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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000911971-03-000034.txt : 20030606
<SEC-HEADER>0000911971-03-000034.hdr.sgml : 20030606
<ACCEPTANCE-DATETIME>20030606154427
ACCESSION NUMBER:		0000911971-03-000034
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030606
FILED AS OF DATE:		20030606

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:		03735947

	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_060603.htm
<DESCRIPTION>FORM 6K DATED JUNE 6, 2003
<TEXT>
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<HEAD>
<TITLE>TEEKAY SHIPPING CORPORATION</TITLE>
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<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:  June 6, 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P>
<BR>
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<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
June 5, 2003.</TD>
</TR>
</TABLE>
<BR>
<BR>
<P><B>THIS REPORT ON FORM 6-K IS HEREBY  INCORPORATED  BY REFERENCE  INTO THE FOLLOWING  REGISTRATION  STATEMENTS OF THE
COMPANY.</B></P>
<P><B>&#149;        REGISTRATION STATEMENT ON FORM F-3 (NO. 33-97746) FILED WITH THE SEC ON OCTOBER 4, 1995;<BR>
&#149;        REGISTRATION STATEMENT ON FORM S-8 (NO. 333-42434) FILED WITH THE SEC ON JULY 28, 2000; AND<BR>
&#149;        REGISTRATION STATEMENT ON FORM F-3 (NO. 333-102594) FILED WITH THE SEC ON JANUARY 17, 2003.</B></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>SIGNATURES</FONT></H1>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
</P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH=45% VALIGN=MIDDLE>
Date:    June 6, 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 Evensen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter Evensen<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>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>EXHIBIT I</B></FONT></P><BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>TEEKAY SHIPPING CORPORATION</B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=3>
TK House, Bayside Executive Park, West Bay Street &amp; Blake Road <BR>
P.O. Box AP-59212,
Nassau, Bahamas</FONT></P>



<HR><H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>NEWS RELEASE</FONT></H2><HR>

<BR>
<BR>
<P ALIGN=RIGHT><B>FOR IMMEDIATE RELEASE</B></P>
<BR>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>Teekay Applauds EU Regulations</B></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Nassau, The Bahamas: June 5, 2003. Teekay Shipping Corporation ("Teekay") applauds
the decision of the European Union to accelerate the phase out of old single-hull vessels
in response to the sinking of the 26-year-old tanker, "Prestige", in November 2002. The
heightened focus on the safe transportation of oil is in keeping with Teekay's longstanding
commitment to safe operations, environmental protection and superior customer
service.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The regulations passed yesterday by the European Parliament include:<BR><BR>
&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the accelerated phase out of single-hull tankers between now and 2010;<BR>
&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the requirement for heavy oils to be transported on double-hull tankers; and<BR>
&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the imposition of a rigorous inspection regime for single-hull tankers older than 15
years.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The regulations are expected to apply from July 1, but in any event no later than
September 1, 2003.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Commenting on the new regulations, Bjorn Moller, Teekay's President and CEO said,
"This is good news for Teekay. Our well-maintained modern fleet has an average age of
nine years compared to an average age of almost 12 years for the world tanker fleet.
Ninety percent of our capital is invested in modern tonnage under 15 years of age."</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>"Over the past two years we have invested more than $1.5 billion through our
acquisitions of Ugland Nordic Shipping and Navion ASA, thereby adding a significant
number of modern double-hull tankers to our fleet. As well, we currently have a major
fleet renewal program in place that will add 15 new double-hull tankers to our fleet over
the next two to three years, replacing the 15 single-hull tankers now trading in our
international fleet, well ahead of their European phase-out in 2010."</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>"As a result of these measures 104 vessels, or over two-thirds of Teekay's operated fleet,
will be double hull by 2005. The balance of the fleet, other than the 15 single-hull
tankers just mentioned, is made up of double-bottom or double-sided ships that will be
able to trade for their full economic life beyond 2010."</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>None of Teekay's vessels will be affected prior to 2010, whereas approximately 13
percent of the world tanker fleet will immediately be excluded from the European market
upon implementation of the regulations. It is expected this will lead to a stratification of
the tanker market, causing inefficiency in the utilization of the world tanker fleet and
consequently a tighter regional demand-supply balance.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The overall impact of these regulations is expected to be positive for the shipping
industry. The accelerated phase out of the oldest tonnage in the world fleet will lead to
greater demand for modern tonnage and tighter tanker supply. In addition, the rigorous
inspection regime will especially benefit Teekay due to the high standard to which its
fleet is maintained and its recognized industry-leading health, safety, environmental
protection and quality programs.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Teekay's commitment to operational excellence through its investment in systems and
people will be a competitive advantage in this environment of increased regulation and
public scrutiny. As part of this ongoing effort to set higher standards, Teekay is in the
final stages of obtaining certification for its integrated management system consisting of
ISO 9000 (Quality), ISO 14000 (Environment) and OHSAS 18000 (Occupational Health
and Safety), becoming the first shipping company in the world to hold all three
certifications.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The International Maritime Organisation ("IMO"), a United Nations body, will consider
the European regulations for application on an international scale at its meeting in July,
2003. It is widely expected that the IMO will also implement regulations accelerating the
phase out of old single-hull tankers, in which case Teekay and other owners of modern
tankers will benefit further.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>About Teekay</B><BR><BR>
Teekay is the leading provider of international crude oil and petroleum product
transportation services transporting more than 10 percent of the world's sea-borne oil.
With offices in 12 countries, Teekay employs more than 4,200 seagoing and shore-based
staff around the world. The Company has earned a reputation for safety and excellence in
providing transportation services to major oil companies, oil traders and government
agencies worldwide. 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=2><B>Forward-Looking Statements.</B><BR>
This press release contains certain forward -looking statements (as such term is defined in Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended) concerning future events and the impact of the new European Union ("EU") regulations on the
tanker industry and on the Company's operations, performance and financial condition, including, in
particular, statements regarding: the passage of future regulations; the Company's fleet composition by
2005; and the Company's competitive advantage, growth strategy and measures to implement such strategy.
These statements involve known and unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ materially from those expressed or implied
by such forward-looking statements. Important factors that could cause actual results to differ materially
include, but are not limited to: the failure of the EU to implement the regulations by the intended date or at
all; changes in production of or demand for oil and petroleum products, either generally or in particular
regions; changes in the offshore production of oil; the cyclical nature of the tanker industry and its
dependence on oil markets; the supply of tankers available to meet the demand for transportation of
petroleum products; changes in trading patterns significantly impacting overall tanker tonnage
requirements; the Company's dependence on spot oil voyages; competitive factors in the markets in which
the Company operates; environmental and other regulation, including without limitation, the imposition of
freight taxes and income taxes; the potential inability of the Company to generate internal cash flow and
obtain additional debt or equity financing to fund capital expenditures or Company expansion; and other
factors detailed from time to time in the Company's periodic reports, including its Form 20-F for the year
ended December 31, 2002, filed with the U.S. Securities and Exchange Commission. The Company
expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the Company's expectations with
respect thereto or any change in events, conditions or circumstances on which any such statement is based.</FONT></P>

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

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

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



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