate
    governance matters.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Nominating and Governance Committee consists
of Directors Bruce C. Bell, C. Sean Day, and Eileen A. Mercier.
Shareholders may nominate persons for election to the Board of
Directors provided they comply with the requirements and
procedure of nomination set forth in Section&nbsp;3.03 of the
Company&#146;s Amended and Restated Bylaws. Shareholders can
obtain a copy of the Company&#146;s Amended and Restated Bylaws
by sending a request in writing to the Corporate Secretary of
the Company at TK House, Bayside Executive Park, West Bay Street
and Blake Road, P.O.&nbsp;Box&nbsp;AP-59213, Nassau, The Bahamas.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Compensation Committee is appointed by the
Board to establish the Company&#146;s executive compensation
programs, review the compensation of the Company&#146;s
executive officers and make recommendations to the Board of
Directors regarding compensation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Compensation Committee consists of three
non-employee Directors, Dr.&nbsp;Ian D. Blackburne, Thomas
Kuo-Yuen Hsu and Axel Karlshoej.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The goals of the Company&#146;s executive
compensation programs are to:
</FONT>
<P>

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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">Attract, retain and motivate a high-caliber
    executive leadership team;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">Pay competitively and consistently within an
    appropriately defined market;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">Align executive compensation with shareholder
    interests; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">Link pay to Company and individual performance.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s executive officers&#146;
compensation is determined by an evaluation of individual
performance, comparisons to the Company&#146;s other executive
officers&#146; compensation and external market data for similar
positions and by comparing individual responsibilities with
industry survey data and internal executive job relationships.
Each executive officer has an established salary range, a
percentage of salary that establishes a target for the annual
cash bonus, and a factor of salary on which long-term incentive
awards are based. Annual bonuses are designed to focus
management attention on annual Company performance. Actual bonus
payments also reflect an evaluation of individual performance.
</FONT>

<P align="center"><FONT size="2">6
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s executive officers are also
eligible to participate in the Company&#146;s Employee Stock
Option Plan. Stock options granted under the plan vest in equal
portions over a three year period commencing on the first
anniversary of the grant date and are valid for a period of ten
years from the grant date.
</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="37%"><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="52%"><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">45</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
    </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">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">Bensler, Arthur
    </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">45</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 and General Counsel
    </FONT></TD>
</TR>

<TR>
    <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">49</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 &#38; Marine Project
    Development
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lok, Vincent
    </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">35</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, Finance
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Meldgaard, Mads
    </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">38</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">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, Marine Operations
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Wogan, Paul
    </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">40</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, Business Development
    </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 Directors Continuing in
    Office&#148; above.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Peter 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 Senior Vice President,
Treasurer and Chief Financial Officer in October 1997. Prior to
joining the Company, Mr.&nbsp;Antturi held various accounting
and finance roles in the shipping industry since 1985.
Mr.&nbsp;Antturi will become President of Navion ASA, a shipping
company, upon the closing of the Company&#146;s acquisition of
Navion, which is expected to occur in the second quarter of
2003. Mr.&nbsp;Antturi will continue as the Company&#146;s Chief
Financial Officer until the Company appoints his successor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Arthur Bensler
</FONT></I></B><FONT size="2">joined the Company in September
1998 as General Counsel, and was promoted to Vice President in
2002. Before joining the Company, Mr.&nbsp;Bensler was a partner
in a large Vancouver law firm, where he practiced corporate,
commercial and maritime law from 1986 until joining the Company.
Mr.&nbsp;Bensler is also the Assistant Secretary of the Company.
</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 Company in January
1987. Since then, he has worked in a number of senior positions
within the organization, including service as Vice President,
Marine and Commercial Operations from January 1995 to January
1999. Since February 1999 he has served as Senior Vice
President, Customer Relations and Marine Project Development.
Captain Glendinning has 18&nbsp;years&#146; sea service on oil
tankers of various types and sizes and is a Master Mariner.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Vincent Lok
</FONT></I></B><FONT size="2">joined the Company in 1993. Since
that time, he has held a number of finance and accounting
positions in the Company, including Controller from 1997 until
his appointment to Vice President, Finance in March 2002. Prior
to joining the Company, Mr.&nbsp;Lok worked in the Vancouver
audit practice of Deloitte&nbsp;&#38;&nbsp;Touche.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Mads Meldgaard
</FONT></I></B><FONT size="2">joined the Company 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
</FONT>

<P align="center"><FONT size="2">7
</FONT>

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

<DIV align="left">
<FONT size="2">Director (Singapore) in September 1995. In July
1998, Mr.&nbsp;Meldgaard was promoted to Vice President,
Chartering, based in Vancouver.
</FONT>
</DIV>

<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&#146;
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 1994.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Paul Wogan
</FONT></I></B><FONT size="2">joined the Company in November
2000 as the Managing Director of the London office. In 2002 he
was promoted to the position of Vice President, Business
Development and relocated to Vancouver. Prior to joining the
Company, Mr.&nbsp;Wogan spent 10&nbsp;years with Seachem Tankers
Ltd., a chemical tanker company, serving as Vice President,
Marketing before becoming CEO in 1997. Prior to joining Seachem,
he was involved in chartering for a major crude oil and product
carrier fleet controlled by the Ceres Hellenic Group (Livanos),
the company that subsequently founded Seachem. Mr.&nbsp;Wogan
holds an MBA from the Cranfield School of Management.
</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
Company&#146;s CEO and its next four highest paid executive
officers who served during the year ended December&nbsp;31, 2002
(the &#147;Named Officers&#148;) was $2,525,358 for the year
ended December&nbsp;31, 2002, 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 year ended December&nbsp;31, 2002,
the Company also contributed an aggregate of $226,819 to provide
pension and similar benefits for the Named 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 aggregate compensation paid to
the Named Officers during each of the last three fiscal years:
</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="22%"><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="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><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(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation(2)</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">2002
    </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">$1,376,075</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">$1,149,283</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">$226,819</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">78,000</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">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 valign="bottom" bgcolor="#EEEEEE">
    <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>
    <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">Bonus payments relate to the performance of the
    individual and the Company in the prior fiscal year.
    </FONT></TD>
</TR>

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

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

</TABLE>

<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="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Stock Options Granted for the Year Ended
December&nbsp;31, 2002.</FONT></I></B><FONT size="2"> The
following table sets forth certain information regarding
aggregate grants of options to purchase Common Stock of the
Company made to the Named Officers during the year ended
December&nbsp;31, 2002:
</FONT>

<P align="center">
<B><FONT size="2">Option Grants for the Year Ended
December&nbsp;31, 2002</FONT></B>

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

<TR>
    <TD width="25%"><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="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">Year 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 31, 2002</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">78,000
    </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">7.6%</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">$39.12</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">March&nbsp;11, 2012</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">$1,918,984</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">$4,863,082</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 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
    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 Named Officers
did not exercise any stock options during the year ended
December&nbsp;31, 2002. The following table sets forth certain
information regarding the 2002&nbsp;year-end value of all
options then held by the Named Officers as a group.
</FONT>

<P align="center">
<B><FONT size="2">2002 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 31, 2002(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">at December&nbsp;31, 2002(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">369,409/162,941</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">$6,591,368/$608,315</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 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 $40.70 on December&nbsp;31, 2002.
    </FONT></TD>
</TR>

</TABLE>

<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="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 500 Index and the Dow
Jones Marine Transportation Index for the period beginning
December&nbsp;31, 1997 and ending December&nbsp;31, 2002. 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 results.
</FONT>

<P align="center">
<IMG src="o09013ao09013ab.gif" alt="(Performance Graph)">

<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,
2003, 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 Executive Officers as a group.
Information for certain holders is based on their latest filings
with the SEC or information delivered to the 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="center" 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">Resolute Investments, Inc.
    </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">16,515,690</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">41.54%</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">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">5,577,535</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">14.03%</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">All Directors and Executive Officers as a group
    (16&nbsp;persons)(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">887,429</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">2.23%</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">Includes 867,279 shares of Common Stock subject
    to stock options exercisable within 60&nbsp;days after
    March&nbsp;1, 2003. Excludes 177,421&nbsp;shares subject to
    stock options first exercisable more than 60&nbsp;days after
    March&nbsp;1, 2003. Excludes shares owned by Resolute
    Investments, Inc. (see &#147;Related Transactions&#148;).
    </FONT></TD>
</TR>

</TABLE>

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

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

<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">As at December&nbsp;31, 2002, Resolute
Investments, Inc. owned 41.54% of the Company&#146;s outstanding
Common Stock. Two of the Company&#146;s Directors, C.&nbsp;Sean
Day and Bruce Bell, are Directors and the Chairman and Vice
President, respectively, of Resolute Investments, Inc.
(&#147;Resolute&#148;). Two additional Directors of the Company,
Thomas Kuo-Yuen Hsu and Axel Karlshoej, are Managing Directors
of The Kattegat Trust Company Limited (&#147;Kattegat&#148;),
which is the trustee of the trust that owns all of
Resolute&#146;s outstanding equity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payments made by the Company to Kattegat, Oceanic
Bank and Trust, and Transmarine Navigation Company, which are
affiliates of Resolute in respect of port agent services, legal
and administration fees, shared office costs, and consulting
fees for the years ended December&nbsp;31, 2002, 2001 and 2000
totaled $0.9&nbsp;million, $1.5&nbsp;million, and
$1.6&nbsp;million, respectively. Those payments included
reimbursement to Kattegat or affiliates thereof of $200,000 in
each such year for payments they made to C.&nbsp;Sean Day for
consulting services performed for the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1993 the Company purchased all of the issued
and outstanding shares of Palm Shipping Inc. (now Teekay
Chartering Limited) from an affiliate of Resolute. During the
year ended December&nbsp;31, 2002, the Company accrued
$6.0&nbsp;million as a settlement of a contingent payment that
was required under the terms of the Palm Shipping acquisition
agreement.
</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 &#38; Young LLP,
Chartered Accountants, to examine the financial statements of
the Company for the fiscal year ending December&nbsp;31, 2003.
Ernst&nbsp;&#38; Young LLP, Chartered Accountants, examined the
financial statements of the Company for the fiscal year ended
December&nbsp;31, 2002.
</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 &#38; Young LLP,
Chartered Accountants, as independent auditors of the
Company.</FONT></B>

<P align="center"><FONT size="2">11
</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 to be presented at
the Company&#146;s Annual Meeting of Shareholders must be
received by the Company not later than December&nbsp;31, 2003 in
order to be included in the proxy materials relating to that
meeting. 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. In
addition to the other requirements set out in the Company&#146;s
Amended and Restated Bylaws, for business to be properly before
the meeting, written notice of the proposal must be received by
the Secretary of the Company not less than 60&nbsp;days or more
than 90&nbsp;days prior to the meeting date. If the Company
receives proper notice of a shareholder proposal and such notice
is not received within a reasonable time prior to mailing by the
Company of its proxy materials for its 2004 Annual Meeting of
Shareholders, the Company believes that its proxy holders will
be allowed to use the discretionary authority granted by the
proxy to vote on the proposal at the meeting without including
in the statement relating to such meeting the disclosure
regarding the proposal or how the Company intends to vote. All
notices of proposals and nominations by shareholders that comply
with the advance notice procedures should be sent to the
attention of the Secretary of the Company at Teekay Shipping
Corporation, TK House, Bayside Executive Park, West Bay
Street&nbsp;&#38; Blake Road, P.O.&nbsp;Box&nbsp;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 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 2002 Annual Report
to Shareholders for the fiscal year ended December&nbsp;31, 2002
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="o09013abell.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;28, 2003
</FONT>
</DIV>

<P align="center"><FONT size="2">12
</FONT>
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-----END PRIVACY-ENHANCED MESSAGE-----
