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<SEC-DOCUMENT>0000911971-04-000019.txt : 20040421
<SEC-HEADER>0000911971-04-000019.hdr.sgml : 20040421
<ACCEPTANCE-DATETIME>20040421165835
ACCESSION NUMBER:		0000911971-04-000019
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040331
FILED AS OF DATE:		20040421

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:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12874
		FILM NUMBER:		04746014

	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:		SUITE 2000,  BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2K2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k_310304.htm
<DESCRIPTION>EARNINGS RELEASE 1ST QUARTER 2004
<TEXT>




<HTML>
<HEAD>
<TITLE>TEEKAY SHIPPING CORPORATION</TITLE>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.4a) -->
</HEAD>

<BODY><H1 align=center><FONT face="Times New Roman, Times, Serif" size=5>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION</FONT></H1>

<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3><U><B>WASHINGTON, D.C. 20549</B></U> </FONT></H1>
<BR>
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=4>FORM 6-K</FONT></H1>

<P align=center>Report of Foreign Private Issuer</P>

<P align=center>Pursuant to Rule 13a-16 or 15d-16 of<BR>the Securities Exchange Act of 1934</P>

<HR width="15%" noShade SIZE=1>

<P align=center>Date of report: April 21, 2004<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-59212, Nassau, Bahamas<BR>(Address of principal executive office)<BR>
</P>

<HR width="15%" noShade SIZE=1>


<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><BR><BR><BR><BR><BR><BR><BR>

<P><B>Item 1 - Information Contained in this Form 6-K Report</B></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD align=center width="5%"></TD>
<TD width="95%">Attached as Exhibit I is a copy of an announcement of Teekay Shipping Corporation (the &#147;Company&#148;), dated April 21, 2004.</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>
<BR><BR><BR><BR><BR>
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3>SIGNATURES</FONT></H1>


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

<BR>
<BR>
<BR>
<BR>
<BR>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=middle width="45%">Date: April 21, 2004</TD>
<TD vAlign=top width="55%">&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;Executive Vice President and Chief Financial Officer<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial and Accounting Officer)<BR></TD></TR>
</TABLE>

<BR><BR><BR><BR>
<P align=right><FONT face="Times New Roman, Times, Serif" size=3><B>EXHIBIT I</B></FONT></P>
<BR>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="700">
<TR VALIGN="TOP">
     <TD WIDTH="25%"><IMG SRC="tk-logo.jpg"></TD>
     <TD WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"> <B>TEEKAY SHIPPING CORPORATION<BR>
TK House, Bayside Executive Park, West Bay Street &amp; Blake Road<BR>
P.O.
Box AP-59212, Nassau, Bahamas</B></FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Head Sub 1 Left-TNR" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=3><B>EARNINGS RELEASE</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
<HR align=left width="100%" noShade SIZE=2>

<!-- MARKER FORMAT-SHEET="Head Sub 1 Left-TNR" FSL="Project" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=3><B>TEEKAY REPORTS RECORD
QUARTERLY EPS OF $4.37, up 231%;<BR>
 ANNOUNCES 2-for-1 STOCK SPLIT</B> </FONT>
<HR align=left width="100%" noShade SIZE=1>
<B></B>
<A name=A001></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2><U>1<SUP>st</SUP> Quarter
Highlights</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<UL>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>Achieved highest ever net income of $189.0 million (up 253% from prior year)
</FONT>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>Generated
highest ever cash flow from vessel operations of $262.4 million, of which $70.3 million
was from long-term fixed-rate contracts</FONT>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>Announced entry into LNG shipping
sector through the acquisition of Naviera F. Tapias S.A.</FONT> </LI></UL>


<P><FONT face="Times New Roman, Times, Serif" size=2>Nassau, The Bahamas,  April 21, 2004 - Teekay Shipping  Corporation today reported net income of $189.0 million, or $4.37
per share,  for the quarter ended March 31, 2004,  compared to net income of $53.6 million,  or $1.32 per share,  for the
quarter ended March 31, 2003. The results for the first quarter of 2003 included $31.7  million,  or $0.78 per share,  in
write-downs  to the carrying  value of certain  older  vessels and  marketable  securities.  Net voyage  revenues for the
first  quarter of 2004 were  $447.6  million  compared to $212.9  million  for the same  period in 2003,  and income from
vessel  operations  increased  to $208.8  million from $103.5  million.  The higher  results for the current  quarter are
primarily  attributable  to the increase in spot tanker charter rates, as well as the inclusion of the Navion AS (Navion)
fleet since its acquisition in April 2003.</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>In addition,  Teekay&#146;s Board of Directors  authorized a two-for-one  stock split relating to the Company&#146;s  common stock,
which will be effected  in the form of a 100% stock  dividend.  All  stockholders  of record on May 3, 2004 will  receive
one  additional  share of common stock for each share held.  The  additional  shares will be  distributed on or about the
effective date of May 17, 2004.</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>&#147;The strength of Teekay&#146;s
business model was clearly demonstrated this quarter with both our spot and fixed-rate
segments producing record financial results,&#148; commented Bjorn Moller, Teekay&#146;s
President and Chief Executive Officer. &#147;Our decision to increase the size of our spot
fleet over the past year allowed our spot tanker segment to generate over $190 million in
cash flow from vessel operations as a result of the very high freight rates during the
quarter. Our long-term fixed-rate segment continued its rapid growth, generating over $70
million in cash flow from vessel operations.&#148; Mr. Moller continued, &#147;The
decision of our Board of Directors to effect a stock split reflects Teekay&#146;s future
growth prospects and the desire to increase the liquidity of our shares.&#148;</FONT></P>



<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2><U>Acquisition of Naviera
F. Tapias S.A.</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On March 16, 2004, Teekay announced
that it had entered into a definitive agreement to acquire Naviera F. Tapias S.A.
(Tapias), the leading independent owner and operator of liquefied natural gas (LNG)
carriers and Suezmax tankers in Spain, for a total enterprise value of approximately $810
million. The purchase price will include a combination of cash payments and the assumption
of existing debt. In addition, Teekay will assume approximately $540 million in
newbuilding commitments, most of which is expected to be fully debt financed prior to the
vessel deliveries. Teekay also entered into an agreement with the shareholders of Tapias
to establish a 50/50 joint venture that will pursue new business in the oil and gas
shipping sectors, focusing specifically on the Spanish market. The transaction will
establish Teekay&#146;s presence in the high growth LNG shipping sector and position the
Company as a key supplier of LNG shipping to Spain, the world&#146;s third largest
importer of LNG.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tapias&#146; fleet  includes four LNG carriers  (including  two  newbuildings),  all on long-term  fixed-rate  contracts  with
Spanish energy  companies with an average  remaining term of  approximately 21 years. The acquisition will further extend
Teekay&#146;s  leading  position in the crude oil tanker sector with the addition of Tapias&#146; nine Suezmax  tankers  (including
three  newbuildings),  five of which are contracted under long-term  fixed-rate charters with a major Spanish oil company
with an average  remaining term of  approximately 18 years.  Management  expects that the acquisition will be immediately
accretive to earnings and will add long-term  fixed-rate cash flow from vessel  operations of  approximately  $85 million
in 2004 (on an  annualized  basis) and  approximately  $115  million  per annum  thereafter.  The  transaction,  which is
subject to customary closing conditions, is expected to close by April 30, 2004.</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2><U>Operating Results</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>The following table highlights
certain financial information of the Company&#146;s two main segments, the spot tanker
segment and the fixed-rate segment (see the &#147;Teekay Fleet&#148; section of this
release for a breakdown of the fleet composition):</FONT></P>

<PRE>
- -------------------------------------- ------------------------------------------- --------------------------------------------
                                             <B><U>Three Months Ended</U></B>                          <B><U>Three Months Ended</U></B>
                                               <B><U>March 31, 2004</U></B>                              <B><U>March 31, 2003</U></B>
                                                 <B><U>(unaudited)</U></B>                                  <B><U>(unaudited)</U></B>

                                         <B>Spot Tanker     Fixed-Rate                  Spot Tanker     Fixed-Rate
   (in thousands of U.S. dollars)          Segment        Segment        Total         Segment        Segment         Total</B>
- -------------------------------------- --------------- ------------- ------------- --------------- ------------- --------------

Net voyage revenues                         288,081       159,486       447,567         173,468        39,430        212,898

Vessel operating expenses                    23,453        25,459        48,912          31,613        11,033         42,646
Time-charter hire expense                    59,555        49,110       108,665          12,911             -         12,911
Depreciation &amp; amortization                  24,886        28,728        53,614          26,867        12,263         39,130

Cash flow from vessel operations*           192,055        70,310       262,365         117,355        25,259        142,614
- -------------------------------------- --------------- ------------- ------------- --------------- ------------- --------------
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* Cash flow from vessel operations
represents income from vessel operations before depreciation and amortization expense. See
reconciliation in Appendix B to this release. </FONT></P>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<A name=A004></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Fixed-Rate Segment </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->

<P><FONT face="Times New Roman, Times, Serif" size=2>For the quarter ended March 31, 2004, cash flow from vessel  operations from the Company&#146;s  fixed-rate  segment increased
to $70.3  million from $25.3 million for the first  quarter of 2003,  primarily due to the inclusion of Navion&#146;s  shuttle
tanker  operations and the addition of five  conventional  tankers on long-term  fixed-rate  charters to  ConocoPhillips.
Cash flow from vessel  operations  from the  fixed-rate  segment was higher than the $61.0 million  generated  during the
quarter ended December 31, 2003, primarily as a result of:</FONT>
</P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<UL>
<LI><FONT face="Times New Roman, Times, Serif" size=2>The  delivery  of the  AUSTRALIAN  SPIRIT  (Aframax  tanker)  and the ASIAN  SPIRIT  (Suezmax  tanker),  which
       immediately commenced service under fixed-rate contracts to ConocoPhillips;</FONT>
<LI><FONT face="Times New Roman, Times, Serif" size=2>High shuttle tanker utilization due
to typically higher oil production during the winter months; and</FONT>
<LI><FONT face="Times New Roman, Times, Serif" size=2>The delivery of the NORDIC BRASILIA (Suezmax shuttle tanker), during the first quarter.</FONT>
</UL>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>The  Company  expects its  existing  fixed-rate  segment to  generate  annualized  cash flow from  vessel  operations  of
approximately  $285 million by the fourth  quarter of 2004.  With the  acquisition of Tapias,  the  fixed-rate  segment&#146;s
annualized cash flow from vessel  operations is expected to further increase to approximately  $400 million by the end of
2004.
 </FONT></P>




<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<A name=A005></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Spot Tanker Segment </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->

<P><FONT face="Times New Roman, Times, Serif" size=2>Cash flow from vessel operations for
the quarter ended March 31, 2004 from the Company&#146;s spot tanker segment increased to
$192.1 million from $117.4 million in the first quarter of 2003, primarily due to the
increase in spot tanker charter rates and the inclusion of Navion&#146;s conventional
tanker fleet. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->

<P><FONT face="Times New Roman, Times, Serif" size=2>The following table highlights the
performance of the Company&#146;s spot tanker segment measured in net voyage revenues per
calendar-ship-day, or time-charter equivalent (TCE).
 </FONT></P>

<PRE>
- -----------------------------------------------------------------------------------------------------------------------
                                                                          <B>Three Months Ended

                                                     March 31, 2004         December 31, 2003          March 31, 2003</B>
- -----------------------------------------------------------------------------------------------------------------------
                                                                             <B>(unaudited)</B>
- -----------------------------------------------------------------------------------------------------------------------
<B>Spot Tanker Segment</B>
      <B>Very Large Crude Carrier Fleet</B>
      Calendar Days                                              273                       276                     90
      TCE per calendar-ship-day                              $71,062                   $46,442                $78,178

      <B>Suezmax Tanker Fleet</B>
      Calendar Days                                              561                       585                      -
      TCE per calendar-ship-day                              $65,018                   $34,079                      -

      <B>Aframax Tanker Fleet</B>
      Calendar Days                                            5,122                     5,255                  5,160
      TCE per calendar-ship-day                              $40,235                   $25,419                $28,761

      <B>Oil/Bulk/Ore ("OBO") Fleet</B>
      Calendar Days                                              157                       460                    720
      TCE per calendar-ship-day                              $20,822                   $16,457                $17,775

      <B>Large Product Tanker Fleet</B>
      Calendar Days                                              395                       199                      -
      TCE per calendar-ship-day                              $27,478                   $28,879                      -

      <B>Small Product Tanker Fleet</B>
      Calendar Days                                              847                       746                      -
      TCE per calendar-ship-day                              $13,510                   $10,929                      -

- -----------------------------------------------------------------------------------------------------------------------
</PRE>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Tanker Market Overview</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tanker freight rates continued to
strengthen during the first quarter of 2004 as a result of strong global oil demand and
increased oil supplies from long-haul sources combined with constrained tanker supply
growth. During April 2004, tanker rates have declined from the near record levels
experienced during the first quarter of 2004, mainly due to seasonal factors, but remain
at relatively high levels when compared to historical averages.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Global oil demand, an underlying
driver of tanker demand, continued to be strong, averaging 80.3 million barrels per day
(mb/d) during the first quarter of 2004, down from 80.8 mb/d in the fourth quarter of
2003, but up 1.1 mb/d compared to the first quarter of 2003. On April 9, 2004, the
International Energy Agency raised its forecast for 2004 oil demand to 80.3 mb/d, which
would represent an increase of 2.1% over 2003 demand.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Global oil supply grew to 82.1 mb/d
in the first quarter of 2004, an increase of 0.5 mb/d from the fourth quarter of 2003.
Rising Iraqi exports helped increase OPEC production by 0.3 mb/d while non-OPEC production
rose by 0.2 mb/d, led by the former Soviet Union. During the first quarter of 2004, OPEC
(excluding Iraq) production averaged approximately 25.9 mb/d, 1.4 mb/d above its quota of
24.5 mb/d announced in November 2003. At its March 31, 2004 meeting, OPEC reiterated its
earlier decision to further reduce production quotas by 1.0 mb/d to 23.5 mb/d, effective
April 1, 2004, in anticipation of the normal seasonal reduction in oil demand. Market
sources indicate that OPEC continues to produce significantly above these stated quotas.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The size of the world tanker fleet
increased to 320.9 million deadweight tonnes (mdwt) as of March 31, 2004, up 1.2% from the
end of the previous quarter. Despite the strong tanker rates, deletions in the first
quarter of 2004 of 4.0 mdwt exceeded the 3.4 mdwt of tankers scrapped in the previous
quarter. Deliveries of tanker newbuildings during the first quarter totaled 7.8 mdwt, up
from 5.7 mdwt in the previous quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As at March 31, 2004, the world
tanker orderbook stood at 82.3 mdwt, representing 25.6% of the total world tanker fleet
compared to 77.7 mdwt, or 24.5%, at the end of the previous quarter.</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->

<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2><U>Teekay Fleet</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->

<P><FONT face="Times New Roman, Times, Serif" size=2>As at March 31, 2004, Teekay&#146;s
fleet (excluding vessels managed for third parties and the Tapias fleet) consisted of 152
vessels, including 51 chartered-in vessels and 15 newbuilding tankers on order. During the
quarter, the Company took delivery of three newbuildings: the AUSTRALIAN SPIRIT (Aframax
tanker) and the ASIAN SPIRIT (Suezmax tanker), which immediately commenced service under
fixed-rate contracts to ConocoPhillips; and the NORDIC BRASILIA (Suezmax tanker), which
currently is trading in the spot market but is expected to commence its long-term charter
to Transpetro by the third quarter of 2004 after conversion to a shuttle tanker. The
Company did not sell any vessels during the quarter.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->

<P><FONT face="Times New Roman, Times, Serif" size=2>The following is a summary of the
Teekay fleet as at March 31, 2004:</FONT></P>

<PRE>
- ----------------------------------------------------------------------------------------------------------------------------
                                                                                <B>Number of Vessels</B>
                                                     -----------------------------------------------------------------------
                                                             <B>Owned         Chartered-in    Newbuildings on
                                                            Vessels           Vessels           Order               Total</B>
- ----------------------------------------------------------------------------------------------------------------------------
  <B>Spot Tanker Segment:</B>
        Very Large Crude Carriers                                  1                2                 -              3
        Suezmax Tankers                                            1                5                 -              6
        Aframax Tankers (1)                                       43               15                12             70
        Large Product Tankers                                      -                5                 -              5
        Small Product Tankers                                      -               10                 -             10
- ----------------------------------------------------------------------------------------------------------------------------
        Total Spot Tanker Segment                                 45               37                12             94
- ----------------------------------------------------------------------------------------------------------------------------
  <B>Fixed-Rate Segment:</B>
        Shuttle Tankers (2)                                       29               13                 1             43
        Conventional Tankers                                       8                -                 2             10
        Floating Storage &amp; Offtake (FSO) Units (3)                 3                -                 -              3
        LPG / Methanol Carriers                                    1                1                 -              2
- ----------------------------------------------------------------------------------------------------------------------------
        Total Fixed-Rate Segment                                  41               14                 3             58
- ----------------------------------------------------------------------------------------------------------------------------
  <B>Total                                                           86               51                15            152 </B>
- ----------------------------------------------------------------------------------------------------------------------------
</PRE>

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<TABLE cellSpacing=0 cellPadding=0 width=100% border=0>
<TR vAlign=top>
<TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>(1)</FONT></TD>
<TD width="95%"><FONT face="Times New Roman, Times, Serif" size=2>Includes one Aframax to be converted to an FSO and scheduled to commence service
                    under a long-term contract during the second quarter of 2004.</FONT></TD></TR>

<TR vAlign=top>
<TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>(2)</FONT></TD>
<TD width="95%"><FONT face="Times New Roman, Times, Serif" size=2>Includes six shuttle tankers of which the Company&#146;s ownership interests range from 50% to 65.5%.</FONT></TD></TR>

<TR vAlign=top>
<TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>(3)</FONT></TD>
<TD width="95%"><FONT face="Times New Roman, Times, Serif" size=2>Includes one FSO unit of which the Company&#146;s
                    ownership interest is 89% </FONT></TD></TR>
</TABLE>

<BR>


<BR>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<A name=A011></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2><U>Liquidity and Capital Expenditures</U></FONT></H1>

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<P><FONT face="Times New Roman, Times, Serif" size=2>As at March 31, 2004, the Company had
total liquidity of $786 million, comprising $304 million in cash and cash equivalents and
$482 million in undrawn medium-term revolving credit facilities.</FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>Excluding the Tapias  acquisition,  as at March 31, 2004, the Company had approximately $543 million in remaining capital
commitments  relating to its 15 newbuildings on order. Of this,  approximately  $218 million was due during the remainder
of 2004,  $95 million in 2005,  $83 million in 2006 and $147  million  due in 2007 and early  2008.  Long-term  financing
arrangements totaling approximately $255 million exist for 8 of the 15 newbuildings on order.</FONT></P>




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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>




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<A name=A015></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2><U>About Teekay</U></FONT></H1>

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<P><FONT face="Times New Roman, Times, Serif" size=2>Teekay is the world&#146;s leading
provider of international crude oil and petroleum product transportation services,
transporting more than 10% of the world&#146;s sea-borne oil. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->

<P><FONT face="Times New Roman, Times, Serif" size=2>With offices in 13 countries, Teekay
employs more than 4,700 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. </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>Teekay&#146;s common stock is listed
on the New York Stock Exchange where it trades under the symbol &#147;TK&#148;. </FONT></P>


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<A name=A016></A>
<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2><U>Earnings Conference Call </U></FONT></H1>

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<P><FONT face="Times New Roman, Times, Serif" size=2>The Company plans to host a
conference call at 11:00 a.m. EDT (8:00 a.m. PDT) on April 22, 2004, to discuss the
results for the quarter. All shareholders and interested parties are invited to listen to
the live conference call and view the Company&#146;s earnings presentation through the
Company&#146;s web site at <U>www.teekay.com</U>. A recording of the call will be
available until April 29, 2004 by dialing (719) 457-0820, access code 495362, or via the
Company&#146;s web site until May 22, 2004. </FONT></P>


<BR>
<!-- MARKER FORMAT-SHEET="Head Sub 3 Left-TNR" FSL="Project" -->
<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For Investor Relations
enquiries contact: <BR>Scott Gayton <BR>Tel: +1 (604) 844-6654 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left-TNR" FSL="Project" -->
<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For other Media
enquiries contact: <BR>Kim Barbero <BR>Tel: +1 (604) 609-4703 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left-TNR" FSL="Project" -->
<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Web site: <U>www.teekay.com</U> </FONT></P>

<BR>
<BR>
<BR>
<PRE>
- ------------------------------------------------------------------------------------------------------------------------
                                                   <B>TEEKAY SHIPPING CORPORATION
                                             SUMMARY CONSOLIDATED STATEMENTS OF INCOME</B>
                                  (in thousands of U.S. dollars, except share and per share data)
- ------------------------------------------------------------------------------------------------------------------------
                                                       <B><U>Three Months Ended</U></B>       <B><U>Three Months Ended</U></B>     <B><U>Three Months Ended</U></B>
                                                           <B><U>March 31,</U></B>               <B><U>December 31,</U></B>             <B><U>March 31,</U></B>
                                                             <B><U>2004</U></B>                     <B><U>2003</U></B>                    <B><U>2003</U></B>
                                                          <B><U>(unaudited)</U></B>              <B><U>(unaudited)</U></B>             <B><U>(unaudited)</U></B>

<B>VOYAGE REVENUES</B>                                              551,451                  451,048                   282,232
- --------------------------------------------------- ------------------------ ------------------------ -------------------------

<B>OPERATING EXPENSES</B>
Voyage expenses                                              103,884                  110,449                    69,334
Vessel operating expenses                                     48,912                   57,239                    42,646
Time-charter hire expense                                    108,665                  102,274                    12,911
Depreciation and amortization                                 53,614                   52,447                    39,130
General and administrative                                    27,625                   26,362                    14,727
- --------------------------------------------------- ------------------------ ------------------------ -------------------------
                                                             342,700                  348,771                   178,748
- --------------------------------------------------- ------------------------ ------------------------ -------------------------
<B>Income from vessel operations</B>                                208,751                  102,277                   103,484
Write-down and gain (loss) on sale of vessels                    603                  (54,048)                  (25,787)
Restructuring charge                                            (762)                  (4,414)                        -
Equity income from joint ventures                              1,836                    3,217                       785
- --------------------------------------------------- ------------------------ ------------------------ -------------------------
<B>Operating income</B>                                             210,428                   47,032                    78,482
- --------------------------------------------------- ------------------------ ------------------------ -------------------------
<B>OTHER ITEMS</B>
Interest expense                                             (21,563)                 (23,086)                  (14,386)
Interest income                                                1,254                      989                       846
Income tax expense                                            (2,149)                 (13,315)                   (3,322)
Other - net                                                    1,039                   (5,038)                   (8,041)
- -------------------------------------------------- ------------------------ ------------------------ -------------------------
                                                             (21,419)                 (40,450)                  (24,903)
- --------------------------------------------------- ------------------------ ------------------------ -------------------------
<B>Net income</B>                                                   189,009                    6,582                    53,579
===============================================================================================================================
Earnings per common share
- -       Basic                                                  $4.63                    $0.16                     $1.35
- -       Diluted                                                $4.37                    $0.16                     $1.32
- --------------------------------------------------- ------------------------ ------------------------ -------------------------
Weighted-average number of common shares
outstanding
- -       Basic                                             40,810,396               40,357,275                39,740,399
- -       Diluted *                                         43,261,082               41,832,176                40,451,189
===============================================================================================================================

</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*Reflects the effect of outstanding
stock options and the $143.75 million mandatory convertible preferred issue computed using
the Treasury Stock Method </FONT></P>

<BR>
<BR>
<BR>
<PRE>

- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                              SUMMARY CONSOLIDATED BALANCE SHEETS</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                                          <B><U>As at March 31,</U></B>           <B><U>As at December 31,</U></B>
                                                                              <B><U>2004</U></B>                       <B><U>2003</U></B>
                                                                           <B><U>(unaudited)</U></B>
<B>ASSETS</B>
Cash and cash equivalents                                                     304,009                   292,284
Other current assets                                                          187,032                   188,249
Marketable securities - long-term                                             173,311                    95,511
Vessels and equipment                                                       2,543,376                 2,424,204
Advances on newbuilding contracts                                              80,183                   150,656
Other assets                                                                  218,493                   187,798
Intangible assets                                                             113,705                   118,588
Goodwill                                                                      130,754                   130,754
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Assets</B>                                                                3,750,863                 3,588,044
========================================================================================================================
<B>LIABILITIES AND STOCKHOLDERS' EQUITY</B>
Accounts payable and accrued liabilities                                      132,898                   171,411
Current portion of long-term debt                                             102,527                   103,221
Long-term debt                                                              1,467,188                 1,533,537
Other long-term liabilities                                                   110,897                   112,726
Minority interest                                                              15,925                    15,322
Stockholders' equity                                                        1,921,428                 1,651,827
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Liabilities and Stockholders' Equity</B>                                  3,750,863                 3,588,044
========================================================================================================================
</PRE>
<PRE>

- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                          SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                                                   <B><U>Three Months Ended</U></B>
                                                                                        <B><U>March 31,</U></B>
                                                                              <B><U>2004</U></B>                      <B><U>2003</U></B>
                                                                           <B><U>(unaudited)</U></B>               <B><U>(unaudited)</U></B>
Cash and cash equivalents provided by (used for)
<B>OPERATING ACTIVITIES</B>
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net cash flow from operating activities</B>                                       205,192                    84,071
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>FINANCING ACTIVITIES</B>
Net proceeds from long-term debt                                              413,598                   155,733
Scheduled repayments of long-term debt                                        (52,607)                  (19,258)
Prepayments of long-term debt                                                (428,170)                 (200,000)
Other                                                                           7,894                    (6,796)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net cash flow from financing activities</B>                                       (59,285)                  (70,321)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>INVESTING ACTIVITIES</B>
Expenditures for vessels and equipment                                        (93,829)                  (62,891)
Expenditures for the purchase of Tapias                                       (30,183)                        -
Proceeds from disposition of assets                                             5,764                    18,000
Other                                                                         (15,934)                   (5,845)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net cash flow from investing activities</B>                                      (134,182)                  (50,736)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Increase (decrease) in cash and cash equivalents</B>                               11,725                   (36,986)
Cash and cash equivalents, beginning of the period                            292,284                   284,625
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Cash and cash equivalents, end of the period</B>                                  304,009                   247,639
========================================================================================================================

</PRE>
<BR>
<BR>
<BR>
<PRE>

- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                             APPENDIX A &#151; SUPPLEMENTAL INFORMATION</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                               <B><U>Three Months Ended March 31, 2004</U></B>
                                                                          <B><U>(unaudited)</U></B>

                                               <B><U>Spot Tanker</U></B>               <B><U>Fixed-Rate</U></B>
                                                  <B><U>Segment</U></B>                  <B><U>Segment</U></B>                     <B><U>Total</U></B>
- --------------------------------------- ------------------------ -------------------------- ----------------------------
Net voyage revenues                               288,081                  159,486                    447,567
Vessel operating expenses                          23,453                   25,459                     48,912
Time-charter hire expense                          59,555                   49,110                    108,665
Depreciation and amortization                      24,886                   28,728                     53,614
General and administrative                         13,018                   14,607                     27,625
- --------------------------------------- ------------------------ -------------------------- ----------------------------
Income from vessel operations                     167,169                   41,582                    208,751
========================================================================================================================
</PRE>
<PRE>
                                                             <B><U>Three Months Ended December 31, 2003</U></B>
                                                                          <B><U>(unaudited)</U></B>

                                               <B><U>Spot Tanker</U></B>               <B><U>Fixed-Rate</U></B>
                                                  <B><U>Segment</U></B>                  <B><U>Segment</U></B>                     <B><U>Total</U></B>
- --------------------------------------- ------------------------ -------------------------- ----------------------------
Net voyage revenues                               192,922                  147,677                    340,599
Vessel operating expenses                          30,440                   26,799                     57,239
Time-charter hire expense                          54,493                   47,781                    102,274
Depreciation and amortization                      24,703                   27,744                     52,447
General and administrative                         14,267                   12,095                     26,362
- --------------------------------------- ------------------------ -------------------------- ----------------------------
Income from vessel operations                      69,019                   33,258                    102,277
========================================================================================================================
</PRE>
<PRE>
                                                               <B><U>Three Months Ended March 31, 2003</U></B>
                                                                         <B><U>(unaudited)</U></B>

                                               <B><U>Spot Tanker</U></B>               <B><U>Fixed-Rate</U></B>
                                                  <B><U>Segment</U></B>                  <B><U>Segment</U></B>                     <B><U>Total</U></B>
- --------------------------------------- ------------------------ -------------------------- ----------------------------
Net voyage revenues                               173,468                   39,430                    212,898
Vessel operating expenses                          31,613                   11,033                     42,646
Time-charter hire expense                          12,911                        -                     12,911
Depreciation and amortization                      26,867                   12,263                     39,130
General and administrative                         11,589                    3,138                     14,727
- --------------------------------------- ------------------------ -------------------------- ----------------------------
Income from vessel operations                      90,488                   12,996                    103,484
========================================================================================================================

</PRE>
<BR>
<BR>
<BR>
<PRE>

- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                APPENDIX B &#151; RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                                <B><U>Three Months Ended March 31, 2004</U></B>
                                                                          <B><U>(unaudited)</U></B>

                                               <B><U>Spot Tanker</U></B>               <B><U>Fixed-Rate</U></B>
                                                  <B><U>Segment</U></B>                  <B><U>Segment</U></B>                      <B><U>Total</U></B>

Income from vessel operations                     167,169                   41,582                     208,751
Depreciation and amortization                      24,886                   28,728                      53,614
- ----------------------------------------- ---------------------- -------------------------- ----------------------------
Cash flow from vessel operations (1)              192,055                   70,310                     262,365
========================================================================================================================
</PRE>
<PRE>
                                                                <B><U>Three Months Ended March 31, 2003</U></B>
                                                                           <B><U>(unaudited)</U></B>

                                               <B><U>Spot Tanker</U></B>              <B><U>Fixed-Rate</U></B>
                                                  <B><U>Segment</U></B>                  <B><U>Segment</U></B>                      <B><U>Total</U></B>

Income from vessel operations                      90,488                   12,996                     103,484
Depreciation and amortization                      26,867                   12,263                      39,130
- ----------------------------------------- ---------------------- -------------------------- ----------------------------
Cash flow from vessel operations (1)              117,355                   25,259                     142,614
========================================================================================================================
</PRE>
<PRE>
                                                     <B><U>Annualized Projections as at</U></B>
                                                         <B><U>December 31, 2004</U></B>
                                                            <B><U>(unaudited)</U></B>

                                            <B><U>Fixed-rate Segment</U></B>           <B><U>Fixed-rate Segment</U></B>
                                            <B><U>(excluding Tapias)</U></B>           <B><U>(including Tapias)</U></B>

Income from vessel operations                  170,000                        245,000
Depreciation and amortization                  115,000                        155,000
- ----------------------------------------- ---------------------- --------------------------
Cash flow from vessel operations (1)           285,000                        400,000
===========================================================================================
</PRE>
<PRE>
                                             <B><U>Projections for Tapias&#146; Fixed-rate Segment</U></B>
                                                            <B><U>(unaudited)</U></B>

                                              <B><U>Year Ended</U></B>                    <B><U>Year Ended</U></B>
                                           <B><U>December 31, 2004</U></B>             <B><U>December 31, 2005</U></B>

Income from vessel operations                   49,000                         75,000
Depreciation and amortization                   36,000                         40,000
- ----------------------------------------- ---------------------- --------------------------
Cash flow from vessel operations (1)            85,000                        115,000
===========================================================================================
</PRE>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Cash flow from vessel operations  represents  income from vessel  operations before  depreciation and amortization
       expense.  Cash flow from  vessel  operations  is included  because  certain  investors  use this data to measure a
       company's  financial  performance.  Cash flow from vessel  operations  is not  required by  accounting  principles
       generally  accepted  in the United  States and should not be  considered  as an  alternative  to net income or any
       other indicator of the Company's  performance  required by accounting  principles generally accepted in the United
       States.</FONT></TD>
               </TR>
               </TABLE>
               <BR>

<BR>
<BR>
<BR>

<PRE>

- ------------------------------------------------------------------------------------------------------------------------
                                                 <B>TEEKAY SHIPPING CORPORATION
                                  APPENDIX B &#151; RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                                           CONTINUED</B>
                                                (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                                <B><U>Three Months Ended March 31, 2004</U></B>
                                                                           <B><U>(unaudited)</U></B>

                                               <B><U>Spot Tanker</U></B>               <B><U>Fixed-Rate</U></B>
                                                 <B><U>Segment</U></B>                  <B><U>Segment</U></B>                      <B><U>Total</U></B>

Voyage revenues                                  375,856                  175,595                     551,451
Voyages expenses                                  87,775                   16,109                     103,884
- ----------------------------------------- ---------------------- -------------------------- ----------------------------
Net voyage revenues (2)                          288,081                  159,486                     447,567
========================================================================================================================
</PRE>
<PRE>
                                                              <B><U>Three Months Ended December 31, 2003</U></B>
                                                                           <B><U>(unaudited)</U></B>

                                               <B><U>Spot Tanker</U></B>                <B><U>Fixed-Rate</U></B>
                                                 <B><U>Segment</U></B>                   <B><U>Segment</U></B>                     <B><U>Total</U></B>

Voyage revenues                                  284,572                   166,476                    451,048
Voyages expenses                                  91,650                    18,799                    110,449
- ----------------------------------------- ---------------------- -------------------------- ----------------------------
Net voyage revenues (2)                          192,922                   147,677                    340,599
========================================================================================================================
</PRE>
<PRE>
                                                                <B><U>Three Months Ended March 31, 2003</U></B>
                                                                           <B><U>(unaudited)</U></B>

                                               <B><U>Spot Tanker</U></B>                <B><U>Fixed-Rate</U></B>
                                                 <B><U>Segment</U></B>                   <B><U>Segment</U></B>                     <B><U>Total</U></B>

Voyage revenues                                  241,717                    40,515                    282,232
Voyages expenses                                  68,249                     1,085                     69,334
- ----------------------------------------- ---------------------- -------------------------- ----------------------------
Net voyage revenues (2)                          173,468                    39,430                    212,898
========================================================================================================================
</PRE>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                 Net voyage revenues represents voyage revenues less voyage expenses, which comprise all expenses relating to
      certain voyages, including bunker fuel expenses, port fees, canal tolls and brokerage commissions.  Net voyage
      revenues is included because certain investors use this data to measure the financial performance of shipping
      companies.  Net voyage revenues is not required by accounting principles generally accepted in the United
      States and should not be considered as an alternative to voyage revenues or any other indicator of the
      Company's performance required by accounting principles generally accepted in the United States.</FONT></TD>
               </TR>
               </TABLE>
               <BR>

<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
     <HR ALIGN=LEFT WIDTH=100% SIZE=2 NOSHADE>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORWARD LOOKING
STATEMENTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
     <HR ALIGN=LEFT WIDTH=100% SIZE=2 NOSHADE>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This release  contains  forward-looking  statements (as defined in Section 21E of the Securities  Exchange Act of 1934,
as amended) which reflect management&#146;s  current views with respect to certain future events and performance,  including
statements  regarding  the Company&#146;s  future growth  prospects;  tanker market  fundamentals,  including the balance of
supply and demand in the tanker market,  and spot tanker charter rates;  anticipated  annualized  cash flow from vessel
operations from the Company&#146;s  fixed-rate segment by the end of 2004;  newbuilding  delivery dates and the commencement
of service under  long-term  contracts;  the impact of the Tapias  acquisition to Teekay&#146;s  earnings,  future cash flow
from vessel  operations and strategic  position;  the financing  requirements  for and the closing of the  acquisition;
the growth  prospects of the LNG shipping  sector and the joint venture company with the Tapias  shareholders;  and the
anticipated  distribution  date for the stock  split.  The  following  factors are among those that could cause  actual
results to differ  materially from the  forward-looking  statements,  which involve risks and  uncertainties,  and that
should be considered in evaluating any such statement:  changes in production of or demand for oil,  petroleum products
and LNG, either  generally or in particular  regions;  greater or less than  anticipated  levels of tanker  newbuilding
orders or greater or less than  anticipated  rates of tanker  scrapping;  changes  in  trading  patterns  significantly
impacting overall tanker tonnage  requirements;  changes in applicable  industry laws and regulations and the timing of
implementation  of new laws and  regulations;  changes in the typical  seasonal  variations  in tanker  charter  rates;
changes in the offshore  production  of oil;  the  potential  failure to close the Tapias  transaction;  the  potential
inability of Teekay to integrate Tapias  successfully;  the potential for early termination of long-term  contracts and
inability of the Company to renew or replace long-term  contracts;  shipyard  production  delays;  the Company&#146;s future
capital  expenditure  requirements;  and other  factors  discussed in Teekay&#146;s  filings from time to time with the SEC,
including  its Report on Form 20-F for the fiscal year ended  December 31, 2002.  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&#146;s  expectations  with respect  thereto or any change in events,  conditions
or circumstances on which any such statement is based.</FONT></P>




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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
