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<SEC-DOCUMENT>0000911971-04-000048.txt : 20040722
<SEC-HEADER>0000911971-04-000048.hdr.sgml : 20040722
<ACCEPTANCE-DATETIME>20040721184338
ACCESSION NUMBER:		0000911971-04-000048
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040721
FILED AS OF DATE:		20040722

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:		04925258

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k_072104.htm
<DESCRIPTION>EARNINGS RELEASE 2ND QTR 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>TEEKAY SHIPPING CORPORATION</TITLE>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.4a) -->
</HEAD>

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

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

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

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

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

<P align=center>Date of report: July 21, 2004<BR><BR><FONT size=4><B>TEEKAY SHIPPING CORPORATION</B></FONT><BR>(Exact
 name of Registrant as specified in its charter)<BR><BR>TK House<BR>Bayside Executive Park<BR>West Bay
 Street &amp; Blake Road<BR>P.O. Box AP-59212, Nassau, Bahamas<BR>(Address of principal executive office)<BR>
</P>

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


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate by check mark whether the registrant
 files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P align=center>Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Form 40- F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate by check mark if the registrant
 is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]
</P>

<P align=center>Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate by check mark if the registrant
 is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]
</P>

<P align=center>Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate by check mark whether the registrant
 by furnishing the information contained in this Form is also thereby furnishing the information to the
 Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P align=center>Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[If "Yes" is marked, indicate below the file
 number assigned to the registrant in connection with Rule 12g3-2(b):82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]
</P>
<BR><BR><BR><BR><BR><BR><BR><BR>

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

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD align=center width="5%"></TD>
<TD width="95%">Attached as Exhibit I is a copy of an announcement of Teekay Shipping Corporation (the &#147;Company&#148;), dated July 21, 2004.</TD></TR>
</TABLE>

<BR><BR>

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


<P><B>&#149; REGISTRATION STATEMENT ON FORM F-3 (NO. 33-97746) FILED WITH THE SEC ON OCTOBER 4, 1995;<BR>&#149; REGISTRATION
 STATEMENT ON FORM S-8 (NO. 333-42434) FILED WITH THE SEC ON JULY 28, 2000; AND<BR>&#149; REGISTRATION STATEMENT
 ON FORM F-3 (NO. 333-102594) FILED WITH THE SEC ON JANUARY 17, 2003.</B></P>
<BR><BR><BR><BR><BR>
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3>SIGNATURES</FONT></H1>


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

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

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

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

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



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

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

<!-- MARKER FORMAT-SHEET="Head Sub 1 Left-TNR" FSL="Project" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=3>
<B>TEEKAY SHIPPING CORPORATION<BR>
REPORTS RECORD SECOND QUARTER NET INCOME</B></FONT>

<HR align=left width="100%" noShade SIZE=1>

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

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<UL>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>
&nbsp;&nbsp;&nbsp;Achieved highest ever second quarter net income of $98.5 million</FONT>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>
&nbsp;&nbsp;&nbsp;Generated highest ever cash flow from vessel operations from fixed-rate contract business of $76.0 million</FONT>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>
&nbsp;&nbsp;&nbsp;Completed acquisition of Naviera F. Tapias S.A. on April 30, 2004</FONT>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>
&nbsp;&nbsp;&nbsp;Awarded three long-term charter contracts to export LNG from Qatar</FONT>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>
&nbsp;&nbsp;&nbsp;Completed two-for-one stock split effective May 17, 2004</FONT>
</UL>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nassau, The Bahamas, July 21, 2004
&#151; Teekay Shipping Corporation today reported net income of $98.5 million, or $1.13
per share, for the quarter ended June 30, 2004, compared to net income of $96.9 million,
or $1.20 per share, for the quarter ended June 30, 2003. The results for the second
quarter of 2004 included an unrealized foreign currency translation loss of $5.2 million,
or $0.06 per share, relating to long-term debt denominated in Euros. The results for the
second quarter of 2003 included $4.7 million, or $0.06 per share, in write-downs to the
carrying value and losses on the sale of certain older vessels. Net voyage
revenues<SUP>(1)</SUP> for the second quarter of 2004 were $368.9 million compared to
$353.1 million for the same period in 2003, and income from vessel operations decreased to
$122.1 million from $127.7 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The results for the second quarter of
2004 reflect the inclusion of the results from Naviera F. Tapias S.A. (renamed Teekay
Shipping Spain S.A.) from May 1, 2004 and an increase in the Company&#146;s existing
fixed-rate business, partially offset by the sale of certain older spot vessels over the
past 12 months. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Spot tanker rates during the second
quarter of 2004 remained strong as Teekay&#146;s spot Aframax fleet averaged $27,567 per calendar-ship
day, a slight increase from the average of $27,327 per calendar-ship day for the
same period in 2003. However, unlike 2003 when the strength of spot tanker rates in the
second quarter was amplified by the temporary disruption of oil supplies from Venezuela,
which resulted in an increase in longer-haul West Africa and Middle East oil production,
the strong market in 2004 has been primarily the result of fundamental oil demand growth. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the six months ended
June 30, 2004 was $287.6 million, or $3.32 per share, compared to $150.5 million, or $1.86
per share, for the same period last year. The results for the six months ended June 30,
2004 included a $5.2 million, or $0.06 per share unrealized foreign currency translation
loss relating to the above-mentioned Euro denominated debt. The results for the six months
ended June 30, 2003 included $30.5 million, or $0.38 per share in write-downs to the
carrying value of certain older vessels, and a $4.9 million, or $0.06 per share, write-down
in the carrying value of certain marketable securities. Net voyage revenues<SUP>(1)</SUP>
for the six months ended June 30, 2004 were $816.5 million, compared to $566.0 million in
the same period last year, while income from vessel operations increased to $330.7 million
from $205.4 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A005></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Expansion of
Teekay&#146;s LNG Platform into Qatar</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On July 1, 2004, the Company
announced that it had been awarded long-term contracts to charter three liquefied natural
gas (LNG) carriers to Ras Laffan Liquefied Natural Gas Co. Limited (RasGas II), a joint
venture company between Exxon Mobil Corporation and Qatar Petroleum. The
vessels will be chartered to RasGas II for a period of 20 years (with options to extend up
to 35 years), commencing in late 2006 and early 2007. Concurrently, the Company placed
orders for three 151,700 m<SUP>3 </SUP>LNG carriers from Daewoo Shipbuilding and Marine
Engineering Co. Ltd. for approximately $510 million. At this time, these are the largest
LNG ships ever ordered. Qatar Gas Transport Company is
expected to acquire a 30% interest in the vessels through a joint venture with Teekay. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)&nbsp;&nbsp;&nbsp;&nbsp;
          Net voyage revenues represents voyage revenues less voyage expenses. Net voyage
          revenues is a non-GAAP financial measure used by certain investors to measure
          the financial performance of shipping companies. See the Company&#146;s website
          at <U>www.teekay.com</U> for a reconciliation of this non-GAAP measure as used
          in this release to the most directly comparable GAAP financial measure. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A006></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Operating Results</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table highlights
certain financial information of Teekay&#146;s three main segments, the spot tanker
segment, the fixed-rate tanker segment and the Company&#146;s new fixed-rate LNG segment
(see the &#147;Teekay Fleet&#148; section of this release for further details: </FONT></P>

<PRE>
- ---------------------------------- ---------------------------------------------------- ----------------------------------------
<B>                                                  <U>Three Months Ended</U>                             <U>Three Months Ended</U>
                                                     <U>June 30, 2004</U>                                  <U>June 30, 2003</U>
                                                      <U>(unaudited)</U>                                    <U>(unaudited)</U>
</B>
<B>                                       Spot       Fixed-Rate    Fixed-Rate                              Fixed-Rate
                                      Tanker        Tanker         LNG                   Spot Tanker     Tanker
 (in thousands of U.S. dollars)       Segment      Segment       Segment       Total       Segment       Segment       Total</B>
- ---------------------------------- ------------ ------------- ------------ ------------ ------------- ------------ -------------


Net voyage revenues                   202,965       158,065        7,884      368,914       222,186      130,898       353,084

Vessel operating expenses              23,752        28,376        1,637       53,765        32,415       23,115        55,530
Time-charter hire expense              60,369        46,205            -      106,574        50,828       42,655        93,483
Depreciation &amp; amortization            25,976        32,493        2,377       60,846        27,800       21,975        49,775

Cash flow from vessel
operations*                           106,523        70,490        5,506      182,519       125,950       56,212       182,162
- --------------------------------- ------------ ------------- ------------ ------------ ------------- ------------ -------------
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>* Cash flow from vessel operations
represents income from vessel operations before depreciation and amortization expense and
vessel write-downs/(gain)loss on sale of vessels. Cash flow from vessel operations is a
non-GAAP financial measure used by certain investors to measure the financial performance
of shipping companies. See the Company&#146;s website at <U>www.teekay.com</U> for a
reconciliation of this non-GAAP measure as used in this release to the most directly
comparable GAAP financial measure. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A007></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fixed-Rate Tanker Segment </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the quarter ended June 30, 2004,
cash flow from vessel operations from the Company&#146;s fixed-rate tanker segment
increased to $70.5 million from $56.2 million for the second quarter of 2003, primarily
due to the addition of five conventional tankers on charter to ConocoPhillips and the
inclusion of Teekay Shipping Spain&#146;s fixed-rate Suezmax tanker results from May 1,
2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A008></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fixed-Rate LNG Segment </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The acquisition of Tapias established
Teekay&#146;s presence in LNG shipping, the fastest growing sector of sea-borne energy
transportation. The LNG segment operating results for the second quarter of 2004 consists
of Teekay Shipping Spain&#146;s two existing LNG carriers from May 1, 2004, which
generated $5.5 million of cash flow from vessel operations.  In July 2004, the Company took
delivery of a third newbuilding LNG carrier, which commenced service under a 25-year
charter contract and a fourth newbuilding LNG carrier is expected to deliver in the fourth
quarter of 2004. In addition, the three LNG carriers ordered for the RasGas II project are
expected to deliver in late 2006 and early 2007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A009></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Spot Tanker Segment </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash flow from vessel operations from
the Company&#146;s spot tanker segment for the quarter ended June 30, 2004 decreased to
$106.5 million from $126.0 million in the second quarter of 2003, primarily due to the
sale of a number of older single-hull vessels during the last 12 months, partially offset
by newbuilding deliveries and additional in-chartered vessels. On a net basis, these fleet
changes reduced the total number of calendar ship days for the spot tanker segment by 691
days in the second quarter of 2004 compared to the second quarter of 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table highlights the
operating performance of the Company&#146;s spot tanker segment measured in net voyage
revenues per calendar-ship-day, or time-charter equivalent (TCE). </FONT></P>

<PRE>
- ---------------------------------------------------------------------------------------------------------------------
<B>                                                   Three Months Ended                      Six Months Ended
                                        June 30, 2004   March 31, 2004  June 30, 2003  June 30, 2004    June 30, 2003</B>
- ---------------------------------------------------------------------------------------------------------------------
<B>Spot Tanker Segment
    Very Large Crude Carrier Fleet</B>
    Calendar-Ship Days                          273             273            176             546              266
    TCE per calendar-ship-day               $54,788         $71,062        $43,261         $62,925          $55,075

    <B>Suezmax Tanker Fleet</B>
    Calendar-Ship Days                          647             561            612           1,208              612
    TCE per calendar-ship-day               $36,879         $65,018        $45,180         $49,947          $45,180

    <B>Aframax Tanker Fleet</B>
    Calendar-Ship Days                        5,152           5,122          5,597          10,274           10,757
    TCE per calendar-ship-day               $27,567         $40,235        $27,327         $33,883          $28,015

    <B>Oil/Bulk/Ore Fleet</B>
    Calendar-Ship Days                            -             157            646             157            1,366
    TCE per calendar-ship-day                     -         $20,822        $17,209         $20,822          $17,507

    <B>Large Product Tanker Fleet</B>
    Calendar-Ship Days                          503             395            177             898              177
    TCE per calendar-ship-day               $20,332         $27,478        $42,881         $23,476          $42,881

    <B>Small Product Tanker Fleet</B>
    Calendar-Ship Days                          902             847            960           1,749              960
    TCE per calendar-ship-day               $13,188         $13,510        $12,155         $13,344          $12,155

- ---------------------------------------------------------------------------------------------------------------------
</PRE>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A010></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Tanker Market Overview</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the second quarter of 2004,
tanker freight rates declined from the near record levels reached in the prior quarter,
yet remained at relatively high levels when compared to historical averages due to continued favourable tanker market fundamentals. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Global oil demand, an underlying
driver of tanker demand, continued to be strong averaging 80.4 million barrels per day
(mb/d) during the second quarter of 2004, a decline of 1.1 mb/d from the previous quarter
but 3.9 mb/d higher than the second quarter of 2003. The year-on-year increase in global
oil demand during the second quarter of 2004 was attributable
mainly to the recovery of the global economy. On July 13, 2004, the International Energy
Agency (IEA) raised its forecast for 2004 oil demand to 81.4 mb/d, which represents a 2.5
mb/d, or 3.2% increase over 2003 demand, the highest growth rate in 25 years. For 2005,
the IEA forecasts a further increase in oil demand of 1.8 mb/d, or 2.2% over 2004, to 83.2
mb/d. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Global oil supply grew by 0.1 mb/d to
81.9 mb/d in the second quarter of 2004 compared with the first quarter of 2004. OPEC
production rose by 0.2 mb/d due to increased output from Saudi Arabia while non-OPEC
production levels declined by 0.1 mb/d as a result of a decrease in North American and
European output. At its June 3, 2004 meeting, OPEC raised its production quota by 2.0 mb/d
to 25.5 mb/d, effective on July 1, 2004 in a bid to meet strong global oil demand. On July
15, 2004, OPEC announced that it would raise its output quota by a further 0.5 mb/d,
effective on August 1, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The size of the world tanker fleet
increased to 324.0 million deadweight tonnes (mdwt) as of June 30, 2004, up 0.8% from the
end of the previous quarter. Deletions totaled 2.8 mdwt in the second quarter of 2004 down
from 4.1 mdwt in the previous quarter. Deliveries of tanker newbuildings during the second
quarter of 2004 totaled 5.6 mdwt compared to the 8.5 mdwt in the previous quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2004, the world tanker
orderbook stood at 84.9 mdwt, representing 26.2% of the total world tanker fleet compared
to 81.6 mdwt or 25.4% at the end of the previous quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A011></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Teekay Fleet</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As at July 1, 2004, Teekay&#146;s
fleet (excluding vessels managed for third parties) consisted of 168 vessels, including 51
chartered-in vessels and 20 newbuildings on order. During the second quarter, the Company
took delivery of three newbuildings: the EVEREST SPIRIT (Aframax tanker) and the AXEL
SPIRIT (Aframax tanker) which will trade in the spot market; and the NORDIC RIO (Suezmax
tanker) which completed its conversion to a shuttle tanker and commenced on long-term
charter to Petrobras Transporte S.A. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table summarizes the
Teekay fleet as at July 1, 2004 (incorporating the three LNG vessels ordered as part of
the RasGas II contracts): </FONT></P>

<PRE>
- ----------------------------------------------------------------------------------------------------------------------------
                                                                              <B>Number of Vessels (1)</B>
                                                     -----------------------------------------------------------------------
<B>                                                                 Owned       Chartered-in      Newbuildings on     Total
                                                                Vessels         Vessels            Order</B>
- ----------------------------------------------------------------------------------------------------------------------------
  <B>Spot Tanker Segment:</B>
        Very Large Crude Carriers                                  1                2                 -              3
        Suezmax Tankers                                            4                5                 1             10
        Aframax Tankers                                           44               14                 7             65
        Large Product Tankers                                      -                6                 3              9
        Small Product Tankers                                      -               10                 -             10
- ----------------------------------------------------------------------------------------------------------------------------
        Total Spot Tanker Segment                                 49               37                11             97
- ----------------------------------------------------------------------------------------------------------------------------

  <B>Fixed-Rate Tanker Segment:</B>
        Shuttle Tankers (2)                                       30               13                 -             43
        Conventional Tankers                                      11                -                 4             15
        Floating Storage &amp; Offtake (FSO) Units (3)                 4                -                 -              4
        LPG / Methanol Carriers                                    1                1                 -              2
- ----------------------------------------------------------------------------------------------------------------------------
        Total Fixed-Rate Tanker Segment                           46               14                 4             64
- ----------------------------------------------------------------------------------------------------------------------------

  <B>Fixed-Rate LNG Segment</B>                                           2                -                 5              7
- ----------------------------------------------------------------------------------------------------------------------------
  <B>Total</B>                                                           97               51                20            168
============================================================================================================================
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)&nbsp;&nbsp;&nbsp;&nbsp;
          Does not include vessels managed on behalf of third parties <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp;&nbsp;&nbsp;&nbsp;
          Includes seven shuttle tankers of which the Company&#146;s ownership interests range from 50% to 70.25%.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(3)&nbsp;&nbsp;&nbsp;&nbsp;
          Includes one FSO unit in which the Company&#146;s ownership
          interest is 89% </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the second quarter, as part of
its ongoing fleet renewal program, the Company entered into agreements to sell four of its
single-hull vessels: the MUSASHI SPIRIT (1993-built VLCC), the PACIFIC SPIRIT (1988-built
Aframax tanker), the SHILLA SPIRIT (1990-built Aframax tanker), and the ULSAN SPIRIT
(1990-built Aframax tanker) for total gross proceeds of approximately $102 million.
These vessels are expected to deliver to the buyers during the third quarter, at which
time the Company expects to record a gain of approximately $25 million on the sale of the
vessels. In addition, in July 2004 the Company took delivery of two newbuildings: the
ESTHER SPIRIT (Aframax tanker) which entered the spot tanker fleet and the GALICIA SPIRIT
(LNG carrier), acquired as part of the Tapias transaction, which commenced service under a
25-year fixed-rate charter contract to Union Fenosa Gas S.A. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 1 Left-TNR" FSL="Project" -->
<A NAME=A012></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U><B>Liquidity and Capital Expenditures</B></U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As at June 30, 2004, the Company had
total liquidity of $540.8 million, comprising $215.7 million in cash and cash equivalents
and $321.1 million in undrawn medium-term revolving credit facilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As at July 1, 2004, including the
RasGas II LNG newbuildings, the Company had approximately $1,132 million in remaining
capital commitments relating to its 20 newbuildings on order. Of this, approximately $312
million was due during the second half of 2004, $378 million in 2005, $250 million in 2006
and $192 million due in 2007 and early 2008. For the remaining capital commitments,
long-term financing arrangements totaling approximately $897 million exist for 15 of the
20 newbuildings on order. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A013></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Sale of A/S Dampskibsselskabet TORM Shares</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On July 16, 2004, the Company
announced that it had sold its 16 percent stake in A/S Dampskibsselskabet TORM (TORM),
acquired in July 2003 for a total cost of $37.3 million, for total proceeds of
approximately $130.2 million. The Company has recognized a gain on sale of $2.2 million in
the second quarter of 2004 and will recognize an additional gain of approximately $88
million in the third quarter of 2004, representing a total return of over 250% (including
$5.7 million in dividends received in the second quarter of 2004). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A014></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>About Teekay</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay Shipping Corporation
transports more than 10 percent of the world&#146;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 approximately 5,500 seagoing and shore-based
employees, the Company provides a uniquely-wide range of marine services to the
world&#146;s leading oil and gas companies, helping them seamlessly link their upstream
energy production to their downstream processing operations. Teekay&#146;s reputation for
safety, quality and innovation has earned it a position in the global energy industry as
the premier marine midstream company. </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 common stock is listed
on the New York Stock Exchange where it trades under the symbol &#147;TK&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A015></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Earnings Conference Call</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company plans to host a
conference call at 11:00 a.m. EDT (8:00 a.m. PDT) on July 22, 2004, to discuss the results
for the quarter. All shareholders and interested parties are invited to listen to the live
conference call and view the Company&#146;s earnings presentation through the
Company&#146;s web site at <U>www.teekay.com</U>. The presentation will be available on
the web site prior to the conference call. A recording of the call will be available until
July 29, 2004 by dialing (719) 457-0820, access code 516648, or via the Company&#146;s web
site until August 22, 2004. </FONT></P>

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

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

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

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

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

<BR>
<BR>
<BR>


<PRE>
- ------------------------------------------------------------------------------------------------------------------------
                                                   <B>TEEKAY SHIPPING CORPORATION
                                             SUMMARY CONSOLIDATED STATEMENTS OF INCOME</B>
                                  (in thousands of U.S. dollars, except share and per share data)
- ------------------------------------------------------------------------------------------------------------------------

                                                          <B><U>Three Months Ended</U></B>                           <B><U>Six Months Ended</U></B>
                                              <B><U>June 30,</U></B>         <B><U>March 31,</U></B>         <B><U>June 30,</U></B>          <B><U>June 30,</U></B>          <B><U>June 30,</U></B>
                                                <B><U>2004</U></B>              <B><U>2004</U></B>              <B><U>2003</U></B>             <B><U>2004</U></B>              <B><U>2003</U></B>
                                            <B><U>(unaudited)</U></B>      <B><U>(unaudited)</U></B>       <B><U>(unaudited)</U></B>       <B><U>(unaudited)</U></B>      <B><U>(unaudited)</U></B>

<B>VOYAGE REVENUES</B>                                477,622          551,451           462,271         1,029,073          744,503
- --------------------------------------- ---------------- ----------------- ----------------- ---------------- -----------------

<B>OPERATING EXPENSES</B>
Voyage expenses                                108,708          103,884           109,187           212,592          178,521
Vessel operating expenses                       53,765           48,912            55,530           102,677           98,176
Time-charter hire expense                      106,574          108,665            93,483           215,239          106,394
Depreciation and amortization                   60,846           53,614            49,775           114,460           88,905
General and administrative                      25,816           27,625            20,597            53,441           35,324
Vessel write-downs/(gain) loss on sale
   of vessels                                     (450)            (603)            4,711            (1,053)          30,498
Restructuring charge                               240              762             1,312             1,002            1,312
- --------------------------------------- ---------------- ----------------- ----------------- ---------------- -----------------
                                               355,499          342,859           334,595           698,358          539,130
- --------------------------------------- ---------------- ----------------- ----------------- ---------------- -----------------
<B>Income from vessel operations</B>                  122,123          208,592           127,676           330,715          205,373
- --------------------------------------- ---------------- ----------------- ----------------- ---------------- -----------------

<B>OTHER ITEMS</B>
Interest expense                               (30,672)         (21,563)          (21,700)          (52,235)         (36,086)
Interest income                                  4,883            1,254             1,287             6,137            2,133
Income tax expense                              (6,086)          (2,149)          (13,864)           (8,235)         (17,186)
Equity income from joint ventures                3,288            1,836             1,611             5,124            2,396
Other - net                                      5,007            1,039             1,865             6,046           (6,176)
- --------------------------------------- ---------------- ----------------- ----------------- ---------------- -----------------
                                               (23,580)         (19,583)          (30,801)          (43,163)         (54,919)
- --------------------------------------- ---------------- ----------------- ----------------- ---------------- -----------------
<B>Net income</B>                                      98,543          189,009            96,875           287,552          150,454
======================================= ================ ================= ================= ================ =================
Earnings per common share
    -   Basic                                    $1.19            $2.32             $1.22             $3.50            $1.89
    -   Diluted                                  $1.13            $2.18             $1.20             $3.32            $1.86
- --------------------------------------- ---------------- ----------------- ----------------- ---------------- -----------------
Weighted-average number of common
shares outstanding
- -       Basic                               82,603,379       81,620,792        79,651,592        82,112,086       79,566,668
- -       Diluted *                           87,340,951       86,522,164        81,045,440        86,697,235       80,911,462
======================================= ================ ================= ================= ================ =================
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*Reflects the effect of outstanding
stock options and the $143.75 million mandatory convertible preferred PEPS units, computed
using the treasury stock method </FONT></P>

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

<PRE>

- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                              SUMMARY CONSOLIDATED BALANCE SHEETS</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                                           <B><U>As at June 30,</U></B>           <B><U>As at December 31,</U></B>
                                                                               <B><U>2004</U></B>                       <B><U>2003</U></B>
                                                                           <B><U>(unaudited)</U></B>
<B>ASSETS</B>
Cash and cash equivalents                                                     215,743                   292,284
Other current assets                                                          242,557                   188,249
Restricted cash - current                                                      77,120                         -
Restricted cash - long-term                                                   318,339                         -
Marketable securities - long-term                                             139,654                    95,511
Vessels and equipment                                                       3,184,503                 2,424,204
Advances on newbuilding contracts                                             321,130                   150,656
Other assets                                                                  203,874                   187,798
Intangible assets                                                             293,968                   118,588
Goodwill                                                                      179,303                   130,754
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Assets</B>                                                                5,176,191                 3,588,044
==================================================================== ========================= =========================
<B>LIABILITIES AND STOCKHOLDERS' EQUITY</B>
Accounts payable and accrued liabilities                                      148,262                   171,411
Current portion of long-term debt                                             213,000                   103,221
Long-term debt                                                              2,605,789                 1,533,537
Other long-term liabilities                                                   211,637                   112,726
Minority interest                                                              14,179                    15,322
Stockholders' equity                                                        1,983,324                 1,651,827
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Liabilities and Stockholders' Equity</B>                                  5,176,191                 3,588,044
==================================================================== ========================= =========================
</PRE>

<BR>
<BR>

<PRE>

- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                          SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------

                                                                                     <B><U>Six Months Ended</U></B>
                                                                                          <B><U>June 30,</U></B>
                                                                               <B><U>2004</U></B>                      <B><U>2003</U></B>
                                                                           <B><U>(unaudited)</U></B>               <B><U>(unaudited)</U></B>
Cash and cash equivalents provided by (used for)
<B>OPERATING ACTIVITIES</B>
- -------------------------------------------------------------------- ------------------------- -------------------------
Net cash flow from operating activities                                       390,052                   260,698
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>FINANCING ACTIVITIES</B>
Net proceeds from long-term debt                                              874,236                 1,496,499
Scheduled repayments of long-term debt                                        (76,662)                  (37,203)
Prepayments of long-term debt                                                (704,170)                 (945,000)
Other                                                                           1,214                   (10,691)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net cash flow from financing activities</B>                                        94,618                   503,605
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>INVESTING ACTIVITIES</B>
Expenditures for vessels and equipment                                       (257,588)                 (115,657)
Expenditures for the purchase of Naviera F. Tapias S.A.                      (286,112)                        -
Expenditures for the purchase of Navion ASA                                         -                  (703,590)
Proceeds from disposition of assets                                             8,806                    42,615
Other                                                                         (26,317)                   20,903
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net cash flow from investing activities</B>                                      (561,211)                 (755,729)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>(Decrease) increase in cash and cash equivalents</B>                              (76,541)                    8,574
Cash and cash equivalents, beginning of the period                            292,284                   284,625
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Cash and cash equivalents, end of the period</B>                                  215,743                   293,199
==================================================================== ========================= =========================
</PRE>

<BR>
<BR>
<BR>

<PRE>

- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                             APPENDIX A &#151; SUPPLEMENTAL INFORMATION</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                              <B><U>Three Months Ended June 30, 2004</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues                         202,965               158,065                7,884              368,914
Vessel operating expenses                    23,752                28,376                1,637               53,765
Time-charter hire expense                    60,369                46,205                    -              106,574
Depreciation and amortization                25,976                32,493                2,377               60,846
General and administrative                   12,081                12,994                  741               25,816
Vessel write-downs/(gain) loss
   on sale of vessels                          (450)                    -                    -                 (450)
Restructuring charge                            240                     -                    -                  240
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations                80,997                37,997                3,129              122,123
================================== ======================== ===================== ==================== ===================

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

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues                         288,081               159,486                    -              447,567
Vessel operating expenses                    23,453                25,459                    -               48,912
Time-charter hire expense                    59,555                49,110                    -              108,665
Depreciation and amortization                24,886                28,728                    -               53,614
General and administrative                   13,018                14,607                    -               27,625
Vessel write-downs/(gain) loss
   on sale of vessels                          (603)                    -                    -                 (603)
Restructuring charge                            762                     -                    -                  762
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations               167,010                41,582                    -              208,592
================================== ======================== ===================== ==================== ===================

                                                              <B><U>Three Months Ended June 30, 2003</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues                         222,186               130,898                    -              353,084
Vessel operating expenses                    32,415                23,115                    -               55,530
Time-charter hire expense                    50,828                42,655                    -               93,483
Depreciation and amortization                27,800                21,975                    -               49,775
General and administrative                   12,993                 7,604                    -               20,597
Vessel write-downs/(gain) loss
   on sale of vessels                         4,711                     -                    -                4,711
Restructuring charge                              -                 1,312                    -                1,312
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations                93,439                34,237                    -              127,676
================================== ======================== ===================== ==================== ===================
</PRE>

<BR>
<BR>

<PRE>


- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                             APPENDIX A &#151; SUPPLEMENTAL INFORMATION CONTINUED</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------

                                                               <B><U>Six Months Ended June 30, 2004</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues                         491,046               317,551                7,884              816,481
Vessel operating expenses                    47,205                53,835                1,637              102,677
Time-charter hire expense                   119,924                95,315                    -              215,239
Depreciation and amortization                50,862                61,221                2,377              114,460
General and administrative                   25,099                27,601                  741               53,441
Vessel write-downs/(gain) loss
   on sale of vessels                        (1,053)                    -                    -               (1,053)
Restructuring charge                          1,002                     -                    -                1,002
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations               248,007                79,579                3,129              330,715
================================== ======================== ===================== ==================== ===================

                                                               <B><U>Six Months Ended June 30, 2003</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues                         395,654               170,328                    -              565,982
Vessel operating expenses                    64,028                34,148                    -               98,176
Time-charter hire expense                    63,739                42,655                    -              106,394
Depreciation and amortization                54,667                34,238                    -               88,905
General and administrative                   24,582                10,742                    -               35,324
Vessel write-downs/(gain) loss
   on sale of vessels                        30,498                     -                    -               30,498
Restructuring charge                              -                 1,312                    -                1,312
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations               158,140                47,233                    -              205,373
================================== ======================== ===================== ==================== ===================
</PRE>
<BR>
<BR>
<BR>

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

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

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


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This release contains forward-looking
statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended)
which reflect management&#146;s current views with respect to certain future events and
performance, including statements regarding the Company&#146;s future growth prospects;
tanker market fundamentals, including the balance of supply and demand in the tanker
market, and spot tanker charter rates; newbuilding delivery dates and the commencement of service under
long-term contracts; Qatar Gas Transport
Company&#146;s ownership interest in the RasGas II LNG vessels; the growth prospects of
the LNG shipping sector; the Company&#146;s future capital expenditure commitments and the
financing requirements for such commitments; and the gain in the third quarter of 2004
relating to the sale of the Company&#146;s 16% ownership in TORM and four of its
single-hull vessels. The following factors are among those that could cause actual results
to differ materially from the forward-looking statements, which involve risks and
uncertainties, and that should be considered in evaluating any such statement: changes in
production of or demand for oil, petroleum products and LNG, either generally or in
particular regions; greater or less than anticipated levels of tanker newbuilding orders
or greater or less than anticipated rates of tanker scrapping; changes in trading patterns
significantly impacting overall tanker tonnage requirements; changes in applicable
industry laws and regulations and the timing of implementation of new laws and
regulations; changes in the typical seasonal variations in tanker charter rates; changes
in the offshore production of oil; the potential inability of Teekay to integrate Tapias
successfully; the potential for early termination of long-term contracts and inability of
the Company to renew or replace long-term contracts; shipyard production delays; the
Company&#146;s future capital expenditure requirements; and other factors discussed in
Teekay&#146;s filings from time to time with the SEC, including its Report on Form 20-F
for the fiscal year ended December 31, 2003. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the Company&#146;s
expectations with respect thereto or any change in events, conditions or circumstances on
which any such statement is based. </FONT></P>

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

<PRE>
- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                APPENDIX B &#151; RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------

                                                              <B><U>Three Months Ended June 30, 2004</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Income from vessel operations                80,997                37,997                3,129                 122,123
Depreciation and amortization                25,976                32,493                2,377                  60,846
Vessel write-downs/(gain) loss
on sale of vessels                             (450)                    -                    -                    (450)
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Cash flow from vessel
operations (1)                              106,523                70,490                5,506                 182,519
================================== ======================== ===================== ==================== ===================

                                                             <B><U>Three Months Ended June 30, 2003</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Income from vessel operations                93,439                34,237                    -                 127,676
Depreciation and amortization                27,800                21,975                    -                  49,775
Vessel write-downs/(gain) loss
on sale of vessels                            4,711                     -                    -                   4,711
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Cash flow from vessel
operations (1)                              125,950                56,212                    -                 182,162
================================== ======================== ===================== ==================== ===================
</PRE>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-TNR" FSL="Default" -->
          <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
               <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Cash flow from vessel operations represents income from vessel operations before
               depreciation and amortization expense and vessel write-down/gain (loss) on sale
               of vessels. Cash flow from vessel operations is included because certain
               investors use this data to measure a company&#146;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&#146;s performance required by
               accounting principles generally accepted in the United States. </FONT></TD>
               </TR>
               </TABLE>
               <BR>


<PRE>
- ------------------------------------------------------------------------------------------------------------------------
                                                  <B>TEEKAY SHIPPING CORPORATION
                                APPENDIX B &#151; RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                                           CONTINUED</B>
                                                 (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                              <B><U>Three Months Ended June 30, 2004</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Voyage revenues                           290,688                  178,935               7,999                477,622
Voyage expenses                            87,723                   20,870                 115                108,708
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Net voyage revenues (2)                   202,965                  158,065               7,884                368,914
================================== ======================== ===================== ==================== ===================

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

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Voyage revenues                           375,856                  175,595                   -                551,451
Voyage expenses                            87,775                   16,109                   -                103,884
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Net voyage revenues (2)                   288,081                  159,486                   -                447,567
================================== ======================== ===================== ==================== ===================

                                                              <B><U>Three Months Ended June 30, 2003</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                           <B>Spot Tanker       Fixed-Rate Tanker       Fixed-Rate
                                            Segment               Segment            LNG Segment               Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Voyage revenues                           314,366                  147,905                   -                462,271
Voyage expenses                            92,180                   17,007                   -                109,187
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Net voyage revenues (2)                   222,186                  130,898                   -                353,084
================================== ======================== ===================== ==================== ===================
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Default" -->
     <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <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>
          Net voyage revenues represents voyage revenues less voyage expenses, which
          comprise all expenses relating to certain voyages, including bunker fuel
          expenses, port fees, canal tolls and brokerage commissions. Net voyage revenues
          is included because certain investors use this data to measure the financial
          performance of shipping companies. Net voyage revenues is not required by
          accounting principles generally accepted in the United States and should not be
          considered as an alternative to voyage revenues or any other indicator of the
          Company&#146;s performance required by accounting principles generally accepted
          in the United States. </FONT></TD>
          </TR>
          </TABLE>
          <BR>



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`
end

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