-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Q4dDQXZ4mBFg7RKacWRKa1FT59JOfnRrgBHR9YxiT1rVgFu9jXFAIEclXyKg+teG
 BjoqlkIOomEz0b5v1AVWSg==

<SEC-DOCUMENT>0000911971-04-000059.txt : 20041020
<SEC-HEADER>0000911971-04-000059.hdr.sgml : 20041020
<ACCEPTANCE-DATETIME>20041020170542
ACCESSION NUMBER:		0000911971-04-000059
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041020
FILED AS OF DATE:		20041020
DATE AS OF CHANGE:		20041020

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:		041087965

	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_102004.htm
<DESCRIPTION>FORM 6K DATED OCTOBER 20, 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: October 20, 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 October 20, 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: October 20, 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%" SIZE="2" COLOR="Black">

<!-- MARKER FORMAT-SHEET="Head Sub 1 Left-TNR" FSL="Project" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=3>
<B>TEEKAY REPORTS HIGHEST EVER<BR>
QUARTERLY AND YEAR TO DATE EARNINGS</B></FONT>

<HR ALIGN="Left" WIDTH="100%" SIZE="1" COLOR="Black">

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>3rd 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;Highest ever quarterly net income of $245.3 million, or $2.77 per share</FONT>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>
&nbsp;&nbsp;&nbsp;Net income includes gains of $143.6 million from sale of assets and non-cash charges of
$9.9 million from unrealized foreign exchange-related items</FONT>
<LI type=square><FONT face="Times New Roman, Times, Serif" size=2>
&nbsp;&nbsp;&nbsp;Increased quarterly dividend by 10 percent to $0.1375 per share</FONT>
</UL>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nassau, The Bahamas, October 20, 2004
&#151; Teekay Shipping Corporation today reported net income of $245.3 million, or $2.77
per share, for the quarter ended September 30, 2004, compared to net income of $20.3
million, or $0.25 per share, for the quarter ended September 30, 2003. The results for the
third quarter of 2004 included a gain of $90.1 million from the sale of the Company&#146;s
investment in A/S Dampskibsslskabet Torm (Torm), gains of $53.5 million primarily from the
sale of eight older vessels during the quarter, a deferred income tax expense of $4.3
million relating to unrealized foreign exchange gains, and an unrealized foreign currency
translation loss of $5.6 million relating to long-term debt denominated in Euros. The
results for the quarter ended September 30, 2003 included $5.8 million in non-cash charges
relating to five vessels sold during the third quarter of 2003 and $4.0 million in
deferred income tax expense relating to unrealized foreign exchange gains. Net voyage
revenues<SUP>(1)</SUP> for the third quarter of 2004 were $414.1 million, compared to
$274.9 million for the same period in 2003, and income from vessel operations increased to
$194.7 million from $43.8 million.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The higher results for the current quarter
are primarily due to the increase in spot tanker charter rates with Teekay&#146;s spot
Aframax fleet averaging $31,080 per calendar-ship-day
in the third quarter of 2004, compared to $18,318 per calendar-ship-day in the same period last year.
In addition, the most recent quarter&#146;s results reflect
the continued growth of the Company&#146;s
fixed-rate segments both through the delivery of newbuildings onto long-term contracts and
the acquisition of Naviera F. Tapias S.A. (renamed Teekay Shipping Spain S.A.) on April
30, 2004, 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>Net income for the nine months ended
September 30, 2004 was $532.9 million, or $6.12 per share, compared to $170.8 million, or
$2.11 per share, for the same period last year. The results for the nine months ended
September 30, 2004 included a gain of $93.2 million from the sale of marketable
securities, gains of $54.6 million primarily from the sale of eight older
vessels and an unrealized foreign currency translation loss of $10.8 million relating to long-term
debt denominated in Euros. The results for the nine months ended September 30, 2003
included $36.3 million in non-cash charges relating to the sale of 12 older
vessels, a $4.9 million write-down in the carrying value of certain marketable securities,
and $3.0 million in deferred income tax expense relating to unrealized foreign exchange gains. Net
voyage revenues<SUP>(1)</SUP> for the nine months ended September 30, 2004 were $1,230.6
million compared to $840.8 million for the same period last year, while income from vessel
operations increased to $525.4 million from $249.1 million. </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 Web site
          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>


<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Operating Results</U></B></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 liquefied
natural gas (LNG) segment (see the &#147;Teekay Fleet&#148; section of this release for
further details): </FONT></P>

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

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

Net voyage revenues                 237,843       159,033       17,270      414,146       150,471      124,387     274,858

Vessel operating expenses            23,457        31,635        3,107       58,199        31,793       23,488      55,281
Time-charter hire expense            71,346        49,552            -      120,898        50,112       45,843      95,955
Depreciation and amortization        24,913        34,739        5,150       64,802        27,004       22,881      49,885

Cash flow from vessel
operations*                         129,460        63,634       12,905      205,999        53,727       45,777      99,504
- --------------------------------- ------------ ------------- ------------ ------------ ------------- ------------ -------------
</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 Web site 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" -->
<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 third quarter of 2004, cash
flow from vessel operations from the Company&#146;s fixed-rate tanker segment
increased to $63.6 million from $45.8 million for the third quarter of 2003, primarily due
to the addition of five conventional tankers on charter to ConocoPhillips and five
fixed-rate Suezmax tankers acquired as part of the Tapias transaction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<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 LNG segment operating results for
the third quarter of 2004 reflect Teekay Shipping Spain&#146;s three existing LNG
carriers which generated $12.9 million of cash flow from vessel operations.<B> </B>During
the third quarter, the Company took delivery of its third newbuilding LNG carrier, which
commenced service under a 25-year charter contract, and the Company expects to take delivery of a
fourth newbuilding LNG carrier in December 2004, which will commence service under a
20-year charter contract upon delivery. Teekay had no LNG carriers prior to its acquisition of Tapias in April 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>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 increased to $129.5 million in the third quarter of
2004 from $53.7 million in the third quarter of 2003, primarily due to the significant
increase in average spot tanker charter rates as well as the delivery of newbuildings and
additional chartered-in vessels, partially offset by the sale of a number of older vessels during
the past 12 months. On a net basis, these fleet changes reduced the total number of
calendar-ship-days in the Company&#146;s spot tanker segment by 240 days to 7,677 days in
the third quarter of 2004, compared to 7,917 days in the third 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                        Nine Months Ended</B>
                                       <B>September 30,      June 30,     September 30,    September 30,    September 30,</B>
                                           <B>2004             2004           2003             2004            2003</B>
- ---------------------------------------------------------------------------------------------------------------------
<B>Spot Tanker Segment
    Very Large Crude Carrier Fleet</B>
    Calendar-Ship Days                          210             273            277             756              543
    TCE per calendar-ship-day               $75,467         $54,788        $34,018         $66,409          $44,333

    <B>Suezmax Tanker Fleet</B>
    Calendar-Ship Days                          620             647            644           1,828            1,256
    TCE per calendar-ship-day               $45,616         $36,879        $23,793         $48,478          $34,214

    <B>Aframax Tanker Fleet</B>
    Calendar-Ship Days                        5,426           5,152          5,477          15,700           16,234
    TCE per calendar-ship-day               $31,080         $27,567        $18,318         $32,916          $24,743

    <B>Oil/Bulk/Ore Fleet</B>
    Calendar-Ship Days                            -               -            625               -            1,991
    TCE per calendar-ship-day                     -               -        $13,382               -          $16,212

    <B>Large/Medium-Size Product</B>
    Tanker Fleet
    Calendar-Ship Days                          558             503            184           1,456              361
    TCE per calendar-ship-day               $23,484         $20,332        $21,707         $23,479          $32,089

    <B>Small Product Tanker Fleet</B>
    Calendar-Ship Days                          863             902            710           2,612            1,670
    TCE per calendar-ship-day               $13,896         $13,188        $11,462         $13,526          $11,860

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the third quarter of 2004,
tanker freight rates increased further from the already firm levels experienced in the prior
quarter. This was due primarily to increased oil production in response to global oil demand growth, led by Asia and
North America. Subsequent to the end of the quarter, tanker rates have
surged to levels not experienced in the last three decades due to the cumulative effect
of positive 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 82.0 million barrels per day
(mb/d) during the third quarter of 2004, a 0.9 mb/d rise from the previous quarter and 2.8
mb/d higher than the third quarter of 2003. Increased oil consumption in China and North
America, combined with higher oil-based electricity generation in Japan as a
result of safety-related nuclear reactor shutdowns, were among the key factors driving growth in
global oil demand. On October 12, 2004, the International Energy Agency (IEA) raised its
forecast for 2004 global oil demand to 82.4 mb/d, representing the highest rate of growth since the 1970s. The IEA is
forecasting a further increase in global oil demand for 2005 of 1.5 mb/d, or 1.8%.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Global oil supply grew to
83.6 mb/d in the third quarter of 2004, an increase of 1.2 mb/d over the prior quarter, and 4.2 mb/d
higher than the third quarter of 2003. Continuing a recent trend, tanker tonne-mile demand growth was further amplified as all
of the increase in oil production was from long-haul OPEC sources. OPEC production rose
by 1.3 mb/d during the quarter, while non-OPEC production declined
slightly due to scheduled field maintenance in the North Sea and
hurricanes in the United States. At its September 15, 2004
meeting, OPEC (excluding Iraq) raised its oil production quota by 1.0 mb/d to 27.0 mb/d, effective on November
1, 2004, although actual current OPEC production remains above this level. </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
rose to 330.0 million deadweight tonnes (mdwt) as of September 30, 2004, up 1.5% from the
end of the previous quarter. Deletions totaled 1.4 mdwt in the third quarter of 2004, down
from 2.8 mdwt in the previous quarter. Deliveries of tanker newbuildings during the third
quarter of 2004 totaled 6.2 mdwt compared to the 6.6 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 September 30, 2004, the world
tanker orderbook stood at 86.8 mdwt, or 26.3% of the world tanker fleet, the same
percentage as the end of the previous quarter. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As at September 30, 2004,
Teekay&#146;s fleet (excluding vessels managed for third parties) consisted of 161
vessels, including 52 chartered-in vessels and 17 newbuildings on order. During the third
quarter of 2004, the Company sold and delivered eight tankers to new owners: the PETROSKALD (1982-built Shuttle tanker),
the SELETAR SPIRIT (1988-built Aframax tanker), the SEMAKAU SPIRIT (1988-built Aframax tanker), the SENTOSA
SPIRIT (1989-built Aframax tanker) and four other vessels mentioned in the previous quarter&#146;s earnings release. In addition, the
Company took delivery of three newbuildings during the third quarter of 2004: the ESTHER SPIRIT (Aframax tanker) and the
KILIMANJARO SPIRIT (Aframax tanker), which are trading in the Company&#146;s spot tanker
segment; and the GALICIA SPIRIT (LNG carrier), which commenced service under a 25-year
fixed-rate charter contract to Union Fenosa Gas 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 September 30, 2004: </FONT></P>

<PRE>
- ----------------------------------------------------------------------------------------------------------------------------
                                                                              <B>Number of Vessels (1)</B>
                                                     -----------------------------------------------------------------------
                                                             <B>Owned         Chartered-in     Newbuildings</B>
                                                            <B>Vessels           Vessels         on Order          Total</B>
- ----------------------------------------------------------------------------------------------------------------------------
  <B>Spot Tanker Segment:</B>
        Very Large Crude Carriers                                -                2                 -              2
        Suezmax Tankers                                          2                4                 1              7
        Aframax Tankers                                         40               17                 5             62
        Large/Medium Product Tankers                             -                6                 3              9
        Small Product Tankers                                    -               10                 -             10
- ----------------------------------------------------------------------------------------------------------------------------
        Total Spot Tanker Segment                               42               39                 9             90
============================================================================================================================
  <B>Fixed-Rate Tanker Segment:</B>
        Shuttle Tankers (2)                                     29               12                 -             41
        Conventional Tankers                                    13                -                 4             17
        Floating Storage &amp; Offtake (FSO) Units (3)               4                -                 -              4
        LPG / Methanol Carriers                                  1                1                 -              2
- ----------------------------------------------------------------------------------------------------------------------------
        Total Fixed-Rate Tanker Segment                         47               13                 4             64
- ----------------------------------------------------------------------------------------------------------------------------
  <B>Fixed-Rate LNG Segment</B>                                         3                -                 4              7
- ----------------------------------------------------------------------------------------------------------------------------
  <B>Total                                                         92               52                17            161</B>
============================================================================================================================
</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 third quarter of 2004, as part of
its ongoing fleet renewal program, the Company entered into agreements to sell an
additional five older vessels: the LEON SPIRIT (1989-built Suezmax tanker) and the SEVILLA
SPIRIT (1991-built Suezmax tanker), which are both operating in the Company&#146;s
fixed-rate tanker segment; and the KYUSHU SPIRIT (1991-built Aframax tanker), the
VANCOUVER SPIRIT (1992-built Aframax oil/bulk/ore carrier) and the VICTORIA SPIRIT (1993-built Aframax
oil/bulk/ore carrier), which are operating in the Company&#146;s spot tanker segment. Expected total gross
proceeds from the sale of these five vessels is approximately $145 million. These vessels
are scheduled to deliver to the buyers during the fourth quarter, at which time the
Company expects to record a gain of approximately $11 million relating to the sale of
these vessels. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Liquidity and Capital
Expenditures</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 September 30, 2004, the Company
had total liquidity of $874.7 million, comprising $308.0 million in cash and cash
equivalents and $566.7 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 September, 2004, the Company
had approximately $1,067.0 million in remaining capital commitments relating to its 17
newbuildings on order. Of this, approximately $241 million is due during the fourth
quarter of 2004, $378 million in 2005, $256 million in 2006 and $192 million due in 2007
and early 2008. For the remaining capital commitments, long-term financing arrangements
totaling approximately $1,005.9 million exist for 14 of the 17 newbuildings on order. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On September 30, 2004, the Company
announced that its Board of Directors had voted to increase its quarterly dividend by 10
percent to $0.1375 per share. This dividend increase represents the second consecutive
year in which the Company has increased its dividend, resulting in a 28% increase over two years.</FONT></P>
<BR>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<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 has expanded into
the 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 comprehensive set 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 with its customers 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>
<BR>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<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 October 21, 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 Teekay&#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
October 28, 2004 by dialing (719) 457-0820, access code 833407, or via the Company&#146;s
web site until November 21, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-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>For other Media
enquiries contact: <BR>Jennifer Horner <BR>Tel: +1 (604) 844-6631 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Web site:
<U>www.teekay.com </U></FONT></P>
<BR>
<BR><BR><BR><BR><BR><BR>
<PRE>
<B>---------------------------------------------------------------------------------------------------------------------------------</B>
                                                  <B>TEEKAY SHIPPING CORPORATION
                                           SUMMARY CONSOLIDATED STATEMENTS OF INCOME</B>
                                (in thousands of U.S. dollars, except share and per share data)
<B>---------------------------------------------------------------------------------------------------------------------------------</B>

                                                        <B><U>Three Months Ended</U></B>                           <B><U>Nine Months Ended</U></B>
                                         <B><U>September 30,</U></B>       <B><U>June 30,</U></B>       <B><U>September 30,</U></B>   <B><U>September 30,</U></B>     <B><U>September 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>                              520,612          477,622           380,544      1,549,685          1,125,047
- -------------------------------------- ---------------- ----------------- ----------------- ----------------- -----------------
<B>OPERATING EXPENSES</B>
Voyage expenses                              106,466          108,708           105,686        319,058            284,207
Vessel operating expenses                     58,199           53,765            55,281        160,876            153,457
Time-charter hire expense                    120,898          106,574            95,955        336,137            202,349
Depreciation and amortization                 64,802           60,846            49,885        179,262            138,790
General and administrative                    29,050           25,816            23,461         82,491             58,785
Vessel write-downs/(gain) loss on
    sale of vessels                          (53,512)            (450)            5,843        (54,565)            36,341
Restructuring charge                               -              240               657          1,002              1,969
- -------------------------------------- ---------------- ----------------- ----------------- ----------------- -----------------
                                             325,903          355,499           336,768      1,024,261            875,898
- -------------------------------------- ---------------- ----------------- ----------------- ----------------- -----------------
<B>Income from vessel operations</B>                194,709          122,123            43,776        525,424            249,149
- -------------------------------------- ---------------- ----------------- ----------------- ----------------- -----------------
<B>OTHER ITEMS</B>
Interest expense                             (35,225)         (30,672)          (21,827)       (87,460)           (57,913)
Interest income                                5,900            4,883               799         12,038              2,932
Income tax expense                            (8,066)          (6,086)           (6,000)       (16,301)           (23,186)
Equity income from joint ventures              2,535            3,288             1,357          7,659              3,753
Gain (loss) on sale of marketable
    securities                                90,070            2,232               (28)        93,175                142
Write-down of marketable securities                -                -                 -              -             (4,910)
Other - net                                   (4,591)           2,775             2,250         (1,651)               815
 ------------------------------------- ---------------- ----------------- ----------------- ----------------- -----------------
                                              50,623          (23,580)          (23,449)         7,460            (78,367)
- -------------------------------------- ---------------- ----------------- ----------------- ----------------- -----------------
<B>Net income</B>                                   245,332           98,543            20,327        532,884            170,782
====================================== ================ ================= ================= ================= =================
Earnings per common share
- -       Basic                                  $2.94            $1.19             $0.25          $6.46              $2.14
- -       Diluted                                $2.77            $1.13             $0.25          $6.12              $2.11
- -------------------------------------- ---------------- ----------------- ----------------- ----------------- -----------------
Weighted-average number of common
shares outstanding
- -       Basic                             83,317,200       82,603,379        80,085,404     82,516,723         79,741,480
- -       Diluted *                         88,718,531       87,340,951        81,884,344     87,110,068         81,120,206
====================================== ================ ================= ================= ================= =================
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>*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>

<PRE>
<B>------------------------------------------------------------------------------------------------------------------------</B>
                                              <B>TEEKAY SHIPPING CORPORATION</B>
                                          <B>SUMMARY CONSOLIDATED BALANCE SHEETS</B>
                                            (in thousands of U.S. dollars)
<B>------------------------------------------------------------------------------------------------------------------------</B>
                                                                       <B><U>As at September 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                                                     308,034                   292,284
Other current assets                                                          205,626                   188,249
Restricted cash - current                                                      76,361                         -
Marketable securities - long-term                                                   -                    95,511
Restricted cash - long-term                                                   337,345                         -
Vessels and equipment                                                       3,300,619                 2,424,204
Advances on newbuilding contracts                                             240,317                   150,656
Other assets                                                                  212,531                   187,798
Intangible assets                                                             282,217                   118,588
Goodwill                                                                      176,220                   130,754
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Assets</B>                                                                5,139,270                 3,588,044
==================================================================== ========================= =========================
<B>LIABILITIES AND STOCKHOLDERS' EQUITY</B>
Accounts payable and accrued liabilities                                      154,873                   171,411
Current portion of long-term debt                                             199,395                   103,221
Long-term debt                                                              2,447,895                 1,533,537
Other long-term liabilities                                                   245,798                   112,726
Minority interest                                                              14,563                    15,322
Stockholders' equity                                                        2,076,746                 1,651,827
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Liabilities and Stockholders' Equity</B>                                  5,139,270                 3,588,044
==================================================================== ========================= =========================
</PRE>
<BR>
<BR>
<BR>
<BR>
<BR>
<PRE>
<B>------------------------------------------------------------------------------------------------------------------------</B>
                                             <B>TEEKAY SHIPPING CORPORATION</B>
                                     <B>SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
                                            (in thousands of U.S. dollars)
<B>------------------------------------------------------------------------------------------------------------------------</B>
                                                                                     <B><U>Nine Months Ended</U></B>
                                                                                       <B><U>September 30,</U></B>
                                                                               <B><U>2004</U></B>                      <B><U>2003</U></B>
                                                                           <B><U>(unaudited)</U></B>               <B><U>(unaudited)</U></B>
<B>OPERATING ACTIVITIES</B>
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net cash flow provided by operating activities</B>                                520,224                   330,627
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>FINANCING ACTIVITIES</B>
Net proceeds from long-term debt                                            1,469,670                 1,679,297
Scheduled repayments of long-term debt                                        (89,237)                  (49,182)
Prepayments of long-term debt                                              (1,462,439)               (1,023,000)
Other                                                                           5,814                    (5,909)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net cash flow provided by (used for) financing activities</B>                     (76,192)                  601,206
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>INVESTING ACTIVITIES</B>
Expenditures for vessels and equipment                                       (465,227)                 (227,070)
Expenditures for the purchase of Naviera F. Tapias S.A.                      (286,854)                        -
Expenditures for the purchase of Navion AS                                          -                  (704,734)
Proceeds from sale of vessels and equipment                                   220,917                    91,080
Proceeds from sale of available-for-sale securities                           135,357                     2,954
Other                                                                         (32,475)                  (42,737)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net cash flow used for investing activities</B>                                  (428,282)                 (880,507)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Increase in cash and cash equivalents</B>                                          15,750                    51,326
Cash and cash equivalents, beginning of the period                            292,284                   284,625
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Cash and cash equivalents, end of the period</B>                                  308,034                   335,951
==================================================================== ========================= =========================
</PRE>
<BR>
<BR>
<BR>
<BR>
<BR>

<PRE>
<B>--------------------------------------------------------------------------------------------------------------------------</B>
                                               <B>TEEKAY SHIPPING CORPORATION</B>
                                          <B>APPENDIX A - SUPPLEMENTAL INFORMATION</B>
                                             (in thousands of U.S. dollars)
<B>--------------------------------------------------------------------------------------------------------------------------</B>

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

                                                                      <B>Fixed-Rate</B>
                                              <B>Spot Tanker</B>               <B>Tanker</B>             <B>Fixed-Rate</B>
                                                <B>Segment</B>                <B>Segment</B>            <B>LNG Segment</B>            <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues(1)                          237,843                159,033               17,270             414,146
Vessel operating expenses                        23,457                 31,635                3,107              58,199
Time-charter hire expense                        71,346                 49,552                    -             120,898
Depreciation and amortization                    24,913                 34,739                5,150              64,802
General and administrative                       13,580                 14,212                1,258              29,050
Vessel write-downs/(gain) loss
    on sale of vessels                          (49,821)                (3,691)                   -             (53,512)
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations                   154,368                 32,586                7,755             194,709
================================== ======================== ===================== ==================== ===================
</PRE>
<BR>
<PRE>
                                                              <B><U>Three Months Ended June 30, 2004</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                                                      <B>Fixed-Rate</B>
                                              <B>Spot Tanker</B>               <B>Tanker</B>             <B>Fixed-Rate</B>
                                                <B>Segment</B>                <B>Segment</B>            <B>LNG Segment</B>            <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues(1)                          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
================================== ======================== ===================== ==================== ===================
</PRE>
<BR>
<PRE>
                                                           <B><U>Three Months Ended September 30, 2003</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                                                      <B>Fixed-Rate</B>
                                              <B>Spot Tanker</B>               <B>Tanker</B>             <B>Fixed-Rate</B>
                                                <B>Segment</B>                <B>Segment</B>            <B>LNG Segment</B>            <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues(1)                         150,471                  124,387                 -              274,858
Vessel operating expenses                       31,793                   23,488                 -               55,281
Time-charter hire expense                       50,112                   45,843                 -               95,955
Depreciation and amortization                   27,004                   22,881                 -               49,885
General and administrative                      14,489                    8,972                 -               23,461
Vessel write-downs/(gain) loss
    on sale of vessels                           5,843                        -                 -                5,843
Restructuring charge                               350                      307                 -                  657
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations                   20,880                   22,896                 -               43,776
================================== ======================== ===================== ==================== ===================
</PRE>
<BR>
<BR>
<BR>
<BR>
<PRE>
<B>--------------------------------------------------------------------------------------------------------------------------</B>
                                               <B>TEEKAY SHIPPING CORPORATION</B>
                                     <B>APPENDIX A - SUPPLEMENTAL INFORMATION CONTINUED</B>

                                             (in thousands of U.S. dollars)
<B>--------------------------------------------------------------------------------------------------------------------------</B>

                                                            <B><U>Nine Months Ended September 30, 2004</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                                                      <B>Fixed-Rate</B>
                                            <B>Spot Tanker</B>                 <B>Tanker</B>             <B>Fixed-Rate</B>
                                              <B>Segment</B>                  <B>Segment</B>            <B>LNG Segment</B>           <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues(1)                        728,889                  476,584               25,154           1,230,627
Vessel operating expenses                      70,663                   85,469                4,744             160,876
Time-charter hire expense                     191,271                  144,866                    -             336,137
Depreciation and amortization                  75,775                   95,960                7,527             179,262
General and administrative                     38,679                   41,813                1,999              82,491
Vessel write-downs/(gain) loss
     on sale of vessels                       (50,874)                  (3,691)                   -             (54,565)
Restructuring charge                            1,002                        -                    -               1,002
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations                 402,373                  112,167               10,884             525,424
================================== ======================== ===================== ==================== ===================

</PRE>
<PRE>
                                                            <B><U>Nine Months Ended September 30, 2003</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                                                      <B>Fixed-Rate</B>
                                            <B>Spot Tanker</B>                 <B>Tanker</B>             <B>Fixed-Rate</B>
                                              <B>Segment</B>                  <B>Segment</B>            <B>LNG Segment</B>           <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues(1)                        546,125                  294,715                    -             840,840
Vessel operating expenses                      95,821                   57,636                    -             153,457
Time-charter hire expense                     113,851                   88,498                    -             202,349
Depreciation and amortization                  81,671                   57,119                    -             138,790
General and administrative                     39,071                   19,714                    -              58,785
Vessel write-downs/(gain) loss
    on sale of vessels                         36,341                        -                    -              36,341
Restructuring charge                              350                    1,619                    -               1,969
- ---------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations                 179,020                    70,129                   -             249,149
================================== ======================== ===================== ==================== ===================
</PRE>

<!-- 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 Web site
          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>


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


<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
<HR ALIGN="Left" WIDTH="100%" SIZE="2" STYLE="color:black;">

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORWARD
LOOKING STATEMENTS</B></FONT></P>



<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
<HR ALIGN="Left" WIDTH="100%" SIZE="2" STYLE="color:black;">



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This release contains forward-looking
statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended)
which reflect management&#146;s current views with respect to certain future events and
performance, including statements regarding the Company&#146;s future growth prospects;
tanker market fundamentals, including the balance of supply and demand in the tanker
market and sources of incremental oil production, and spot tanker charter rates; newbuilding delivery dates and the commencement of
service under long-term contracts; the Company&#146;s future capital expenditure commitments and the
financing requirements for such commitments; and proceeds and gain in the fourth quarter
of 2004 relating to the sale of five of its older 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 affecting 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 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>
<PRE>
<B>------------------------------------------------------------------------------------------------------------------------</B>
                                              <B>TEEKAY SHIPPING CORPORATION</B>
                                      <B>RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</B>

                                             (in thousands of U.S. dollars)
<B>------------------------------------------------------------------------------------------------------------------------</B>

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

                                                                <B>Fixed-Rate</B>
                                        <B>Spot Tanker</B>               <B>Tanker</B>               <B>Fixed-Rate</B>
                                          <B>Segment</B>                 <B>Segment</B>             <B>LNG Segment</B>              <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Income from vessel operations             154,368                  32,586                7,755                194,709
Depreciation and amortization              24,913                  34,739                5,150                 64,802
Vessel write-downs/(gain) loss
     on sale of vessels                   (49,821)                 (3,691)                   -                (53,512)
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Cash flow from vessel operations (1)      129,460                  63,634               12,905                205,999
================================== ======================== ===================== ==================== ====================

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

                                                                <B>Fixed-Rate</B>
                                        <B>Spot Tanker</B>               <B>Tanker</B>               <B>Fixed-Rate</B>
                                          <B>Segment</B>                 <B>Segment</B>             <B>LNG Segment</B>              <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Income from vessel operations              20,880                  22,896                    -                 43,776
Depreciation and amortization              27,004                  22,881                    -                 49,885
Vessel write-downs/(gain) loss
     on sale of vessels                     5,843                       -                    -                  5,843
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Cash flow from vessel operations(1)        53,727                  45,777                    -                 99,504
================================== ======================== ===================== ==================== ====================
</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>(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 the financial performance of shipping companies. 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>

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

<PRE>
<B>--------------------------------------------------------------------------------------------------------------------------</B>
                                               <B>TEEKAY SHIPPING CORPORATION</B>
                                 <B>RECONCILIATION OF NON-GAAP FINANCIAL MEASURES CONTINUED</B>

                                              (in thousands of U.S. dollars)
<B>--------------------------------------------------------------------------------------------------------------------------</B>

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

                                                                <B>Fixed-Rate</B>
                                        <B>Spot Tanker</B>               <B>Tanker</B>               <B>Fixed-Rate</B>
                                          <B>Segment</B>                 <B>Segment</B>             <B>LNG Segment</B>              <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Voyage revenues                           326,287                 177,000                17,325               520,612
Voyage expenses                            88,444                  17,967                    55               106,466
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Net voyage revenues (2)                   237,843                 159,033                17,270               414,146
================================== ======================== ===================== ==================== ====================

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

                                                                <B>Fixed-Rate</B>
                                        <B>Spot Tanker</B>               <B>Tanker</B>               <B>Fixed-Rate</B>
                                          <B>Segment</B>                 <B>Segment</B>             <B>LNG Segment</B>              <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Voyage revenues                           240,852                 139,692                     -               380,544
Voyage expenses                            90,381                  15,305                     -               105,686
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Net voyage revenues (2)                   150,471                 124,387                     -               274,858
================================== ======================== ===================== ==================== ====================

                                                            <B><U>Nine Months Ended September 30, 2004</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                                                <B>Fixed-Rate</B>
                                        <B>Spot Tanker</B>               <B>Tanker</B>               <B>Fixed-Rate</B>
                                          <B>Segment</B>                 <B>Segment</B>             <B>LNG Segment</B>              <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Voyage revenues                           992,831                  531,530                25,324            1,549,685
Voyage expenses                           263,942                   54,142                   170              319,058
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Net voyage revenues (2)                   728,889                  476,584                25,154            1,230,627
================================== ======================== ===================== ==================== ====================

                                                            <B><U>Nine Months Ended September 30, 2003</U></B>
                                                                        <B><U>(unaudited)</U></B>

                                                                <B>Fixed-Rate</B>
                                        <B>Spot Tanker</B>               <B>Tanker</B>               <B>Fixed-Rate</B>
                                          <B>Segment</B>                 <B>Segment</B>             <B>LNG Segment</B>              <B>Total</B>
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Voyage revenues                           796,933                  328,112                     -            1,125,047
Voyage expenses                           250,810                   33,397                     -              284,207
- ---------------------------------- ------------------------ --------------------- -------------------- --------------------
Net voyage revenues (2)                   546,125                  294,715                     -              840,840
================================== ======================== ===================== ==================== ====================
</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>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tk-logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tk-logo.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`5`"%`P$1``(1`0,1`?_$`-,``0`!!`,!`0``````
M```````'!@D*"P0%"`,"`0$``@,!`0$!`0``````````"`D&!PH%!`,"`1``
M``0$`P,&"08,!P$``````0(#!``%!@<1$P@A$A0Q(A46%PE!4=$C4^1EI1@R
MDR2V=SEAD;(S<]0EE5<X&0IQ0E)B<F,F>!$``0($`P,%!1,)!P4!`````0(#
M`!$$!1(&!R$3"#%!(A06,B,5&`E1L='2,Y-4=)3D5:7E9J879S@986)RLG,D
M-#960I)#L\0E-7%24X-U-__:``P#`0`"$0,1`#\`M*TY3W3YW9.,X3A2I&QX
M?/W\T5`PPST=W=W/PXXQ8%K-K#]4=+05/@[PAUYQU,NL;C!N@V9SW+V+%CY)
M)E+GGLTYP6\&WC?7/,%N[1]GO`3%(YB\']?W_6EOIPRZ[1;K!N)SFYBQ2DG#
MMJGLX]L^[O7HT+XZ'S;^,/>,3[_!3^TOZ/?+D.SCVS[N]>AXZ'S;^,/>,/P4
M_M+^CWRY#LX]L^[O7H>.A\V_C#WC#\%/[2_H]\N0[./;/N[UZ'CH?-OXP]XP
M_!3^TOZ/?+D.SCVS[N]>AXZ'S;^,/>,/P4_M+^CWRY#LX]L^[O7H>.A\V_C#
MWC#\%/[2_H]\N0[./;/N[UZ'CH?-OXP]XP_!3^TOZ/?+D.SCVS[N]>AXZ'S;
M^,/>,/P4_M+^CWRY'X4MX1),ZJL[*FFF0QU#FEX%*0A`$QC&$7V`%*`8C'T4
MG&+55]4W0T65UNUCSB4(0FO*E+6HA*4I`H9E2B0`!RDQYUW\C5:[!:JF^7O5
M-FDLU&PX^^\[8`AIEEI)6XXXM5]"4H0A)4I1(``),>A]%VFB07ZN'4U37,G;
MFE-,5A9%VFZB;AE`K1:74*R="C*Z2D&:L4BU?W0FZ9)/)&9#F<*+K**ID5X<
MQ!DYF?-ETLU@I6T4R$YWN02U3TJ5[Y*:A207"7,",;-,"5N.8$I(2.YQ`Q3_
M`$&4\O5V;+@W;:]ZKT]MCSBU5[C'5''Z1"REE?5B\]N'JL!(0QOG%(*B,2B@
MQUNI>^]2ZQ[RS:O7$N;T+;^G)3+*%M!;B6%S:=M3:BED0EM#6_D+9,6S;]G2
MM,%7BR94BN7JBRVX0%")EUGG'/MBX>LKTE&MHW3,]<\IUU.]#3C[BNE453J\
M#I2G&0AL%"B=B03@6H2LX8^%/.?&]G6YO4U;V<T_LU,A!K#2FK:94=E+04[`
M?I0ZZ6PIUXAY(:0,:Q-UE"X-[./;/N[UZ-3^.A\V_C#WC$Y?P4_M+^CWRY#L
MX]L^[O7H>.A\V_C#WC#\%/[2_H]\N0[./;/N[UZ'CH?-OXP]XP_!3^TOZ/?+
MD5MI_P!-M?ZF[\458"T:'3M4UE."2_I%5N="4R"6-2F<U#4\Z534<"WD--2Q
M)5PX4#$Z@)Y:13JG3(>35LU"=1IZ,^YOH?!*%M;Q-/OM\X4*EN4DEIF3KTQ)
MO"<`4DK4#C"*G]5-'\OY1UGK-)--\P=JJ>A?ZN[<!1BB8-0W,50:0FKK=XQ3
M$%!?WJ0ZM*PV@H#;CN?3_3$TX?`I\"'1/_B.@\_KQT>RZW]JN7Q';)F?)ZV=
M,^=R\S)Z/_9N/!>:B$WUHYE[>]OL?[]O);J9W>XY.K?L\.R<IX^^]WMB1'U<
M9?[%=B</[G@GO)#'ON7K'Z>+;*<L/>^XV1KV[<_GIK^B:?EKQL[C,_XRP?MZ
MO]1B)=>1;_F;4#VA:?\`-KXE.(%Q?M"$(0A"$(0A"$(0A"$(IL9155R:RI>T
MENY.^J2L:UGTIIN3R25IYSZ;3R=/464JD[8H"!0.NY6**AC"!"%P$Q@*!L)L
M\,VF=);:-W5W-R0U1,(6:,."02E((=JR#S`3;9_+C6!ZDJ*,O*E\5U57U2.%
M/3&H+M6^MI5\<9,R5*4E=-:DJ!V$G"_6@<Q88*OXEN/8>K^K:;LY15,]W38B
M=MY[3]N*DZT:GKC2@Q"L[T:EDVW`3EFT?$23=O+8V32!2329(X)HN'B3EZ9$
MZN2X/(.CN]);:&NUHSO-BGZL11LJVK8HYS;2E),NM5BBE2A.8Q(;Q)3B`JAR
MUI_F/4G.-HX>=+FQ5WNLK4IJ'1,-N54N_/.K"2I-'0-A94J1DE#C@0I>'%Y0
ME4M0E+%%DW#FIEQ44PP,LL8`S%C\O..;\08!R!%:F?<ZW;4'-%3F>[GOKRI-
MMSFEEE).[91R=%`.TR&)14LC$HQUBZ`Z(Y2X>M++9I?E!`-)1-8JA\I"7*RL
M6`:FK=VDXWECHI*E!II+;*#NVD`=A&'1N:$(11M7STTN;%8,Q$9B^#<(!,1.
MBB81(*A0#$<U4W-(`;<<1\`8R6X<=).W68.TU\;GE.VN`D*'1J*@24EK;L+:
M`0X]R@C`W(APE-9/E)>+WZA]/OJRR-4E&K69*902MM1"[=;U%3;M7,;4OOD+
MIZ21!2H/5`4%,(2YFS=RKW<Y='=D^UJY\AX349>N4LGL];S!N*<RMO;];AYC
M(K>`DL&<PG+I8I'\\+@F?B\AJH7%B4YLXUNU(.<[YX(M;D\MT*R$$'HO.B84
M]LV%([AKEZ.)8/?)"F'1_3\93L_A6Y(EF"L0"H$;6FC(I:_(H]TYR=+"DCH3
M-[>-'1N2-6#;G\]-?T33\M>)+\9G_&6#]O5_J,1OKR+?\S:@>T+3_FU\2G$"
MXOVA"$(0A"$(0A"$(0BGZCG9))+SJ@)1=K8I,TAV[RF'.5,7E%-$!Q'QC@'A
MC;NB^F%5J?FYNWN!:<O4TG:QP;)-SV-)5R!QXC`GG"0MP`ALB(?<:W%%:^%W
M2"HS#3+9<U$N>.EL],N2L=24].J<;G,TU$E0==V85N%FG*D%]*A[0M:O\">G
M0=1LV,"&K75%3$ZD6F:7."`$YL]9&<$>R6NM2*H*%,ZE=5U[YZ24<L&0H5F+
MZ8)'53,0`L0JJ.FS?>F\FVUM+>1;(IL500)-O/MA)8H4@;"TP`ERH3M$PVV0
M"#'+8Y>;G::6IS[?ZAVIU!OZWG&W75%3R4/J4:BO<49JWU0M2DLJ,B07'`2"
M(\-T?(C2]L:8O"B,P?%WQS,1410..^!3"/.!58><?';R`.T!B%_$GJT,ZW_L
MG8G<65K:X05)/1J*D32IR?(IMKI-M$;"2XL%25H(Z#_)H<(IT2T_^MK/=*6]
M5,RTR2AMP=\M]L64N-4Y!$VZBJ(14522<2`FG84EMQIX*K2(Q1:+"$(Z^:S)
M"4L5GK@>:F7`A,0`RRQMB:)/]QS?B#$>0!C,,AY*NVH&:*;+%G'?GE36N1*6
M6D[7'5_FH'()C$LI0.DI(.F]?-;<I</>EESU0SBL=2HFL+#`4$N5E6X"*>D9
MG,EQY8VD!0::2Z^L;MI9%ZCN*N[S<:B+J&UBWEDW$6GM/4*8VYDTR:[S*X%T
MI:8J[>8%25`2N:8ML<J2YPPRW,U,W3`QRMW:0SKU2S%:=+\F4VE>3.]/JI\+
MB@>FVRJ96I9'^-5**BH\R2L@)Q(ERYVFX9NX@=4KGKKJ:YUBNJJPNI!!W9<2
M`EEEI))PTU$TEMII,SW"`5**7)YJ<1!B0$(0C5B2"15_(3N3I4'5#CB2I%,"
ME/SHN[E"<0$-UEMQWXL$U9TQR_JS3T5/<+F:1-$MU22V6U8MZ$`@XCLE@$I>
M;&BN$?BSSCPD7&^7'+MAIKNN^,TK:Q4J?:#0I5/*24;H&95OB#/DPB7/%2Y]
MQOX=5'^XI[^I1I3Q1\E_U!4_W6/31-S\8[5K^A;-[HK/2PS[C?PZJ/\`<4]_
M4H>*/DO^H*G^ZQZ:'XQVK7]"V;W16>ECBRBI9B]G*DGF,KZ.<(%7!PBL5=)T
MW60P`R*R"Y"'24*;8(&`!`8UQJ[P\6/3C)2LU6ZY5-6Z*AIL(6AL((<)$\23
M/9+9S1)W@]\HSG?B5UJ9TKO^6K9:Z)RWU507F'ZA;@53I2H(P.`)DJ<C/:.:
M*UB*$6V0A"$(1'TKJ:J9YG]"TF]G'"Y7$]%LYC,.'S\S)S^$06R<[)/N[V&]
MNCAR#$_'>#_*3$M_?:M$^3$VR)RY93,<^+?EE=4WI[G)%D7+EE4UAE_UDF/4
M6F2PS"O:FJ^^FIB3U#2VF'3U*&-87/WV[J2S&NIDY<J(4#8^BU7Q&ZSFK+L5
M$APAU4L.`EB;QX=1($$\=I63+UJTIRNQD7(+B:G-5S?6$O+PJ5BEWVK>P;$M
M4K4L".0JP)`4I:R8+:W:X9TXJ-2W]5]56Q198ME(VVU1LE888:3,MTE/O#B4
M]5OE2WG3TCB424MMM(3$=T[L5KJDO-5E[+A\,BI-GJ*$EIV6I\/35(TW*$$V
M%(T!2<OV)RZDZ+D2"#1JB4,1(D!E!.JHJ<VO]<L^4.DV26=.<J.'M'6LJWCL
M^^MM+)WU2M7+OZE>,)/*D8UIPX&YRJ\G7PO5G$7JF[KGJ/3!6F67JM&X94GO
M-;7M!*F*1"3L-)0H+;SX(*5JW#*@XEU_#\HKQCI-A"$!$"@)C"`%`!$1$<``
M`VB(B.P``(_IMMQUQ+322IU1```F23L``&TDG8`.6/QJ*ABD87552T-TS:"M
M:UD)2A*02I2E$@)2D`DDD``$DRB4M'^EBO-?>I6DK'T/Q+"F4U!GE?U>FAG-
M**M_+735*HJJ<D/YI5\L+E-G+$#8`X?N4$S"0AE#DL;T^RU;>'O31W,V8$)5
MG*O2G$@RQ!9!+-(DCD2C:X^1_:"S-00W'+]QF\1-TXRM<6\I9,><3H]E]QQN
MD4,00_(A-3='$'E4\0&J-*@"AC=]%M;U1/8JVEM50ECK:43:.V4A:TU0=OZ?
M8TW34G:E#!!BR)@=P[6P!1]-9DZ.HZ>NE=Y=V[6475,910QABA=[M7WVYOWB
MZ.%VOJ'"M:CSD\P',E(DE*1L2D!(D`(^BUVRBLMN9M5N0&Z)AL(0D<P'.?-4
M3,J4=JE$D[28D2/.C[X0A"$(0A"$(UPVN_[Q[6!]O=U_K(\B4NKOW8[7^A;_
M`#H]GR<OW]*KVC>/.3$&Q7['2O"$(0A&1-_;`&*0NN,QC`4I0TU&,8P@4I2E
M#4`(F,(X````;1BQ3BEV^`@.7]]_TD<=_#=L\-$\G[I_JHM^=\AW@;G7!?UO
M:"ULY!SIVLI.9BSIMZR5$\OKZM$RGEM1W*6,D;)>2END"C"0B.\'!&5<$,49
M@=,OJY1MUIT)TZJ<^9J3_O\`4M)[T2`N:MK%(B>T+6>F]('"$DJ!#,SE.7LF
MYMXMM;;;HYI^96H/*4[4X5*:88;(%5<'L,@6VDG=L`E.]<6VTE074`1;29,T
M)>U09MB;B*!`(0/"/A,<X@`8G.81$P^$1BO3,^9+KF^_568[VYO+E5NE:CS#
MF2A`VR0A("$)GL2D"9CJITOTURGH_D&UZ;9(I^KY:M-*EEI)D5K.U3CSJ@!C
M>?<*WGER&-Q:E2`,ARH\&,^A"$477+MZVE`$:E$$7*N0\7*/.32$N)4\`V@5
M<0$!-R8!N_YHDSPKY?RS>]0E5%\6%7*AI]_2,J'1<="I*<F=A4P"%H1*94K>
MB6Y,5A^59U!U.R1P[M6[(K*V\LWRX=1N]:VKOC%,MLJ;I@D#$ENO6%-//S"0
MA'5E`]<$LV[N'+'6.MUH@I6Y]L9LUJVN[SNG<VN]5)VQ&TRE534^]>2I*V@-
M3"=U+Y50R>\"8*&'CUG:DP)@@Z033S37V^WVY9Z=M=T06:"B`33MSFE2%@*W
MT^0J=YY=P$AL])"B::=$K+9;?DQJY6U8=K:PE3ZY2*5I)3N9<H2WS3[HJ*QT
M5)`O8QH^-Q0A"$(0A"$(0A"-<-KO^\>U@?;W=?ZR/(E+J[]V.U_H6_SH]GR<
MOW]*KVC>/.3$&Q7['2O"$(0A%;Z>M9M;Z;M.VJVR]N"O)54NJ52T=.S6M&;@
MR#BG[?T4WNH6LY1+!153<I3JL>N[-D5<`,1*7\:7`JRB*A+DLRY-MV8<PVJ_
MW8H-%:!4.!"I85.N;@MK43LP-!I2R#+I8#W(4#Q!Y:S1<K/9KCE^SH<-PNRZ
M=H*0"5X$[X*0@)Z16Z74H$@>CB`&(I(A^E)"$F8[ZQ0X]V!3N1V"*1=HIMP'
M_K`>=ARF\8`$5S:^ZKKU)S2::V+5V3MZE(IQR!U7(Y4$?GRDW/:EH#8E2UB.
MH+R?W"6SPT:5BY9F91];686VG[BK8I5(V`5,6Y"N;<!154E'1<JE*&)QMEA0
MJF-#1/J$(0A".,\:(OFJ[-P7?1<)F3.'AP'D,4?`<A@`0'P"$>UES,%SRK?:
M7,5F7N[E2/!Q!YIC84J'.A:24+3_`&DJ(YXPC4C3W+&JV1+KISG-@5&6;O1K
MIWT<B@%2*'&U;<#K+@0\RL;4.H0L;4B+KW<:ZX5]*NI)SIRN/.0:6:U!3AA*
MFKEZJ",MI*[)B),*/J8%5C@DSEU7-]R33`P``"J=BJJ<J30\6$:AT%LUBTTI
M-2<M(G<Z=@K4@;5[L3ZQ3JERK86%+1YJ0LI!WB8Y3JC*F9N&+7*[Z'YY/>&Z
MO`V]A*6GDK`51UK4R9-53)0%"9P+(;60IE8&<M$.HWQ"$(0A"$(0A"$(UPVN
M_P"\>U@?;W=?ZR/(E+J[]V.U_H6_SH]GR<OW]*KVC>/.3$&Q7['2O"$(0A$3
MT/(.(5"<.R>80.(,B&#8JN41`R^`\I$!V%'_`%_\8L"XH]6Q:*`Z<6!W_<ZI
ML&M6D[6F%`%+$QR+?&U8V$,R!!#NSGJ\E?PB*S=?T<26?Z6>5[4^4V5IQ/1J
MJYLE+E=A/*S0JZ+"I$*K,2DE*J0A4L17['0K"$(0A"$(0A%$UI)C/&A9FU`0
M>RX-\13Q!11L4=\VZ(8#OMS<\OB#>PVB$2DX8-3NRF9SDZ[N2R_=E@(*CT6J
MN02A7Y`^`&5>:K=$D)2J*K/*C\+WULZ7IUDRC38]0<IL*4^&TS<J[2"7'V]F
MU2Z%155M>8T:M*0I;B`,[3N<M=8:TM+DN9UC-R/;YV3)*J%ND"ZY#S*H6O"J
MEHZXJZ>PX];Y8P5(Z4V`>;,7@@!2"F$>OK-D+L3FI2Z)&&PUV)UB0Z*#/OC(
M_9J(*1_XU(Y3.*C])<Z]L,M)15KG>J/"V],[5"7>W?\`V`$*/_>E?-*+ML:A
MC:<(0A"$(0A"$:X;7?\`>/:P/M[NO]9'D2EU=^[':_T+?YT>SY.7[^E5[1O'
MG)B#8K]CI7A"$(0CY(()-D4FZ!"IHHD*FFF7D*0H8`'C'_'E$8^^ZW2X7NY/
MW>ZNJ?N52ZIQQ:N52U&9/F#\@$@!(```",?RIE7+V1LM4.3\ITK5#ENVTK=/
M3,-B2&VFDA*4CE),A-2E$K6HE:U*4HD_6/@C((0A'7-IJQ=O7C!!8#N6.[GD
M#DYVPVX;D/E'YI\/DFV#&97K(&:<O9:MV;;K3*;LMTQ;A9Y>CM3C3*:-ZF;C
M4_5&P5IV`QI?)'$#I7J'J;F32/*ER14YVRMNNO-"6'OD@O<+!(>ZJZ13U>'^
M'J%):<DI0GV,8;&Z(0A`0`0$!`!`0P$!V@(#R@(>*/\`4J4A04DD*!F".4'S
M1'\.-MNMJ:=2%-*!!!$P0=A!!V$$;"#RQ.NA'5G/M`6K*C;OL0?.[<SDXTK=
M*G60[QI[;>=O6@SY!LW,)4UYS3#I!":2XHF3S'+1-(RA4U5<;'<F7BFX@M(5
MVFX+3VSMH2E2CR[]"3N'S^94H"D.'F7O2$]%,<MG%[HA5<''$@;C8&5ITFS$
M7*FA"1T$,+<3UN@'-CH'5H4R)S-.NEQ**E.2V+5,U+(*SIR0U?2LV8S^F*ID
MTLJ&G9Y+%RN9=.)).6:,PE<S8N"<U9H^9."*IF#E*8!B(M535%%4N4=6A3=4
MTM2%I4)%*DDA22.8@@@QD%-4,5E.BKI5I<IG4!2%`S"DJ$TD'S"#,1WD?A'[
M0A"$(0A"-<-KO^\>U@?;W=?ZR/(E+J[]V.U_H6_SH]GR<OW]*KVC>/.3$&Q7
M['2O"$(0A"$(0A%,55/0DS`01,''.@,FU+L$4PPP4<&#Q)`/-\9A#E#&-Z:"
MZ5.:E9K#EQ0KLI0%+E2KD#AG-NG!\UT@E<I86DKVI443@?Q]\6#'#-I,JGRZ
M\W];%_2Y3VQ&Q1IT@`5%Q6D[,-,E0#(4"'*I;0*%M(>PS)=;1'J-TZV#L+JJ
MKBF5&%O[ZE?+R;8Y&9T\503/*81K-NHB5.7%N)393324B!U!5:%,)\M4`(,]
M;M59#U39N^E3A254K:4=$)`0I&P.4\I=*E<`0H;!/H=)M2HYR=,\Z:J</&=K
M#K_97'#<C4J=6'%J/66G2=_3UA,RI%<R5G$<2P2'DE+R$*$;2]^A,V:#UL;%
M)<F]@.&\F<-ATC@'(=,X"`^#9LV15WG#*EVR1F.JRQ>DX:ZE<PS$\+B#M0X@
MGE0X@A29R(!DH!0('6QHYJSE+7'3:U:GY)=+EBNE.%A*I;UAU)*'Z9X`D)>I
MW4K:<`)22G$A2FU)4KF1C4;.A"$=+4$H).9:LU$"@N7SK10=FXX(`[H"/@(H
M&)3?@''E`(V=I%J)5::9TI[ZDJ5:EG=538VXV%D8B!SK;,G&^3I)PDX5*!B[
MQ?\`#G:N)K16X9$<2TC-;`ZW:JA6S<5[25;M*E2,F:E)53/["`VZ7`G>-ME.
M4/\`V]6N\]4TM-]#5SYR8:IH)O-:HL<YFCCZ5-*+*X,ZJRWZ*J^!W#VC7[@\
MP8H[ZBPRQPX(0I&\O`"RLU_R73++&I&7\+EIKD-[Y3>U!4M(+-0"-F%Y$DE6
MP8PDDE3D<V&CF8;G:ZRLTOS6V[39AM;[S8:>!2ZVIEQ2*BF6D[0XPX%=`](#
M&F02W&3]$8HD#"$(0A"$(UPNO$Q2=X[K`$QBE#M[NL&)A``QZR//".$2IU89
M>J.&:UML(4MS!0;$@D\GF#;'H>3PK:.@X[JJHKG6F:?J-X&)Q24)F0F0Q*($
MSS;8@K/1],E\X3RQ`?P7<_8S_K:_0CI#[4Y9^$:#W0UZ>&>CZ9+YPGEAX+N?
ML9_UM?H0[4Y9^$:#W0UZ>&>CZ9+YPGEAX+N?L9_UM?H0[4Y9^$:#W0UZ>&>C
MZ9+YPGEAX+N?L9_UM?H0[4Y9^$:#W0UZ>..ZF#1FW6=+KI@D@F90XE.4QA`H
M?)*4!Q,<P[`#PB,>M8LHYBS%>*:QVRE>57U3J6T`H4E(*CW2E$22A(FI:CL2
MD$G8(Q+/>KVG6G&3KEGK-%UHV[!:J1RH>*'6UN%*!,(:;"YN/.JPMM-IZ3CB
MDH&U0BXWW/N@1YKIU$*7)N3)U5=.UE)G*YM62;I,X2^MZE(;CJ8M>U4,`$=-
M764#R=Y>\*<N`$CBD=\W/%@N9:RTZ"::T^2LM+!S'5(5-P`!96H`/U:QR@SZ
M#`)V22!B#2A'+1G#/>:^+[7.XZN9X2I%@;<2ABFQ%3=/2M$]5H&S(`A()=J5
M)`WCBW7"$J?$9N=_;`VUU)67K>P]S9(C,:#KB0FDCILV(D@YDR[<4G$BGDA/
MEF283FF9HU0>,5`()$UVY-XIB;Q!B=E_,%SRS>V+_:W"FO8<Q`G:%`[%I7YJ
M5I)2H<X)V@[8VS?+';LPV=ZR7%`50O(PD#84RVI4GS%(4`I)YB!L(V1KIM0V
MGVXFB?4/76GJZ:(\1(9B163SY%)5*4553,RWE:7K:1G5Q*>63Q@``L4#&,U<
MIJMU1!9LH0)-:O9/MNM^GC&H&4D`YFHF5'``"XXVF9>I%RVEQI4W&-AQ3(0)
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M9`!D3H,\J/HA090SW0<4&F3](IJX5#;-U;9<0HM5R$R8K"A"CWJL:26*C8E(
M>;05%:ZM4L]C^IG9+^GQ\?.8CT!U-S.HO2).ENU_'H;LDXC(S>D>N/T7BLC=
MZ._:&7P^V-9_5A?/K$^K^1ZQOO59='J_==8E/DW?2PS[OO<\41<^L:S=A.W&
MS<;KU.?2W_<[B<N7>;,4NX[Y+#%R6-9QL.$(0A"-:KWE/\_^L3_Z%N=]9GT6
M::9?_GMF_P#G,?J"*\=0_P">KM[?>_7,>(HSF,-A"$(0A"$(0C8U]TW\/?P%
MV'^&[<ZG]6T^MW%</UF[6,M'M)ZZ9&WK)UBS,,?-<!PO#?0^'BMO5SM%V_N'
M:7^,WO>Y3P=7_P`'=3_L8)?EQXL73Q18!I=X![$4/9[^$W??)RQ[_P#QMY^?
MCG^3#AP]##%QR-;1L",83^Y3^'CLPLET]_,]UA>=0.A^%X_LJW%^N'7/>\[U
M8Z;X7HO>\]TEG</YKCXE)PS=H_"M=U?^5MV-[BG+?[-WN_S\.+'S8,.+;NXC
M?Q#^`/!M'O\`^9-X=UAE/<[=YO/S,4L'/CGAV8XP\XF3$3X0A"$(0A'JZ5=N
M7P.5W\OX:OBNM/CQW$Y?;EV0WHW>JV/T/?Z@X]/X>=PZ'QYN[&).^`NW=/\`
MU-X)J.27\+UBF]4Y_5?4N;U:,G:\-=C'_P"G?"C'+/\`B=Q4=QS>I>J\_J,?
"_]D_
`
end

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