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<SEC-DOCUMENT>0000911971-04-000033.txt : 20040519
<SEC-HEADER>0000911971-04-000033.hdr.sgml : 20040519
<ACCEPTANCE-DATETIME>20040510163516
ACCESSION NUMBER:		0000911971-04-000033
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040429
FILED AS OF DATE:		20040510
DATE AS OF CHANGE:		20040519
EFFECTIVENESS DATE:		20040510

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:		04793560

	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>DEF 14A
<SEQUENCE>1
<FILENAME>proxystatement_042904.htm
<DESCRIPTION>PROXY STATEMENT  DATED APRIL 29, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>TEEKAY SHIPPING CORPORATION</TITLE>
</HEAD>
<BODY>
<H1 ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE=5>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT></H1>

<H1 ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE=3><u><B>WASHINGTON, D.C. 20549</B></u>
</FONT>
</H1>

<BR>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 6-K</FONT></H1>

<P ALIGN=CENTER>Report of Foreign Private Issuer</P>
<P ALIGN=CENTER>Pursuant to Rule 13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</P>

<hr width=15% size=1 noshade>

                                   <P ALIGN=CENTER>Date of report:  May 10, 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, The 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>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<P><B>Item 1 - Information Contained in this Form 6-K Report</B></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH=5% ALIGN=CENTER></TD>
<TD WIDTH=95%>Attached as Exhibit I is a copy of an announcement of Teekay Shipping Corporation (the &#147;Company&#148;), dated
April 29, 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>
<BR>
<BR>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>SIGNATURES</FONT></H1>

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


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH=45% VALIGN=MIDDLE>
Date:    May 10, 2004</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;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>



<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></P>

<BR><BR><BR><BR><BR><BR><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&#150;59212, Nassau, The Bahamas</B></FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Project" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PHONE: (242) 502-8820<BR>FAX:
(242) 502-8840</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 29, 2004 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Shareholder: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On behalf of the Board of Directors,
it is my pleasure to extend to you an invitation to attend the 2004 Annual Meeting of
Shareholders of Teekay Shipping Corporation. The annual meeting will be held at: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Place:</B>&nbsp; The Corporation of Trinity House<BR>
           &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Square<BR>
           &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tower Hill<BR>
           &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London, England
</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:</B>
&nbsp;Tuesday, June 1, 2004</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time:</B>
 &nbsp;9:30
a.m. (London time)</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Notice of Annual Meeting and
Proxy Statement is enclosed and describes the business to be transacted at the annual
meeting and provides other information concerning Teekay. The principal business to be
transacted at the annual meeting will be (1) the election of directors and (2) the
ratification of the selection of Ernst &amp; Young LLP, Chartered Accountants, as
Teekay&#146;s independent auditors for the fiscal year ending December 31, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board of Directors unanimously
recommends that shareholders vote for the election of the nominated directors and for the
ratification of Ernst &amp; Young LLP, Chartered Accountants, as Teekay&#146;s independent
auditors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>We know that many of our
shareholders will be unable to attend the annual meeting. Proxies are 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.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely, </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[/s/ Bjorn Moller] </FONT></P>
<BR>
<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BJORN MOLLER<BR>President and Chief
Executive Officer  </FONT></P>




<PAGE>
<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004 ANNUAL MEETING OF
SHAREHOLDERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTICE OF ANNUAL
MEETING AND PROXY STATEMENT </FONT></H1>

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

<PRE>
<B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>
<B>QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND THE ANNUAL MEETING</B>
     <I>Why am I receiving these materials?</I>
     <I>What information is contained in this proxy  statement?</I>
     <I>How may I obtain Teekay's annual report to  shareholders?</I>
     <I>How may I obtain Teekay's Annual Report on Form 20-F filed with the SEC?</I>
     <I>What items of business will be voted on at the annual meeting?</I>
     <I>How does the Board recommend that I vote?</I>
     <I>What shares can I vote?</I>
     <I>What is the difference between holding shares as a shareholder of record and as a beneficial owner?</I>
     <I>What effect will Teekay's stock split have on voting  or other matters?</I>
     <I>How can I attend the annual meeting?</I>
     <I>How can I vote my shares in person at the annual meeting?</I>
     <I>How can I vote my shares without attending the annual meeting?</I>
     <I>Can I change my vote?</I>
     <I>Is my vote confidential?</I>
     <I>How many shares must be present or represented to conduct business at the annual meeting?</I>
     <I>How are votes counted?</I>
     <I>What is the voting requirement to approve each of the proposals?</I>
     <I>Is cumulative voting permitted for the election of directors?</I>
     <I>What happens if additional matters are presented at the annual meeting?</I>
     <I>What should I do if I receive more than one set of voting materials?</I>
     <I>How may I obtain a separate set of voting materials?</I>
     <I>Who will bear the cost of soliciting votes for the annual meeting?</I>
     <I>Where can I find the voting results of the annual meeting?</I>
     <I>What is the deadline to propose actions for consideration at next year's annual meeting of</I>
     <I>shareholders or to nominate individuals to serve as  directors?</I>
     <I>How may I communicate with Teekay's Board or the non-management directors on Teekay's Board?</I>
<B>CORPORATE GOVERNANCE PRINCIPLES AND BOARD MATTERS</B>
     Board Independence
     Board Structure and Committee Composition
     Consideration of Director Nominees
     Executive Sessions
     Communications with the Board
<B>DIRECTOR COMPENSATION</B>
<B>PROPOSALS TO BE VOTED ON</B>
     PROPOSAL NO. 1: Election of Directors
     PROPOSAL NO. 2: Ratification of Independent Auditors
<B>COMMON STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B>
<B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>
<B>EXECUTIVE OFFICERS</B>
<B>EXECUTIVE COMPENSATION</B>
     Summary Compensation Table
     Option/SAR Grants in Fiscal 2003
     Aggregated Fiscal 2003 Year-End Option/SAR Values
     Report of the Compensation Committee of the Board of Directors on Executive Compensation
<B>STOCK PERFORMANCE GRAPH</B>
<B>PRINCIPAL AUDITOR FEES AND SERVICES</B>
<B>REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS</B>
</PRE>

<PAGE>
<BR>
<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TEEKAY SHIPPING
CORPORATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTICE OF ANNUAL
MEETING OF SHAREHOLDERS </FONT></H1>

<PRE>
<B>Time and Date</B>           Tuesday&#130; June 1&#130; 2004&#130; 9:30 a.m. (London time)

<B>Place</B>                   The Corporation of Trinity House, Trinity Square, Tower Hill, London, England

<B>Items of Business</B>       (1)    To elect three directors to Teekay's Board of Directors for a term of three years

                        (2)    To ratify the selection of Ernst &amp; Young LLP, Chartered Accountants, as Teekay's
                               independent auditors for the fiscal year ending December 31, 2004

                        (3)    To transact such other business as may properly come before the annual meeting or any
                               adjournment or postponement of the meeting

<B>Adjournments and</B>        Any action on the items of business  described  above may be considered  at the annual  meeting at
<B>Postponements</B>           the time and on the date  specified  above or at any time and date to which the annual meeting may
                        be properly adjourned or postponed.

<B>Record Date</B>             The record date for the annual meeting is April 2, 2004. 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 of the meeting.

<B>Voting</B>                  Your vote is very important.  Whether or not you plan to attend the annual  meeting,  we encourage
                        you to read  this  proxy  statement  and  submit  your  proxy or  voting  instructions  as soon as
                        possible.  You may submit your proxy for the annual  meeting by  completing,  signing,  dating and
                        returning your proxy card in the enclosed envelope.  For specific instructions on how to vote your
                        shares,  please refer to the section  entitled  Questions and Answers  beginning on page 2 of this
                        proxy statement and the instructions on the proxy or voting instruction card.
</PRE>
<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By Order of the Board of
Directors </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[/s/ Arthur J. Bensler]</FONT></P>


<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTHUR J. BENSLER<BR>Secretary</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 29, 2004 </FONT></P>
<BR>
<BR>
<BR>

<PAGE>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
notice of annual meeting and proxy statement and form of proxy are being distributed on or
about </I> <I>April 29, 2004.</I></FONT></P>


<BR>
<BR>
<BR>
<BR>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUESTIONS AND ANSWERS
ABOUT THE PROXY MATERIALS AND THE ANNUAL MEETING </FONT></H1>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Why am I receiving
these materials?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Directors (or <I>Board</I>) of Teekay Shipping Corporation, a corporation
organized in the Republic of the Marshall Islands (or <I>Teekay</I>), is providing these
proxy materials for you in connection with Teekay&#146;s Annual Meeting of Shareholders,
which will take place on June 1, 2004. As a shareholder, you are invited to attend the
annual meeting and are entitled and requested to vote on the items of business described
in this proxy statement.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>What information is
contained in this proxy statement?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The information included in this proxy statement relates to the proposals to be voted on
at the annual meeting, the voting process, the compensation of directors and our most
highly-paid executive officers, and certain other information about Teekay.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How may I obtain
Teekay&#146;s annual report to shareholders?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          A copy of our annual report to shareholders is enclosed.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How may I obtain Teekay&#146;s
Annual Report on Form 20-F filed with the SEC?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Shareholders may request a free copy of our 2003 Annual Report on Form 20-F from:</FONT></TD>
          </TR>
          </TABLE>
          <BR>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay Shipping Corporation <BR>Suite 2000, Bentall 5<BR>
550 Burrard Street<BR>Vancouver, BC V6C 2K2<BR>Attention: Investor
Relations <BR><BR>Telephone: (604)
844-6654 <BR>Email:
investor.relations@teekay.com </FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay will also furnish any exhibit
to the Form 20-F if specifically requested. Copies of the 2003 Annual Report on Form 20-F
are also available under &#147;SEC Filings&#148; in the Investor Centre section of our
website at www.teekay.com and at the SEC&#146;s EDGAR database on the SEC&#146;s website
at www.sec.gov. </FONT></P>





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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>What items of business
will be voted on at the annual meeting?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The items of business scheduled to be voted on at the annual meeting are:</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;The election of three directors to Teekay's Board for a term of three years, and</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;The ratification of our independent auditors for the 2004 fiscal year.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          We will also consider any other business that properly comes before the annual meeting.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How does the Board
recommend that I vote?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Our Board recommends that you vote your shares &#147;FOR&#148; each of the nominees to the
Board and &#147;FOR&#148; the ratification of the independent auditors for the 2004 fiscal
year.</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>What shares can I vote?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Each share of Teekay common stock issued and outstanding as of the close of business on
April 2, 2004, the <I>record date</I> for the annual meeting, is entitled to be voted on
all items being voted upon at the annual meeting. The <I>record date</I> for the annual
meeting is the date used to determine both the number of shares of Teekay&#146;s common
stock that are entitled to be voted at the annual meeting and the identity of the
<I>shareholders of record</I> and <I>beneficial owners</I> of those shares of common stock
who are entitled to vote those shares at the annual meeting. On the <I>record date</I> for
the annual meeting we had approximately 41,113,670 shares of common stock issued and
outstanding.<BR><BR>You may vote all shares owned by you as of the
<I>record date</I> for the annual meeting,
including (1) shares held directly in your name as the <I>shareholder of record</I>,
including shares purchased through Teekay&#146;s Dividend Reinvestment Plan, and (2)
shares held for you as the <I>beneficial owner</I> through a broker, trustee or other
nominee such as a bank.</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>What is the difference
between holding shares as a shareholder of record and as a beneficial owner?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Most Teekay shareholders hold their shares through a broker or other nominee rather than
directly in their own name. As summarized below, there are some distinctions between
shares held of record and those owned beneficially.</FONT></TD>
          </TR>
          </TABLE>
<BR>


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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><I>Shareholder
of Record</I></B><BR><BR>If your shares are registered directly in your name with Teekay&#146;s transfer agent, The
Bank of New York, you are considered, with respect to those shares, the <I>shareholder of
record</I>, and these proxy materials are being sent directly to you by Teekay. As the
<I>shareholder of record</I>, you have the right to grant your voting proxy directly to
Teekay or to vote in person at the meeting. Teekay has enclosed or sent a proxy card for
you to use.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><I>Beneficial
Owner</I></B><BR><BR>If your shares are held in a brokerage account or by another nominee, you are considered the
<I>beneficial owner</I> of shares held <I>in </I> <I>street name</I>, and these proxy
materials are being forwarded to you together with a voting instruction card. As the
beneficial owner, you have the right to direct your broker, trustee or nominee how to vote
and are also invited to attend the annual meeting.<BR><BR>Since a beneficial owner is not the <I>shareholder of record</I>, you may not vote these shares
in person at the meeting unless you obtain a &#147;legal proxy&#148; from the broker,
trustee or nominee that holds your shares, giving you the right to vote the shares at the
meeting. Your broker, trustee or nominee has enclosed or provided voting instructions for
you to use in directing the broker, trustee or nominee how to vote your shares.</FONT></TD>
          </TR>
          </TABLE>
          <BR>





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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>What effect will
Teekay&#146;s stock split have on voting or other matters?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          On April 21, 2004, Teekay announced its intention to effect a two-for-one stock split (to
be effected in the form of a 100% stock dividend) relating to shares of its common stock
outstanding on May 3, 2004, the record date for the stock split. The additional shares of
common stock to be issued in the stock split will be distributed on or about May 17, 2004.
Because the record date for the annual meeting precedes the record date for the stock
split, the stock split will not affect the voting or other matters relating to the annual
meeting, including the number of shares entitled to be voted at the annual meeting and the
<I>shareholders of </I> <I>record</I> and <I>beneficial owners</I> entitled to vote at the
annual meeting. The share information included in these proxy materials does not give
effect to the proposed stock split. </FONT></TD>
          </TR>
          </TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How can I attend the
annual meeting?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          You are entitled to attend the annual meeting only if you were a Teekay shareholder as of
the close of business on April 2, 2004 or you hold a valid proxy for the annual meeting.
You should be prepared to present photo identification for admittance. In addition, if you
are a shareholder of record, your name will be verified against the list of shareholders
of record on the record date prior to your being admitted to the annual meeting. If you
are not a shareholder of record but hold shares through a broker or nominee (<I>i.e.</I>,
in street name), you should provide proof of beneficial ownership on the record date, such
as your most recent account statement prior to the record date, a copy of the voting
instruction card provided by your broker, trustee or nominee, or other similar evidence of
ownership. If you do not provide photo identification or comply with the procedures
outlined above upon request, you will not be admitted to the annual meeting.</FONT></TD>
          </TR>
          </TABLE>
<BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The
meeting will begin promptly at 9:30 a.m., London time.</FONT></TD>
          </TR>
          </TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How can I vote my
shares in person at the annual meeting</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Shares held in your name as the shareholder of record may be voted in person at the annual
meeting. Shares held beneficially in street name may be voted in person only if you obtain
a legal proxy from the broker, trustee or nominee that holds your shares giving you the
right to vote the shares. <I>Even if you plan to attend the annual meeting, we recommend
that you also submit your proxy or voting instructions as described below so that
your vote will be counted if you later decide not to attend the meeting.</I></FONT></TD>
          </TR>
          </TABLE>
          <BR>


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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How can I vote my
shares without attending the annual meeting?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Whether you hold shares directly as the shareholder of record or beneficially in street
name, you may direct how your shares are voted without attending the meeting. If you are a
shareholder of record, you may vote by submitting a proxy. If you hold shares beneficially
in street name, you may vote by submitting voting instructions to your broker, trustee or
nominee.<BR><BR>Shareholders of record of Teekay common stock may submit proxies by completing, signing and dating
their proxy cards and mailing them in the enclosed envelopes. Teekay shareholders who hold
shares beneficially in street name may vote by completing, signing and dating the voting
instruction cards provided and mailing them in the enclosed envelopes, or otherwise as
directed in the voting instruction card provided by your broker, trustee or nominee.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Can I change my vote?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          You may change your vote at any time prior to the vote at the annual meeting. If you are
the shareholder of record, you may change your vote by granting a new proxy bearing a
later date (which automatically revokes the earlier proxy), by providing a written notice
of revocation to the Teekay Corporate Secretary prior to your shares being voted, or by
attending the annual meeting and voting in person. Attendance at the meeting will not
cause your previously granted proxy to be revoked unless you specifically so request. For
shares you hold beneficially in street name, you may change your vote by submitting new
voting instructions to your broker, trustee or nominee, or, if you have obtained a legal
proxy from your broker or nominee giving you the right to vote your shares, by attending
the meeting and voting in person.</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Is my vote
confidential?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>





<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Proxy instructions, ballots and voting tabulations that identify individual
          shareholders are handled in a manner that protects your voting privacy. Your
          vote will not be disclosed either within Teekay or to third parties, except (1)
          as necessary to meet applicable legal requirements, (2) to allow for the
          tabulation of votes and certification of the vote and (3) to facilitate a
          successful proxy solicitation. Occasionally shareholders provide written
          comments on their proxy card, which are then forwarded to Teekay&#146;s
          management.</FONT></TD>
          </TR>
          </TABLE>
          <BR>





<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How many shares must
be present or represented to conduct business at the annual meeting?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The general quorum requirement for holding the annual meeting and transacting business is
that holders of a majority of shares of Teekay common stock entitled to vote must be
present in person or represented by proxy. 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 <I>Continuing Directors</I> or, for purposes of voting on the election
of directors, if all nominees are recommended by the <I>Continuing Directors</I>.
<I>Continuing Directors</I> means the incumbent members of the Board of Directors that
were members of the Board on June 15, 1999 and any persons who have been or are
subsequently elected or appointed to the Board if such persons are recommended by a
majority of the <I>Continuing Directors</I>. The <I>Continuing Directors</I> have
recommended for election all the nominees for director set out in this proxy statement and
have recommended ratification of the selection of Ernst &amp; Young LLP, Chartered
Accountants, as Teekay&#146;s independent auditors for the 2004 fiscal year. Accordingly,
the quorum for each of these matters will be one-third of the shares entitled to vote,
present in person or represented by proxy. Both abstentions and broker non-votes are
counted for the purpose of determining the presence of a quorum.</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How are votes counted?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In the election of directors, you may vote &#147;FOR&#148; all of the nominees
          or your vote may be &#147;WITHHELD&#148; with respect to one or more of the
          nominees. For the other item of business, you may vote &#147;FOR,&#148;
          &#147;AGAINST&#148; or &#147;ABSTAIN.&#148; If you &#147;ABSTAIN,&#148; the
          abstention has the same effect as a vote &#147;AGAINST.&#148;<BR><BR>If you provide specific instructions for a given item, your shares will be voted as you
instruct on such item. If you sign your proxy card or voting instruction card without
giving specific instructions, your shares will be voted in accordance with the
recommendations of the Board (<I>i.e.</I>, &#147;FOR&#148; all of Teekay&#146;s nominees
to the Board, &#147;FOR&#148; ratification of the independent auditors and in the
discretion of the proxy holders on any other matters that properly come before the
meeting).<BR><BR>If you hold shares beneficially in street name and do not provide your broker with voting
instructions, your shares may constitute &#147;broker non-votes.&#148; Generally, broker
non-votes occur on a matter when a broker is not permitted to vote on that matter without
instructions from the beneficial owner and instructions are not given. In tabulating the
voting result for any particular proposal, shares that constitute broker non-votes are not
considered entitled to vote on that proposal. Thus, broker non-votes will not affect the
outcome of any matter being voted on at the meeting, assuming that a quorum is obtained. </FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>What is the voting
requirement to approve each of the proposals?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In the election of directors, the three persons receiving the highest number of
&#147;FOR&#148; votes at the annual meeting will be elected. The other proposal requires
the affirmative &#147;FOR&#148; vote of a majority of those shares present in person or
represented by proxy and entitled to vote on that proposal at the annual meeting.</FONT></TD>
          </TR>
          </TABLE>
          <BR>


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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Is cumulative voting
permitted for the election of directors? </I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          No. Teekay does not allow you to cumulate your vote in the election of directors. For all
matters proposed for shareholder action at the annual meeting, each share of common stock
outstanding as of the close of business on the record date is entitled to one vote.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>What happens if
additional matters are presented at the annual meeting?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Other than the two items of business described in this proxy statement, we are
          not aware of any business to be acted upon at the annual meeting. If you grant a
          proxy, the persons named as proxyholders, Bjorn Moller, Peter Evensen and Arthur
          J. Bensler, will have the discretion to vote your shares on any additional
          matters properly presented for a vote at the meeting. If for any unforeseen
          reason any of our nominees is not available as a candidate for director, the
          persons named as proxyholders will vote your proxy for such candidate or
          candidates as may be nominated by the Board, unless the Board chooses to reduce
          the number of directors serving on the Board.</FONT></TD>
          </TR>
          </TABLE>
          <BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>What should I do if I
receive more than one set of voting materials?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          You may receive more than one set of voting materials, including multiple copies of this
proxy statement and multiple proxy or voting instruction cards. For example, if you hold
your shares in more than one brokerage account, you may receive a separate voting
instruction card for each brokerage account in which you hold shares. If you are a
shareholder of record and your shares are registered in more than one name, you will
receive more than one proxy card. Please complete, sign, date and return each proxy card
and voting instruction card that you receive.</FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How may I obtain a
separate set of voting materials?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If you share an address with another shareholder, you may receive only one set of proxy
materials (including our annual report to shareholders, our 2003 Annual Report on Form
20-F and this proxy statement) unless you have provided contrary instructions. If you wish
to receive a separate set of proxy materials now or in the future, you may contact us to
request a separate copy of these materials at:</FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay Shipping
Corporation<BR>Suite 2000, Bentall 5<BR>550 Burrard Street<BR>Vancouver, BC V6C 2K2<BR>Attention: Investor
Relations<BR><BR>Telephone: (604)
844-6654<BR>Email:
investor.relations@teekay.com</FONT></H1>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Similarly, if you share an address with another shareholder and have received multiple copies of our
proxy materials, you may contact us as indicated above to request delivery of a single
copy of these materials.</FONT></TD>
          </TR>
          </TABLE>
          <BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Who will bear the cost
of soliciting votes for the annual meeting?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Teekay is making this solicitation and will pay the entire cost of preparing, assembling,
printing, mailing and distributing these proxy materials and soliciting votes. In addition
to the mailing of these proxy materials, the solicitation of proxies or votes may be made
in person, by telephone or by electronic communication by our directors, officers and
employees, who will not receive any additional compensation for such solicitation
activities. Upon request, we will reimburse brokerage houses and other custodians,
nominees and fiduciaries for forwarding proxy and solicitation materials to shareholders.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Where can I find the
voting results of the annual meeting?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          We intend to announce preliminary voting results at the annual meeting and publish final
results in our report on Form 6-K for the second quarter of fiscal 2004.</FONT></TD>
          </TR>
          </TABLE>
          <BR>





<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>What is the deadline to propose actions for consideration at next year&#146;s annual
meeting of shareholders or to nominateindividuals to serve as directors?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          You may submit proposals,
including director nominations, for consideration at future shareholder meetings as
indicated below.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><I>Shareholder Proposals</I></B><BR><BR>For a shareholder proposal to be considered for inclusion in Teekay&#146;s proxy statement for
the annual meeting next year, the written proposal must be received by Teekay&#146;s
Corporate Secretary at the address set forth below no later than December 30, 2004. If the
date of next year&#146;s annual meeting is moved more than 30 days before or after the
anniversary date of this year&#146;s annual meeting, the deadline for inclusion of
proposals in Teekay&#146;s proxy statement will be instead a reasonable time before Teekay
begins to print and mail its proxy materials. Such proposals also will need to comply with
Teekay&#146;s bylaws provisions regarding business to be brought before a shareholder
meeting. Proposals should be addressed to:
</FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Secretary<BR>Teekay Shipping
Corporation<BR>Suite 2000, Bentall 5<BR>550 Burrard Street<BR>Vancouver, BC V6C 2K2<BR><BR>Facsimile: (604)
609-6447  </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For a shareholder proposal that is
not intended to be included in Teekay&#146;s proxy statement as described above, the
shareholder must deliver a proxy statement and form of proxy to holders of a sufficient
number of shares of Teekay common stock to approve that proposal, provide the information
required by Teekay&#146;s bylaws and give timely notice to Teekay&#146;s Corporate
Secretary in accordance with the bylaws, which, in general, require that the notice be
received by the Corporate Secretary not less than 60 days or more than 90 days prior to
the meeting date. </FONT></P>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><I>Nomination of Director Candidates</I></B><BR><BR>You may propose director candidates for consideration by the Board&#146;s Nominating and
Governance Committee. Any such recommendations should include the nominee&#146;s name and
qualifications for Board membership and should be directed to Teekay&#146;s Corporate
Secretary at the address set forth above. In addition, Teekay&#146;s bylaws permit
shareholders to nominate directors for election at an annual shareholder meeting. To
nominate a director, the shareholder must deliver a proxy statement and form of proxy to
holders of a sufficient number of shares of Teekay common stock to elect such nominee and
provide the information required by Teekay&#146;s bylaws, as well as a statement by the
nominee acknowledging that he or she will owe a fiduciary obligation to Teekay and its
shareholders. In addition, the shareholder must give timely notice to Teekay&#146;s
Corporate Secretary in accordance with the bylaws, which, in general, require that the
notice be received by the Corporate Secretary within the time period described above under
&#147;Shareholder Proposals.&#148;
</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B><I>Copy of Bylaws Provisions</I></B><BR><BR>You may contact Teekay&#146;s Corporate Secretary at the address set forth above for a copy of
the relevant bylaws provisions regarding the requirements for making shareholder proposals
and nominating director candidates. Teekay&#146;s bylaws are also available under
&#147;Corporate Governance&#148; in the Investor Centre section of Teekay&#146;s website
at www.teekay.com.
</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Q:</I></B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>How may I communicate
with Teekay&#146;s Board or the non-management directors on Teekay&#146;s Board?</I></B>
</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          You may submit any  communication  intended for Teekay's Board or the  non-management  directors by directing the  communication  by
     mail or fax addressed to the Nominating and Governance Committee as follows:</FONT></TD>
          </TR>
          </TABLE>
          <BR>





<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nominating and
Governance Committee<BR>Teekay Shipping
Corporation <BR>TK House, Bayside
Executive Park<BR>West Bay Street &amp;
Blake Road <BR>P.O. Box AP-59212 <BR>Nassau, The Bahamas<BR>Attention: Bruce C.
Bell, Director <BR><BR>Facsimile: (242)
502-8840  </FONT></H1>


<PAGE>

<BR>
<BR>
<BR>

<PAGE>
<BR>
<BR>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CORPORATE GOVERNANCE
PRINCIPLES AND BOARD MATTERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay is committed to sound
corporate governance principles. These principles contribute to Teekay&#146;s business
success and are essential to maintaining Teekay&#146;s integrity in the marketplace.
Teekay&#146;s Corporate Governance Guidelines and Standards of Business Conduct are
available under &#147;Corporate Governance&#148; in the Investor Centre section of its
website at www.teekay.com. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board has determined that each of
our directors, other than Bjorn Moller, our President and Chief Executive Officer, has no
material relationship with Teekay (either directly or as a partner, shareholder or officer
of an organization that has a relationship with Teekay) and is <I>independent</I> within
the meaning of Teekay&#146;s director independence standards, which reflect the New York
Stock Exchange (or <I>NYSE</I>) director independence standards, as currently in effect
and as they may be changed from time to time. Each of the current directors standing for
re-election at the annual meeting is an independent director. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board has determined that each
member of each of Teekay&#146;s Board committees has no material relationship with Teekay
(either directly or as a partner, shareholder or officer of an organization that has a
relationship with Teekay) and is <I>independent</I> within the meaning of Teekay&#146;s
director independence standards. In addition, the Board has determined that each member of
the Audit Committee also satisfies Teekay&#146;s Audit Committee member independence
standards, which reflect applicable NYSE and SEC audit committee member independence
standards. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Board Structure and
Committee Composition </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of the date of this proxy
statement, our Board has nine directors and the following three committees: (1) Audit, (2)
Compensation, and (3) Nominating and Governance. The membership of these committees during
fiscal 2003 and the function of each of the committees are described below. Each of the
committees operates under a written charter adopted by the Board. All of the committee
charters are available under &#147;Corporate Governance&#148; in the Investor Centre
section of Teekay&#146;s website at www.teekay.com. During fiscal 2003, the Board held
nine meetings. Each director attended all Board meetings, except for two Board meetings at
which one director was absent from each. Each director attended all applicable committee
meetings. </FONT></P>

<PRE>
                                                                                                          <U><B>Nominating and</B></U>
<U><B>Name of Director</B></U>                                                                    <U><B>Audit</B></U>   <U><B>Compensation</B></U>     <U><B>Governance</B></U>
<I><B>Non-Employee Directors:</B></I>
  Bruce C. Bell......................................................................                           X
  Ian D. Blackburne..................................................................              X
  C. Sean Day........................................................................                           X*
  Leif O. Hoegh......................................................................  X
  Axel Karlshoej.....................................................................              X*
  Thomas Kuo-Yuen Hsu................................................................              X
  Eileen A. Mercier..................................................................  X*                       X
  Tore I. Sandvold...................................................................  X
<I><B>Employee Directors:</B></I>
  Bjorn Moller
<B>Number of Meetings in Fiscal 2003</B>....................................................  7           5            5
__________
</PRE>
<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X = Committee member </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* = Chair </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Audit Committee</I></B></FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay&#146;s Audit Committee is
composed entirely of directors who satisfy applicable NYSE and SEC audit committee
independence standards. All members of the committee are financially literate and the
Board has determined that Eileen A. Mercier qualifies as an audit committee financial
expert.</FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Audit Committee assists the Board
in fulfilling its responsibilities for general oversight of: </FONT></P>


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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;the integrity of Teekay's financial statements;</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;Teekay's compliance with legal and regulatory requirements;</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;the independent auditors' qualifications and independence; and</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;the performance of Teekay's internal audit function and independent auditors.</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specific duties of the Audit
Committee include, among others: preparing an Audit Committee report for inclusion in the
annual proxy statement; annually reviewing the Audit Committee charter and the
Committee&#146;s performance; appointing, evaluating and compensating Teekay&#146;s
independent auditors; pre-approving the retention of the independent auditors for all
audit and permitted non-audit services; reviewing our financial statements; reviewing
Teekay&#146;s internal controls, internal audit function and corporate policies with
respect to financial information; overseeing the establishment of procedures for handling
complaints concerning financial, accounting, internal accounting controls and auditing
matters; overseeing the development of, periodically reviewing and monitoring compliance
with and effectiveness of Teekay&#146;s Standards of Business Conduct; and periodically
reviewing risks that may have a significant impact on Teekay&#146;s financial statements.
The Audit Committee works closely with Teekay&#146;s management, internal auditors and
independent auditors. The Audit Committee has the authority to obtain advice and
assistance from, and receive appropriate funding from Teekay for, outside legal,
accounting and other advisors as the Audit Committee deems necessary to fulfill its
duties.<BR><BR>The report of the Audit Committee is
included on page 25 of this proxy statement. The Committee&#146;s charter is available
under &#147;Corporate Governance&#148; in the Investor Centre section of Teekay&#146;s
website at www.teekay.com.</FONT></P>




<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Compensation Committee</I></B></FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Compensation
Committee:</FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;reviews and approves corporate goals and objectives relevant to the Chief Executive
Officer&#146;s compensation, evaluates the Chief Executive Officer&#146;s performance in
light of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;these goals and objectives and, either as a Committee or with the Board&#146;s
other independent directors, determines the Chief Executive&#146;s compensation;</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;reviews and approves the evaluation process and compensation structure for executives,
other than the Chief Executive Officer, evaluates their performance and sets their
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;compensation based on this evaluation; </FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;reviews and makes recommendations to the Board regarding compensation for directors;</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;establishes and administers long-term incentive compensation and equity-based plans; and</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;oversees Teekay's other compensation plans, policies and programs.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specific duties of the Compensation
Committee include, among others: developing an executive compensation philosophy and
annually reviewing executive compensation programs and practices; approving special
employment, severance, change-in-control and retirement agreements or arrangements for
executive officers; monitoring director and executive stock ownership; and annually
evaluating the Committee&#146;s performance and its charter. The Compensation Committee
has the authority to retain compensation consultants and other compensation experts in
fulfilling its duties and to compensate these advisors.<BR><BR>The report of the Compensation
Committee is included beginning on page 21 of this proxy statement. The Committee&#146;s
charter is available under &#147;Corporate Governance&#148; in the Investor Centre section
of Teekay&#146;s website at www.teekay.com.</FONT></P>







<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Nominating and Governance Committee</I></B>
</FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Nominating and
Governance Committee:
</FONT></P>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;identifies individuals qualified to become Board members;</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;selects and recommends to the Board director and committee member candidates;</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;develops and recommends to the Board corporate governance principles and policies
applicable to Teekay, monitors compliance with these principles and policies and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;recommends to the Board appropriate changes; and</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;oversees the evaluation of the Board and management.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specific duties of the Nominating and
Governance Committee include, among others: annually assessing the size and composition of
the Board; periodically reviewing director qualification criteria; annually reviewing and
recommending directors for continued service; overseeing the Board&#146;s committee
structure; recommending Board committee assignments; monitoring compliance with Board and
Board committee membership criteria; developing procedures for selecting the Chair of the
Board; determining the method of communication between employees, shareholders and others
interested parties and non-management directors; and annually evaluating the
Committee&#146;s performance and its charter. The Committee has the authority to obtain
assistance from outside advisors in fulfilling its duties and to compensate these
advisors. A member of the Nominating and Governance Committee receives communications
directed to non-management directors.<BR><BR>The Committee&#146;s charter is
available under &#147;Corporate Governance&#148; in the Investor Centre section of
Teekay&#146;s website at www.teekay.com.</FONT></P>




<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Consideration of
Director Nominees</B></FONT></P>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Shareholder Nominees</I></B></FONT></P>




<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The policy of the Nominating and
Governance Committee is to consider properly submitted shareholder nominations for Board
of Directors candidates as described below under &#147;Identifying and Evaluating Nominees
for Directors.&#148; In evaluating these nominations, the Committee seeks to achieve a
balance of knowledge, experience and capability on the Board and to address the membership
criteria set forth below under &#147;Director Qualifications.&#148; Any shareholder
nominations proposed for consideration by the Committee should include the nominee&#146;s
name and qualifications for Board membership and should be addressed to:</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Secretary<BR>Teekay Shipping
Corporation<BR>Suite 2000, Bentall 5<BR>550 Burrard Street <BR>Vancouver, BC V6C 2K2<BR><BR> </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, Teekay&#146;s bylaws
permit shareholders to nominate directors for consideration at an annual shareholder
meeting. For a description of the process for nominating directors in accordance with
Teekay&#146;s bylaws, see <I>&#147;Questions and Answers about the Proxy Materials and the
Annual Meeting &#151; What is the deadline to propose actions for consideration at next
year&#146;s annual meeting of shareholders or to nominate individuals to serve as
directors?&#148;</I> on page 6. </FONT></P>
<BR><BR>
<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Director Qualifications</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay&#146;s Corporate Governance
Guidelines include Board membership guidelines that the Nominating and Governance
Committee should consider in reviewing and in recommending to the Board director nominees.
Under these criteria, members of the Board should have high standards of personal and
professional ethics, integrity and values. Among other things nominees should also: have
training, experience and ability in making and overseeing policy in business, government
or education sectors; have a willingness and sufficient time to carry out their duties
effectively; and be committed to act in the best interests of Teekay and its stakeholders
and to objectively assess Board, committee and management performance. In evaluating
director nominees, the Nominating and Governance Committee will also assess an
individual&#146;s qualifications, skills, experience, background and knowledge in light of
the overall composition of the existing Board. Teekay&#146;s Corporate Governance
Guidelines, which include a more detailed discussion of director qualifications, are
available under &#147;Corporate Governance&#148; in the Investor Centre section of its
website at www.teekay.com. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Identifying and
Evaluating Nominees for Directors</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Nominating and Governance
Committee uses a variety of methods for identifying and evaluating director nominees for
recommendation to the Board for approval. The Nominating and Governance Committee
regularly assesses the appropriate size of the Board, and whether any vacancies on the
Board are expected due to retirement or otherwise. In the event that vacancies are
anticipated or otherwise arise, the Nominating and Governance Committee considers
potential director candidates. Candidates may come to the attention of the Nominating and
Governance Committee through current Board members, professional search firms,
shareholders or others. These candidates are evaluated at regular or special meetings of
the Nominating and Governance Committee, and may be considered at any time during the
year. As described above, the Nominating and Governance Committee considers properly
submitted shareholder nominations for candidates for the Board. Following verification of
the shareholder status of persons proposing candidates, any recommendations are aggregated
and considered by the Nominating and Governance Committee at a regularly scheduled
meeting. If any materials are provided by a shareholder in connection with the nomination
of a director candidate, these materials are forwarded to the Nominating and Governance
Committee. The Nominating and Governance Committee also reviews materials provided by
professional search firms or other parties in connection with a nominee who is not
proposed by a shareholder. In evaluating these nominations, the Nominating and Governance
Committee seeks to achieve a balance of knowledge, experience and capability on the Board. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay&#146;s non-management
directors hold at least four executive sessions each year. The sessions are scheduled and
chaired by the Chair of the Board. Any non-management director can request that additional
executive sessions be scheduled. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Communications with the
Board </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Individuals may communicate with the
Board by writing to Teekay&#146;s Board by mail or fax addressed to: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay Shipping
Corporation<BR>TK House, Bayside
Executive Park <BR>West Bay Street &amp;
Blake Road <BR>P.O. Box AP-59212<BR>Nassau, The Bahamas<BR>Attention: Bruce C.
Bell, Director <BR><BR>Facsimile: (242)
502-8840 <BR><BR></FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Communications that are intended
specifically for non-management directors should be addressed to the Nominating and
Governance Committee and sent to the above address. </FONT></P>

<BR><BR><BR><BR><BR>
<PAGE>


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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table provides
information on Teekay&#146;s compensation and reimbursement practices during fiscal 2003
for non-employee directors, as well as the range of compensation paid to non-employee
directors who served during fiscal 2003. Teekay&#146;s employee directors do not receive
any separate compensation for their Board activities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NON-EMPLOYEE DIRECTOR
COMPENSATION TABLE<BR>FOR FISCAL 2003 </FONT></H1>



<PRE>
 Annual cash retainer..............................................................................  $36,000
 Annual retainer paid in Teekay securities (1).....................................................  $50,000
 Additional cash retainer for:
      &#149;&nbsp;Chair of the Board........................................................................  $164,000
      &#149;&nbsp;Chair of the Audit Committee..............................................................   $16,000
      &#149;&nbsp;Member of Audit Committee.................................................................    $8,000
 Reimbursement for expenses attendant to Board membership.........................................      Yes
 Range of total compensation earned by directors (for the year)...................................$86,000 to $250,000
__________
</PRE>
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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Each director may elect to receive the securities portion of the annual retainer
          by a grant of restricted stock or stock options, valued using the Black-Scholes
          valuation model. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each director is expected to acquire
at least 5,000 shares of Teekay&#146;s common stock by no later than May 14, 2008 or the
fifth anniversary of the date on which the director joined the Board. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As at December 31, 2003, the
non-employee directors held stock options to purchase a total of 482,000 shares of
Teekay&#146;s common stock at exercise prices ranging from $16.875 to $41.19 per share and
with expiration dates between May 28, 2006 and May 13, 2013, ten years after each
options&#146; respective grant date. </FONT></P>

<BR><BR><BR><BR><BR>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSALS TO BE VOTED
ON </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL NO. 1 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION OF DIRECTORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay&#146;s Board of Directors
currently consists of nine directors divided into three classes: Class I, Class II and
Class III. The number of directors in each class is required to be as nearly equal as
possible. At the 2004 annual meeting, three Class II directors will be elected to serve
for three-year terms until the 2007 annual meeting and until his or her successor is
elected. The remaining six directors are divided into two classes of three Class I
directors and three Class III directors, whose terms expire in 2006 and 2005,
respectively. Votes may not be cast for a greater number of director nominees than three. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Information regarding the business
experience of each nominee is provided below. There are no family relationships among
Teekay&#146;s executive officers and directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If you sign your proxy or voting
instruction card but do not give instructions for the voting of directors, your shares
will be voted &#147;FOR&#148; the three persons recommended by the Board. If you wish to
give specific instructions for the voting of directors, you may do so by indicating your
instructions on your proxy or voting instruction card. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The three persons receiving the
highest number of &#147;FOR&#148; votes represented by shares of Teekay common stock,
present in person or represented by proxy and entitled to be voted at the annual meeting,
will be elected. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board expects that all of the
nominees will be available to serve as directors. If for any unforeseen reason any of the
Board&#146;s nominees is not available as a candidate for director, the proxyholders,
Bjorn Moller, Peter Evensen and Arthur J. Bensler, will vote your proxy for such other
candidate or candidates as may be nominated by the Board, unless the Board chooses to
reduce the number of directors serving on the Board. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board recommends a vote FOR the election to the Board of the each of the following
nominees.</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION ABOUT THE
DIRECTOR NOMINEES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class II Directors
(terms would expire in 2007) </FONT></H1>

<PRE>
<B>Leif O. H&ouml;egh</B>............... Mr.  H&ouml;egh  was  appointed  as a  director  in June  1999  in  connection  with  Teekay&#146;s
Director since 1999          acquisition of Bona  Shipholding  Ltd. He served as a director of Bona from November 1993
Age 40                       to June 1999 and as its  Chairman  from June 1998 to June  1999.  Mr.  H&ouml;egh is the joint
                             controlling  shareholder  and  Deputy  Chairman  of Leif H&ouml;egh and Co.  Ltd.,  a shipping
                             company.  He also serves as a director of NeoMed  Management  Ltd. and as the Chairman of
                             H&ouml;egh Capital Partners, Inc.

<B>Eileen A. Mercier</B>........... Ms.  Mercier has over 30 years&#146;  experience  in a wide variety of financial and strategic
Director since 2000          planning  positions,  including  Senior Vice  President and Chief  Financial  Officer for
Age 56                       AbitibiPrice  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,
                             Shermag Inc., York University and the University Health Network.

<B>Tore I. Sandvold</B>............ Mr. Sandvold has over 30 years&#146;  experience in the oil and energy industry.  From 1973 to
Director since 2003          1987 he served in the  Norwegian  Ministry  of  Industry,  Oil &amp; Energy,  in a variety of
Age 57                       positions in the area of domestic and international  energy policy.  From 1987 to 1990 he
                             served as the  Counselor  for Energy in the Norwegian  Embassy in  Washington,  D.C. From
                             1990 to 2001 Mr. Sandvold served as Director  General of the Norwegian  Ministry of Oil &amp;
                             Energy,  with overall  responsibility for Norway&#146;s national and international oil and gas
                             policy.  From 2001 to 2002 he served as  Chairman of the Board of Petoro,  the  Norwegian
                             state-owned  oil  company  that  is the  largest  oil  asset  manager  on  the  Norwegian
                             continental shelf. From 2002 to the present, Mr. Sandvold,  through his company, Sandvold
                             Energy AS, has acted as advisor to companies and advisory bodies in the energy  industry.
                             Mr. Sandvold serves on other boards,  including those of Offshore Northern Seas,  Ruhrgas
                             Norge AS, Stavanger University College and the Energy Policy Foundation of Norway.


</PRE>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION ABOUT
DIRECTORS CONTINUING IN OFFICE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class III Directors
(terms expire in 2005) </FONT></H1>

<PRE>
<B>Thomas Kuo&#150;Yuen Hsu</B>......... Mr.  Kuo&#150;Yuen  Hsu has served 30 years with,  and is  presently  Executive  Director  of,
Director since 1993          Expedo &amp; Company  (London)  Ltd.,  which is part of the Expedo  Group of  Companies  that
Age 57                       manages a fleet of eight  vessels  ranging in size from 20,000 dwt to 150,000 dwt. He has
                             been a Committee  Director of the  Britannia  Steam Ship  Insurance  Association  Limited
                             since 1988.

<B>Axel Karlshoej</B>.............. Mr.  Karlshoej  was Chair of the Teekay Board from June 1994 to September  1999,  and has
Director since 1989          been Chair Emeritus since stepping down as Chair.  Mr.  Karlshoej is President and serves
Age 63                       on the compensation  committee of Nordic Industries,  a California  general  construction
                             firm with which he has served for the past 30 years.  He is the older brother of the late
                             J. Torben Karlshoej, Teekay&#146;s founder.

<B>Bjorn Moller</B>................ Mr.  Moller became  Teekay&#146;s  President and Chief  Executive  Officer in April 1998.  Mr.
Director since April 1998    Moller has over 20 years&#146;  experience  in  shipping  and has served in senior  management
Age 46                       positions with Teekay for more than 15 years. He has headed Teekay&#146;s  overall  operations
                             since January 1997,  following his promotion to the position of Chief Operating  Officer.
                             Prior to this,  Mr. Moller headed  Teekay&#146;s  global  chartering  operations  and business
                             development activities.
</PRE>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class I Directors (terms
expire in 2006) </FONT></H1>

<PRE>
<B>Bruce C. Bell</B>............... Mr. Bell is the Managing Director of Oceanic Bank and Trust Limited,  a Bahamian bank and
Director since 2000          trust  company,  a position he has held since March 1994.  Prior to joining  Oceanic Bank
Age 56                       and Trust,  Mr. Bell was engaged in the private  practice of law in Canada,  specializing
                             in corporate/commercial,  banking and international business transactions.  From May 2000
                             until May 2003, Mr. Bell served as Teekay's Corporate Secretary.

<B>Dr. Ian D. Blackburne</B>....... Dr. Blackburne has over 25 years' experience in petroleum refining and marketing,  and in
Director since 2000          March  2000 he  retired  as  Managing  Director  and Chief  Executive  Officer  of Caltex
Age 58                       Australia  Limited,  a large  petroleum  refining  and  marketing  conglomerate  based in
                             Australia.  He is  currently  serving as  Chairman  of CSR  Limited  and is a director of
                             Suncorp-Metway  Ltd.,  Australian  public  companies in the  diversified  industrial  and
                             financial sectors.  Dr. Blackburne is also the Chairman of the Australian Nuclear Science
                             and Technology Organization.

<B>C. Sean Day</B>................. Mr. Day has served as Teekay's  Chair of the Board  since  September  1999.  From 1989 to
Director since 1998          1999, he was President and Chief Executive  Officer of Navios  Corporation,  a large bulk
Age 54                       shipping company based in Stamford,  Connecticut. Prior to this, Mr. Day held a number of
                             senior  management  positions  in the  shipping  and finance  industry.  He is  currently
                             serving as a director of Kirby Corporation.

</PRE>

<BR><BR><BR><BR><BR>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL NO. 2 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATIFICATION OF
INDEPENDENT AUDITORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Audit Committee of the Board has appointed
Ernst &amp; Young LLP, Chartered Accountants, to examine the financial statements of
Teekay for the fiscal year ending December 31, 2004. Ernst &amp; Young LLP, Chartered
Accountants, examined the financial statements of Teekay for the fiscal year ended
December 31, 2003 and also provided certain tax and other audit-related services during
fiscal 2003. See &#147;Principal Auditor Fees and Services&#148; on page 24. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Our Board recommends a vote FOR
the ratification of the selection of Ernst &amp; Young LLP, Chartered Accountants, as
Teekay&#146;s independent auditors for fiscal 2004.</B> If the appointment is not
ratified, Teekay&#146;s Audit Committee will consider whether it should select this firm
as Teekay&#146;s independent auditors. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ratification of the appointment of
Ernst &amp; Young LLP, Chartered Accountants, as Teekay&#146;s independent auditors for
fiscal 2004 requires the affirmative vote of a majority of the shares of Teekay common
stock present in person or represented by proxy and entitled to be voted at the meeting. </FONT></P>

<BR><BR><BR><BR><BR>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COMMON STOCK OWNERSHIP
OF CERTAIN <BR>BENEFICIAL OWNERS AND
MANAGEMENT</FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></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 sets forth
information regarding beneficial ownership, as of April 2, 2004, of Teekay common stock
by: </FONT></P>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;each person or entity known by Teekay to beneficially own more than 5% of Teekay's common stock; and</FONT></TD>
          </TR>
          </TABLE>
          <BR>





<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;all current Teekay directors and executive officers as a group.</FONT></TD>
          </TR>
          </TABLE>
          <BR>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The information provided in the table
is based on information filed with the SEC and information provided to Teekay. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The number of shares beneficially
owned by each person, entity, director or executive officer is determined under SEC rules
and the information is not necessarily indicative of beneficial ownership for any other
purpose. Under SEC rules a person or entity beneficially owns any shares as to which the
person or entity has or shares voting or investment power. In addition a person or entity
beneficially owns any shares that the person or entity has the right to acquire as of June
1, 2004 (60 days after April 2, 2004) through the exercise of any stock option or other
right. The share information included in this table and elsewhere in these proxy materials
does not reflect the effect of Teekay&#146;s proposed two-for-one stock split announced on
April 21, 2004 with a record date of May 3, 2004. Unless otherwise indicated, each person
or entity has sole voting and investment power (or shares such powers with his or his
spouse) with respect to the shares set forth in the following table. </FONT></P>

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

<PRE>
                                                                                      <B>Amount of Shares</B>   <B>Percent of</B>
<U><B>Name and Address of Beneficial Owner</B></U>                                                 <U><B>Beneficially Owned</B></U>     <U><B>Class</B></U>
Resolute Investments, Inc. (1)                                                            16,515,690        40.2%
  <I>TK House, Bayside Executive Parks
  West Bay Street &#151; Blake Road
  P.O. Box AP-59214
  Nassau, The Bahamas</I>
FMR Corp., Edward C. Johnson 3d, and Abigail P Johnson, as a group (2)                     4,701,798        11.4%
  <I>82 Devonshire Street
  Boston, Massachusetts 02109</I>
Neuberger Berman, Inc. and Neuberger Berman, LLC, as a group (3)                           2,883,352         7.0%
  <I>605 Third Avenue
  New York, New York 10158-3698</I>
Hotchkis and Wiley Capital Management, LLC (4)                                             2,116,870         5.1%
  <I>725 South Figuora Street, 39th Floor
  Los Angeles, California 90017-5439</I>
All current directors and executive officers, as a group (17 persons) (5)                    967,340         2.3%
__________
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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>
          This information is based on the Schedule 13D filed with the SEC on December 26,
          2002. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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 sole voting power as to 152,033 shares and sole dispositive power as to
          4,701,798 shares. This information is based on the Schedule 13G/A filed by this
          group with the SEC on February 17, 2004. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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 sole voting power as to 1,152,505 shares, shared voting power as to
          1,184,000 shares and shared dispositive power as to 2,883,352 shares. Neuberger
          Berman, LLC and Neuberger Berman Management Inc. both have shared voting and
          dispositive power. Neuberger Berman, LLC and Neuberger Berman Management Inc.
          serve as sub-adviser and investment manager, respectively, of Neuberger Berman,
          Inc.&#145;s mutual funds. This information is based on the Schedule 13G/A filed
          by this group with the SEC on February 12, 2004. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes sole voting power as to 1,681,170 shares and sole dispositive power as
          to 2,075,570 shares. This information is based on the Schedule 13G/A filed with
          the SEC on February 9, 2004. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Default" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes 911,290 shares of common stock subject to stock options exercisable by
          June 1, 2004 (60 days after April 2, 2004). Excludes shares beneficially owned
          by Resolute Investments, Inc. See &#147;Certain Relationships and Related
          Transactions.&#148; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<BR><BR><BR><BR><BR>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As at December 31, 2003, Resolute
Investments, Inc. (or <I>Resolute</I>) owned 40.7% of Teekay&#146;s outstanding common
stock. Two of Teekay&#146;s directors, C. Sean Day and Bruce Bell, are directors and the
Chairman and Vice President, respectively, of Resolute. Two additional Teekay directors,
Thomas Kuo-Yuen Hsu and Axel Karlshoej, are among the Managing Directors of The Kattegat
Trust Company Limited, which is the trustee of the trust that owns all of Resolute&#146;s
outstanding equity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payments made by Teekay to Oceanic
Bank and Trust Limited, an affiliate of Resolute, in respect of corporate administration
fees and shared office costs for fiscal 2003 totaled $475,000. One Teekay director, Bruce
Bell, is Managing Director of Oceanic Bank and Trust Limited. </FONT></P>

<BR><BR><BR><BR><BR>
<PAGE>


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

<PRE>
<B><U>Name</U></B>                                             <B><U>Age</U></B>   <B><U>Position</U></B>
Moller, Bjorn*....................................46   Director, President and Chief Executive Officer
Antturi, Peter....................................45   President, Teekay Navion Shuttle Tankers, a division
                                                       of Teekay Shipping Corporation
Bensler, Arthur...................................46   SVP, General Counsel and Secretary
Evensen, Peter....................................45   EVP and Chief Financial Officer
Glendinning, David................................50   President, Teekay Gas and Offshore, a division of
                                                       Teekay Shipping Corporation
Gordon, Jennifer..................................42   SVP, Corporate Resources
Lok, Vincent......................................36   SVP and Treasurer
Westgarth, Graham.................................49   President, Teekay Marine Services, a division of
                                                       Teekay Shipping Corporation
Wogan, Paul.......................................42   President, Teekay Tanker Services, a division of
                                                       Teekay Shipping Corporation
__________
</PRE>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          * For  information  regarding Mr.  Moller,  see "Proposal No. 1:  Election of Directors--  Information  About  Directors  Continuing in
    Office" above.</FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Peter Antturi</I></B><I></I>
joined Teekay in September 1991. Since then, he has held a number of finance and
accounting positions, including Controller from March 1992 until his promotion to the
position of Senior Vice President, Treasurer and Chief Financial Officer in October 1997.
In 2003 he became President of Navion AS upon the closing of Teekay&#146;s acquisition of
Navion. In November 2003 Mr. Antturi was appointed President of our Teekay Navion Shuttle
Tankers division, which is responsible for the shuttle tanker activities and projects of
our two wholly owned subsidiaries, Navion AS and Ugland Nordic Shipping AS. Prior to
joining Teekay, Mr. Antturi held various accounting and finance roles in the shipping
industry since 1985. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Arthur Bensler</I></B><I></I>
joined Teekay in September 1998 as General Counsel. He was promoted to the position of
Vice President in March 2002 and became the corporate Secretary of Teekay in May 2003. He
was appointed Senior Vice President in February 2004. Prior to joining Teekay, Mr. Bensler
was a partner in a large Vancouver, Canada law firm, where he practiced corporate,
commercial and maritime law from 1986 until joining Teekay. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Peter Evensen</I></B><I></I>
joined Teekay in May 2003 as Senior Vice President, Treasurer and Chief Financial Officer.
He was appointed Executive Vice President and Chief Financial Officer in February 2004.
Mr. Evensen has extensive experience in banking and shipping finance. Prior to joining
Teekay, Mr. Evensen was Managing Director and Head of Global Shipping at J.P. Morgan
Securities Inc. and worked in other senior positions for its predecessor firms. His
international industry experience includes positions in New York, London and Oslo. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>David
Glendinning</I></B><I></I> joined Teekay in January 1987. Since then, he has held a number
of senior positions, including Vice President, Marine and Commercial Operations from
January 1995 until his promotion to the position of Senior Vice President, Customer
Relations and Marine Project Development in February 1999. In November 2003 Mr.
Glendinning was appointed President of our Teekay Gas and Offshore division, which is
responsible for our initiatives in the liquefied natural gas business and other areas of
gas activity as well as building on our international presence in the Floating Storage and
Offtake business and related offshore activities. Prior to joining Teekay, Mr.
Glendinning, who is a Master Mariner, had 18 years&#146; sea service on oil tankers of
various types and sizes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Jennifer Gordon</I></B><I></I>
joined Teekay in April 2004 as Senior Vice President, Corporate Resources. Prior to
joining Teekay, Ms. Gordon was Senior Vice President, Human Resources of Placer Dome Inc.,
an international gold, silver and copper mining company. Her experience includes positions
in human resources management at Finning International Inc., Colgate-Palmolive Canada Inc.
and Suncor Energy Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Vincent Lok</I></B><I></I>
joined Teekay in June 1993. Since then, he has held a number of finance and accounting
positions, including Controller from 1997 until his promotion to the position of Vice
President, Finance in March 2002. He was appointed Senior Vice President and Treasurer in
February 2004. Prior to joining Teekay, Mr. Lok worked in the Vancouver, Canada audit
practice of Deloitte &amp; Touche. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Graham Westgarth</I></B><I></I>
joined Teekay in
February 1999 as Vice President, Marine Operations. He was promoted to the position of
Senior Vice President, Marine Operations in December 1999. In November 2003 Mr. Westgarth
was appointed President of our Teekay Marine Services division, which is responsible for
all of Teekay&#146;s marine and technical operations as well as marketing a range of
services and products to third parties, such as marine consulting services and
computer-based marine training software. He has extensive shipping industry experience.
Prior to joining Teekay, Mr. Westgarth was General Manager of Maersk Company (UK), where
he joined as Master in 1987. His international industry experience includes 18 years&#146;
sea service with five years in a command position.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Paul Wogan</I></B><I></I>
joined Teekay in November 2000 as Managing Director of the London office. He was promoted
to the position of Vice President, Business Development in March 2002. In November 2003
Mr. Wogan was appointed President of our Teekay Tanker Services division, which is
responsible for the commercial management of our conventional crude oil and product tanker
transportation services. Prior to joining Teekay, Mr. Wogan was with the chartering arm of
a major crude oil and product carrier fleet controlled by the Ceres Hellenic Group
(Livanos), which subsequently founded Seachem Tankers Ltd., a chemical tanker company,
where he served as the Chief Executive Officer from 1997 until joining Teekay. </FONT></P>

<BR><BR><BR><BR><BR>
<PAGE>


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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table discloses
compensation earned during fiscal 2003 by Teekay&#146;s Chief Executive Officer and
Teekay&#146;s four other most highly paid executive officers (together with the Chief
Executive Officer, the <I>named executive officers</I>), as well as their compensation
earned from Teekay for each of fiscal 2002 and 2001. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SUMMARY COMPENSATION
TABLE</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></H1>

<PRE>
                            <B><U>Annual Compensation</U></B>                        <B><U>Long-Term Compensation</U></B>
                                                                                     <B>Securities</B>
                                                                         <B>Restricted</B>     <B>Underlying</B>
                                                   <B>Other Annual</B>            <B>Stock</B>       <B>Options/SARs</B>      <B>All Other</B>
<B><U>Year</U></B>            <B><U>Salary</U></B>         <U><B>Bonus</B>(2)</U>          <U><B>Compensation</B>(3)</U>           <B><U>Awards</U></B>          <B><U>(#)</U></B>         <U><B>Compensation</B>(4)</U>
2003..... $   1,768,223    $   1,688,510           $  197,854         $   1,450,000      188,800         $  550,000
2002..... $   1,376,075    $     895,291           $  226,819                 --0--       78,000              --0--
2001..... $   1,416,444    $   1,149,283           $  232,787                 --0--      119,500              --0--
__________
</PRE>


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     <TABLE WIDTH=100%>
          <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>
          Cash amounts set forth in this table were paid primarily in Canadian Dollars,
          but are reported here in U.S. Dollars using an exchange rate of 1.30 Canadian
          Dollars for each U.S. Dollar for 2003; 1.57 Canadian Dollars for each U.S.
          Dollar for 2002; and 1.55 Canadian Dollars for each U.S. Dollar for 2001. The
          actual U.S. Dollar equivalent amounts recognized by us were significantly lower
          than the amounts indicated for 2003, due to a more favorable exchange rate
          resulting from our currency hedging activities related to these compensation
          payments. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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>
          Bonus payments relate to the performance of the individual and Teekay in the
          given year. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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>
          Consists primarily of payments to provide pension and similar benefits for the
          named executive officers. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Consists of special bonus payments not related to a specific fiscal year and
          certain other perquisites. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OPTION/SAR GRANTS IN
FISCAL 2003 </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 provides
information regarding aggregate option/stock appreciation right (or <I>SAR</I>) grants in
fiscal 2003 by Teekay to the named executive officers. Teekay granted stock appreciation
rights to one named executive officer during fiscal 2003 in replacement of stock options
previously granted but cancelled in connection with the relocation of that named executive
officer. </FONT></P>

<PRE>
                                           <B>Percent of Total</B>
                  <B>Number of Securities</B>       <B>Options/SARs</B>
                       <B>Underlying</B>             <B>Granted to</B>       <B>Weighted Average</B>
                      <B>Options/SARs</B>        <B>Employees in Fiscal</B>   <B>Exercise Price</B>
                       <U><B>Granted</B>(1)</U>             <U><B>Year</B>(2)</U>            <U><B>($/Share)</B></U>      <U><B>Expiration Dates</B></U>
                        188,800                   16.5%            $  39.51      May 28, 2006 to
                                                                                 March 10, 2013
__________
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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>
          All options and SARs granted in fiscal 2003 are exercisable in equal one-third
          amounts after each of the first three anniversaries of the grant date. The SARs
          only permit settlement in cash, and will not result in the issuance of any
          shares of Teekay&#146;s common stock. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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>
          In fiscal 2003, Teekay granted options to employees and directors to purchase an
          aggregate of 1,059,580 shares of common stock and SARs with respect to 86,500
          shares of common stock. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AGGREGATED FISCAL 2003
YEAR-END OPTION/SAR VALUES </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 provides
information on the aggregate value of the named executive officers&#146; unexercised
options/SARs at December 31, 2003. </FONT></P>

<PRE>
                                         <B>Number of Securities Underlying
                                           Unexercised Options/SARs at
                                                 <U>Fiscal Year-End</U>
                                          <U>Exercisable</U>        <U>Unexercisable</U></B>
                                            373,236              187,664
</PRE>
<BR><BR><BR><BR><BR>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REPORT OF THE
COMPENSATION COMMITTEE<BR>OF THE BOARD OF
DIRECTORS ON EXECUTIVE COMPENSATION</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay&#146;s executive compensation program
is administered by the Compensation Committee of the Board of Directors (or
<I>Committee</I>). The Committee is composed entirely of non-employee directors who are
independent, as determined by the Board, within the meaning of applicable NYSE standards. </FONT></P>


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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &nbsp;&nbsp;&nbsp;The
Committee is responsible for:</FONT></TD>
          </TR>
          </TABLE>
          <BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;determining and approving compensation for Teekay's Chief Executive Officer;</FONT></TD>
          </TR>
          </TABLE>
          <BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;making recommendations to the Board regarding compensation for directors and for executive
officers, other than the Chief Executive Officer, and regarding incentive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;compensation and
equity-based plans; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>


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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;providing general oversight of other Teekay compensation plans, policies and programs.</FONT></TD>
          </TR>
          </TABLE>
          <BR>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The specific duties and
responsibilities of the Committee are described above under &#147;Corporate Governance
Principles and Board Matters &#151; Board Structure and Committee Composition &#151;
Compensation Committee&#148; and in the Committee&#146;s charter, which is available under
&#147;Corporate Governance&#148; in the Investor Centre section of Teekay&#146;s website
at www.teekay.com. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Committee met five times during
fiscal 2003. The Committee has direct access to independent compensation consultants and
other experts for information as it deems appropriate, and used independent consultants
from time to time during the year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Committee has furnished the
following report on executive compensation for fiscal 2003. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employees are the key to our success.
The goals of Teekay&#146;s compensation programs are to: </FONT></P>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;attract, retain and motivate a high-caliber executive leadership team;</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;pay competitively and consistently within an appropriately defined market;</FONT></TD>
          </TR>
          </TABLE>
          <BR>





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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;align executive compensation with shareholder interests; and</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;link pay to Teekay and individual performance.</FONT></TD>
          </TR>
          </TABLE>
          <BR>


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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each year, we survey the executive
compensation practices of our industry peer groups. Our practice is to target our program
for executive compensation at approximately the median percentile of equivalent programs
of our industry peer groups. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Components of Executive
Compensation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Base Pay</I></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Base pay is baseline cash
compensation and is determined by the competitive market and individual performance. In
general, base pay for each executive officer is established annually based on (1) a
compensation range which corresponds to the executive&#146;s job responsibilities and (2)
the executive officer&#146;s overall individual job performance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Annual Bonus</I></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our annual bonus programs focus on
matching reward with the individual&#146;s performance and Teekay&#146;s financial
performance in the fiscal year through comparison to established targets and the financial
performance of peer companies. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Long-term Incentive
Programs</I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay&#146;s long-term incentive
programs are designed to encourage creation of long-term value for our shareholders,
employee retention and equity ownership. The programs consist of stock option grants,
stock appreciation rights and restricted stock awards. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For fiscal 2003, our executive
officers received stock option grants under Teekay&#146;s 1995 Stock Option Plan. Each
stock option grant allows the executive officer to acquire shares of Teekay&#146;s common
stock, subject to the completion of a three-year vesting period and continued employment
with Teekay. These shares may be acquired at a fixed price per share (i.e., the fair
market value on the grant date) and have a ten-year term. During 2003, we also granted a
stock appreciation right (or <I>SAR</I>) to one executive officer in connection with his
relocation. This SAR was granted outside of Teekay&#146;s 1995 Stock Option Plan, but is
governed by the terms and conditions of that plan. Because the SAR only permits settlement
in cash, no shares of Teekay&#146;s common stock will be issued upon exercise of the SAR.
From time to time, we also engage in restricted stock grants to reward exceptional
performance and encourage retention. During 2003, we made one grant of 36,250 shares of
restricted stock to an executive officer. This restricted stock grant was granted outside
of Teekay&#146;s 1995 Stock Option Plan, but is governed by the terms and conditions of
that plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In September 2003, the Board of
Directors terminated Teekay&#146;s 1995 Stock Option Plan with respect to new grants and
adopted Teekay&#146;s 2003 Equity Incentive Plan, under which we will make equity grants
going forward. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The undersigned members of the
Compensation Committee have submitted this Report to the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Axel Karlshoej, Chair
<BR>Ian D. Blackburne
<BR>Thomas Kuo-Yuen Hsu</FONT></P>

<BR><BR><BR><BR><BR>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STOCK PERFORMANCE GRAPH </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The graph below shows the cumulative
total shareholder return assuming the investment of $100 on December 31, 1998 (and the
reinvestment of dividends after such date) in each of Teekay common stock, the Dow Jones
Marine Transportation Index and the S&amp;P 500 Index. Past performance is not necessarily
an indicator of future results. </FONT></P>

<BR>


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  <IMG SRC="comparisongraph.jpg">




<PAGE>




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



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRINCIPAL AUDITOR FEES
AND SERVICES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Audit Committee has appointed
Ernst &amp; Young LLP, Chartered Accountants, as Teekay&#146;s independent auditors for
fiscal 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees Incurred by Teekay
for Ernst &amp; Young LLP Services </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 shows the fees
paid or accrued by Teekay for audit and other services provided by Ernst &amp; Young LLP,
Chartered Accountants, for fiscal 2003 and 2002. </FONT></P>

<PRE>
      <U><B>Fees</B></U>                                                                                         <U><B>2003</B></U>       <U><B>2002</B></U>
      Audit Fees (1)............................................................................$ 454,780  $ 321,765
      Audit-Related Fees (2)....................................................................$  76,120  $  17,900
      Tax Fees (3)..............................................................................$ 329,570  $ 202,590
      All Other Fees (4)........................................................................<U>$   1,605</U>  <U>$   1,605</U>
         Total..................................................................................$ 862,075  $ 543,860
                                                                                                =========  =========
__________
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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>
          Audit fees represent fees for professional services provided in connection with
          the audit of Teekay&#146;s consolidated financial statements and review of its
          quarterly consolidated financial statements and audit services provided in
          connection with other statutory or regulatory filings. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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>
          Audit-related fees consisted primarily of accounting consultations, employee
          benefit plan audits, services related to business acquisitions and divestitures
          and other attestation services. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <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>
          For fiscal 2003 and 2002, respectively, tax fees principally included
          international tax planning fees of $175,290 and $180,000, corporate tax
          compliance fees of $67,070 and $14,600 and personal and expatriate tax services
          fees of $87,210 and $7,100. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          All other fees principally include subscription fees to an internet database of
          accounting information. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Audit Committee has the authority
to pre-approve permissible audit-related and non-audit services not prohibited by law to
be performed by Teekay&#146;s independent auditors and associated fees. Engagements for
proposed services either may be separately pre-approved by the Audit Committee or entered
into pursuant to detailed pre-approval policies and procedures established by the Audit
Committee, as long as the Audit Committee is informed on a timely basis of any engagement
entered into on that basis. The Audit Committee separately pre-approved all engagements
and fees paid to Teekay&#146;s independent auditor in fiscal 2003. </FONT></P>

<BR><BR><BR><BR><BR>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REPORT OF THE AUDIT
COMMITTEE OF </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE BOARD OF DIRECTORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Audit Committee assists the Board
in fulfilling its responsibilities for oversight of </FONT></P>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;the integrity of Teekay's financial statements;</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;Teekay's compliance with legal and regulatory requirements;</FONT></TD>
          </TR>
          </TABLE>
          <BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;the independent auditors' qualifications and independence; and</FONT></TD>
          </TR>
          </TABLE>
          <BR>




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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#149;&nbsp;&nbsp;&nbsp;&nbsp;the performance of Teekay's internal audit function and independent auditors.</FONT></TD>
          </TR>
          </TABLE>
          <BR>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Audit Committee manages
Teekay&#146;s relationship with its internal auditors and its independent auditors, who
both report directly to the Audit Committee. The Audit Committee has the authority to
obtain advice and assistance from outside legal, accounting or other advisors as the Audit
Committee deems necessary to carry out its duties and to receive appropriate funding, as
determined by the Audit Committee, from Teekay for such advice and assistance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay&#146;s management has primary
responsibility for preparing Teekay&#146;s consolidated financial statements and
Teekay&#146;s financial reporting process. Teekay&#146;s independent auditors, Ernst &amp;
Young LLP, Chartered Accountants, are responsible for expressing an opinion on the
conformity of Teekay&#146;s audited consolidated financial statements with accounting
principles generally accepted in the United States. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In this context, the Audit Committee
reports as follows: </FONT></P>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;The Audit Committee has reviewed and discussed the audited consolidated financial statements for fiscal 2003 with Teekay's
       management.</FONT></TD>
          </TR>
          </TABLE>
          <BR>


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     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;The Audit  Committee has discussed with the independent  auditors the matters  required to be discussed by Statement of Auditing
       Standards No. 61, as amended or &nbsp;&nbsp;modified.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;The Audit  Committee has received the letter and written  disclosures  from the  independent  auditors  required by Independence
       Standards Board Standard No. 1,  &nbsp;&nbsp;Independence Discussions with Audit  Committees,  and has discussed the matter of independence
       with the independent auditors.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100%>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Based on the review and  discussions  referred to in paragraphs (1) through (3) above,  the Audit  Committee has  recommended to
       Teekay's Board of Directors,  and the &nbsp;&nbsp;Board has approved, that Teekay's audited consolidated financial statements be included in
       Teekay's Annual Report on Form 20-F for fiscal 2003, for filing with the SEC.</FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The undersigned members of the Audit Committee
have submitted this Report to the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Eileen A. Mercier, Chair<BR>
Leif O. H&ouml;egh<BR>
Tore I. Sandvold </FONT></P>




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`
end

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