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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001157523-04-006056.txt : 20040701
<SEC-HEADER>0001157523-04-006056.hdr.sgml : 20040701
<ACCEPTANCE-DATETIME>20040701092311
ACCESSION NUMBER:		0001157523-04-006056
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040701
FILED AS OF DATE:		20040701

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:		04892996

	BUSINESS ADDRESS:	
		STREET 1:		TK HOUSE, BAYSIDE EXECUTIVE PARK
		STREET 2:		WEST BAY ST & BLAKE RD, PO BOX AP-59213
		CITY:			NASSAU BAHAMAS
		STATE:			C5
		ZIP:			00000
		BUSINESS PHONE:		8093228020

	MAIL ADDRESS:	
		STREET 1:		SUITE 2000,  BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2K2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a4672771.txt
<DESCRIPTION>6-K COMBO FOR TEEKAY SHIPPING
<TEXT>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 6-K

                        Report of Foreign Private Issuer

                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934

                           -------------------------

                          Date of report: July 1, 2004

                           TEEKAY SHIPPING CORPORATION
             (Exact name of Registrant as specified in its charter)

                                    TK House
                             Bayside Executive Park
                          West Bay Street & Blake Road
                       P.O. Box AP-59212, Nassau, Bahamas
                     (Address of principal executive office)


                           -------------------------

     [Indicate  by check mark whether the  registrant  files or will file annual
reports under cover Form 20-F or Form 40-F.]

                Form 20-F         X      Form 40- F
                              ---------             ----------

     [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):       ]
                                                    -------

                        Yes                  No        X
                              ---------           ----------

     [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):       ]
                                                    -------

                        Yes                  No        X
                              ---------           ----------

     [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.]

                        Yes                  No        X
                              ---------           ----------


     [If  "Yes" is  marked,  indicate  below  the file  number  assigned  to the
registrant in connection with Rule 12g3-2(b):82-       ]
                                                -------

<PAGE>


Item 1 - Information Contained in this Form 6-K Report

     Attached  as  Exhibit I is a copy of an  announcement  of  Teekay  Shipping
Corporation (the "Company"), dated July 1, 2004.


     THIS  REPORT  ON FORM 6-K IS  HEREBY  INCORPORATED  BY  REFERENCE  INTO THE
FOLLOWING REGISTRATION STATEMENTS OF THE COMPANY.

     --   REGISTRATION  STATEMENT ON FORM F-3 (NO.  33-97746) FILED WITH THE SEC
          ON OCTOBER 4, 1995;
     --   REGISTRATION  STATEMENT ON FORM S-8 (NO. 333-42434) FILED WITH THE SEC
          ON JULY 28, 2000; AND
     --   REGISTRATION STATEMENT ON FORM F-3 (NO. 333-102594) FILED WITH THE SEC
          ON JANUARY 17, 2003.



<PAGE>


                                   SIGNATURES

     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.

                                    TEEKAY SHIPPING CORPORATION


Date: July 1, 2004         By:      /s/ Peter Evensen
                                    ------------------------------------
                                    Peter Evensen
                                    Executive Vice President and Chief
                                    Financial Officer
                                    (Principal Financial and Accounting Officer)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a4672771ex991.txt
<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE FOR TEEKAY SHIPPING
<TEXT>
                                                                       Exhibit I

             Teekay Awarded Three Long-Term LNG Contracts

    NASSAU, Bahamas--(BUSINESS WIRE)--July 1, 2004--Teekay Shipping Corporation
("Teekay" or "the Company") (NYSE:TK) announced today that it has been awarded
contracts to charter three 151,700 m3 liquefied natural gas ("LNG") carriers to
Ras Laffan Liquefied Natural Gas Co. Limited (II) ("RasGas II"), a joint venture
company between a subsidiary of ExxonMobil Corporation and Qatar Petroleum. The
vessels will be chartered to RasGas II at fixed rates, with inflation
adjustments, for a period of 20 years (with options to extend up to 35 years),
commencing in late 2006 and early 2007.
    In connection with these charter contracts, Teekay has entered into
agreements with Daewoo Shipbuilding & Marine Engineering Co. Ltd. to construct
three LNG carriers, representing a total contract price of approximately $510
million. The charter contracts are expected to generate approximately $55
million in annualized cash flow from vessel operations. Qatar Gas Transport
Company is expected to acquire a 30% interest in the vessels as permitted under
the tender documents.
    "We are delighted to have been selected as a provider of LNG shipping
services in Qatar, which is expected to become the largest exporter of LNG in
the world within the next few years," commented David Glendinning, President of
Teekay's Gas division. "The profitability of this transaction has been enhanced
through an 'en bloc' order for all three vessels from one shipyard combined with
an attractively priced, long-term fixed-rate loan facility that was locked in at
interest rates below current levels." Mr. Glendinning continued, "The RasGas II
contracts are an excellent example of building on the strategic LNG platform
that Teekay acquired with the Tapias transaction earlier this year. In addition,
this new association with Qatar Petroleum provides a base from which to pursue
future profitable growth in Qatar."

    About Teekay

    Teekay Shipping Corporation transports more than 10 percent of the world's
sea-borne oil and is also expanding its position in the rapidly growing
liquefied natural gas shipping sector. With a fleet of over 160 tankers, offices
in 14 countries and more than 5,000 seagoing and shore-based employees, the
Company provides a uniquely-wide range of marine services to the world's leading
oil and gas companies, helping them seamlessly link their upstream energy
production to their downstream processing operations. Teekay's reputation for
safety, quality and innovation has earned it a position in the global energy
industry as the premier marine midstream company.
    Teekay's common stock is listed on the New York Stock Exchange where it
trades under the symbol "TK".

    About Ras Laffan Liquefied Natural Gas Co. Limited (II)

    RasGas II is a Qatari joint venture company between Qatar Petroleum and
ExxonMobil RasGas Inc., a wholly owned subsidiary of ExxonMobil Corporation.
RasGas II was established for the purpose of expanding existing LNG production
facilities owned by its affiliate Ras Laffan Liquefied Natural Gas Company
Limited. RasGas II's goal is to have the capacity to produce a total of
approximately 9.4 million tonnes of LNG each year from its Train 3 and Train 4
facilities by September 30, 2005.

    Description of Non-GAAP Financial Measures

    Cash flow from vessel operations represents income from vessel operations
before depreciation and amortization expense. Cash flow from vessel operations
is included because some investors use this data to measure a company's
financial performance. Cash flow from vessel operations is not required by
accounting principles generally accepted in the United States and should not be
considered as an alternative to net income or any other indicator of the
Company's performance required by accounting principles generally accepted in
the United States. Expected cash flow from vessel operations detailed in this
release, has been reconciled to financial measures defined by accounting
principles generally accepted in the United States:
- -0-
*T
Projection (in $000s)
- --------------------------------------------------------
Income from vessel operations                     38,500
Add: depreciation and amortization                16,500
- --------------------------------------------------------
Cash flow from vessel operations                  55,000
- --------------------------------------------------------
*T

    Forward Looking Statements

    This release contains forward-looking statements (as defined in Section 21E
of the Securities Exchange Act of 1934, as amended) which reflect management's
current views with respect to certain future events and performance, including
statements regarding: the impact of the LNG contracts on Teekay's earnings and
future cash flow from vessel operations; newbuilding delivery dates; the
potential of Qatar's LNG exporting capability and of future growth in LNG
shipping in Qatar; RasGas II's future LNG production capacity; and other
potential financial and other benefits relating to the charter contracts. The
following factors are among those that could cause actual results to differ
materially from the forward-looking statements, which involve risks and
uncertainties, and that should be considered in evaluating any such statement;
early termination or breach of one or more of the long-term charter contracts;
changes in production of or demand for LNG, either generally or in particular
regions; potential breach of the newbuilding contracts by any of the parties,
potential delays or non-delivery of the newbuildings; changes in applicable
industry regulations; and other factors discussed in Teekay's Report on Form
20-F for the fiscal year ended December 31, 2003 which is on file with the SEC.


    CONTACT: Teekay Shipping Corporation, Nassau
             Scott Gayton, 604-844-6654 (Investor Relations)
             or
             Kirsten Douglas, 604-844-6615 (Media)
             Website: www.teekay.com

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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