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<SEC-DOCUMENT>0000911971-05-000019.txt : 20050420
<SEC-HEADER>0000911971-05-000019.hdr.sgml : 20050420
<ACCEPTANCE-DATETIME>20050420172418
ACCESSION NUMBER:		0000911971-05-000019
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050420
FILED AS OF DATE:		20050420
DATE AS OF CHANGE:		20050420

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:		05762703

	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_042005.htm
<DESCRIPTION>FORM 6K DATED APRIL 20, 2005
<TEXT>
<HTML>
<HEAD>
<TITLE>TEEKAY SHIPPING CORPORATION</TITLE>
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</HEAD>

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

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

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

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

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

<P align=center>Date of report: April 20, 2005<BR>
<BR>
<FONT SIZE=2>Commission file number 1- 12874</FONT><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><BR><BR>

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

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD align=center width="5%"></TD>
<TD width="95%">Attached as Exhibit I is a copy of an announcement of Teekay Shipping Corporation (the &#147;Company&#148;), dated April 20, 2005.</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; <BR>
&#149;        REGISTRATION STATEMENT ON FORM F-3 (NO. 333-102594) FILED WITH THE SEC ON JANUARY 17, 2003; AND<BR>
&#149;        REGISTRATION STATEMENT ON FORM S-8 (NO. 333-119564) FILED WITH THE SEC ON OCTOBER 6, 2004</B></P>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3>SIGNATURES</FONT></H1>


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

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

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=middle width="45%">Date: April 20, 2005</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><BR>
<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="4"> <B>TEEKAY SHIPPING CORPORATION</B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3">
<B>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=4><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=4>
<B>TEEKAY REPORTS FIRST QUARTER<BR>
NET INCOME OF $279 MILLION</B></FONT>

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

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>1<sup>st</sup> Quarter Highlights</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<UL>
<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Achieved net income of $279.0 million, or $3.19 per share (up 46% from prior year)</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Net income includes gains of $135.1 million from vessel sales and unrealized foreign currency exchange-related items</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Generated $222.2 million in cash flow from vessel operations</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Completed the previously announced 3 million share repurchase program for $128.9 million</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Announced a new $225 million share repurchase program</FONT>
</UL>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Nassau, The Bahamas, April 20, 2005
&#151; Teekay Shipping Corporation today reported net income of $279.0 million, or $3.19
per share, for the quarter ended March 31, 2005, compared to net income of $189.0 million,
or $2.18 per share, for the quarter ended March 31, 2004. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The results for the first quarter of
2005 included a gain of $101.9 million from the sale of nine older vessels and one
newbuilding Suezmax tanker, unrealized foreign currency translation gains of $27.2 million
relating to long-term debt denominated in Euros and deferred tax liabilities denominated
in Norwegian Kroner, and a deferred income tax recovery of $6.0 million relating to
unrealized foreign currency translation losses. The results for the quarter ended March 31, 2004
included a $4.5 million deferred income tax recovery relating to unrealized foreign
currency translation losses. Net voyage revenues<SUP>(1)</SUP> for the first quarter of 2005 were
$418.9 million, compared to $447.6 million for the same period in 2004, and income from
vessel operations increased to $269.9 million from $208.6 million. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A007></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>New Share Repurchase Program</U></FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>On April 20, 2005, the Company
announced that its Board of Directors had authorized a $225 million share repurchase program.
This share repurchase program follows the 3 million share repurchase program completed in early 2005 for
a total of $128.9 million, representing an average cost of $42.95
per share. </FONT></P>

<BR>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)
          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="Head Major Left Bold" FSL="Default" -->
<A NAME=A008></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Operating Results</U> </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The following table highlights
certain financial information for Teekay&#146;s three main segments: the spot tanker
segment, the fixed-rate tanker segment, and the fixed-rate liquefied natural gas (LNG)
segment which commenced with Teekay&#146;s acquisition on April 30, 2004 of Naviera F.
Tapias S.A. (subsequently renamed Teekay Shipping Spain S.L.). Please read the
&#147;Teekay Fleet&#148; section of this release for further details about these segments. </FONT></P>


<PRE>
- --------------------------------- ---------------------------------------------------- ----------------------------------------
<B>                                             <U>Three Months Ended</U>                               <U>Three Months Ended</U>
                                               <U>March 31, 2005</U>                                    <U>March 31, 2004</U>
                                                 <U>(unaudited)</U>                                       <U>(unaudited)</U>

                                    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                236,788      157,877      24,217     418,882     288,081     159,486    447,567

Vessel operating expenses           17,807       32,290       4,343      54,440      23,453      25,459     48,912
Time-charter hire expense           66,216       42,366           -     108,582      59,555      49,110    108,665
Depreciation &amp;  amortization        15,866       30,695       7,522      54,083      24,886      28,728     53,614

Cash flow from vessel
operations*                        134,440       70,788      16,934     222,162     191,293      70,310    261,603
- -------------------------------- ------------ ------------ ----------- ----------- ------------ ----------- ------------
</PRE>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* Cash flow from vessel operations
represents income from vessel operations before depreciation and amortization expense 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" FSL="Default" -->
<A NAME=A009></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Spot Tanker Segment </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The decrease in the Company&#146;s
cash flow from vessel operations from its spot tanker segment in the first quarter of 2005
compared to the first quarter of 2004 was primarily due to the sale of a number of older
vessels during the past 12 months, partially offset by the delivery of newbuildings and
the chartering-in of additional vessels. On a net basis, these fleet changes reduced the
total number of revenue days in the Company&#146;s spot tanker segment by 718 days, from
7,265 days in the first quarter of 2004 to 6,547 days in the first quarter of 2005. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A010></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Fixed-Rate Tanker Segment </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Company&#146;s cash flow from
vessel operations from its fixed-rate tanker segment increased slightly in the first
quarter of 2005 compared to the first quarter of 2004, as the increase from the inclusion
of the results of Teekay Shipping Spain&#146;s Suezmax tankers on long-term charters was
offset by lower utilization of the shuttle tanker fleet due to unscheduled temporary shutdowns of
oil production on three oil fields in the North Sea. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A011></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Fixed-Rate LNG Segment </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The fixed-rate LNG segment for the
first quarter of 2005 consisted of Teekay Shipping Spain&#146;s four existing LNG
carriers. Teekay had no LNG carriers prior to its acquisition of Naviera F. Tapias S.A. in
April 2004. </FONT></P>


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


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The following table highlights the
operating performance of the Company&#146;s spot tanker segment measured in net voyage
revenues per revenue day, or time-charter equivalent (TCE). Revenue days represent the
total number of calendar days the Company&#146;s vessels were in its possession for the
periods presented less the total number of off-hire days associated with major repairs,
drydockings or special and intermediate surveys. </FONT></P>


<PRE>
- -----------------------------------------------------------------------------------------------------------------------
<B>                                                                      Three Months Ended
                                               March 31, 2005          December 31, 2004           March 31, 2004</B>
- -----------------------------------------------------------------------------------------------------------------------
 <B>Spot Tanker Segment</B>
    <B>Very Large Crude Carrier Fleet</B>
    Revenue days                                        90                        131                      270
    TCE per revenue day (1)                        $92,844                   $129,191                  $71,852

    <B>Suezmax Tanker Fleet</B>
    Revenue days                                       540                        546                      561
    TCE per revenue day (1), (2)                   $38,865                    $61,894                  $65,018

    <B>Aframax Tanker Fleet</B>
    Revenue days                                     4,321                      4,972                    5,042
    TCE per revenue day (1), (2)                   $39,622                    $57,556                  $40,874

    <B>Oil/Bulk/Ore Fleet</B>
    Revenue days                                         -                          -                      150
    TCE per revenue day (1)                              -                          -                  $21,793

    <B>Large/Medium-Size Product Tanker Fleet</B>
    Revenue days                                       647                        506                      395
    TCE per revenue day (1)                        $31,941                    $31,692                  $27,478

    <B>Small Product Tanker Fleet</B>
    Revenue days                                       949                        903                      847
    TCE per revenue day (1)                        $16,411                    $15,332                  $13,510
- -----------------------------------------------------------------------------------------------------------------------
</PRE>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;
          Includes vessels operating on voyage and period charters with an initial term of
          less than three years and the effect of forward freight agreements. Forward
          Freight Agreements are entered into as hedges against a portion of the
          Company&#146;s exposure to spot market rates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)&nbsp;&nbsp;
          Results for the three months ended December 31, 2004 for the Company&#146;s
          Suezmax and Aframax fleets include realized losses from forward freight
          agreements of $7.2 million, or $13,233 per revenue day, and $6.6 million, or
          $1,324 per revenue day, respectively. Results for the three months ended March
          31, 2005 for the Company&#146;s Suezmax fleet include realized losses from
          forward freight agreements of $2.1 million, or $3,842 per revenue day. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A012></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Tanker Market Overview</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>During the first quarter of 2005,
tanker freight rates declined from the near record levels of the previous quarter, yet
remained at relatively firm levels when compared to historical averages as tanker market
fundamentals remained favorable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Global oil demand, an underlying
driver of tanker demand, rose marginally to 84.6 million barrels per day (mb/d) during the first
quarter of 2005 compared to the previous quarter, but increased 2.6% compared to the first quarter of 2004. Strong global
economic growth led by China and the United States, combined with colder than normal
weather conditions in the latter part of the quarter, were the main factors that
increased oil demand to record levels. During the first quarter of 2005, the International
Energy Agency raised its global oil demand forecast for 2005 to an average of 84.3 mb/d,
an increase of 2.1% over 2004. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Global oil supply declined by 0.4
mb/d to 83.8 mb/d in the first quarter of 2005 compared to the previous quarter, but was
1.6 mb/d higher than the same period last year. OPEC production declined by 0.4 mb/d from
the previous quarter as key Middle East OPEC countries reduced production closer to quota
levels, while non-OPEC production remained at the same level as the previous quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>At its March 16, 2005 meeting, OPEC
members voted to immediately raise quota limits by 0.5 mb/d to 27.5 mb/d in response to
prevailing high oil prices. Members also authorized the President of OPEC to announce a
further increase of 0.5 mb/d before the next scheduled meeting in June 2005 if oil prices
remain high. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The size of the world tanker fleet
rose to 340.0 million deadweight tonnes (mdwt) as of March 31, 2005, up 1.8% from the end
of the previous quarter. Deletions in the first quarter of 2005 were 2.7 mdwt, down
slightly from 2.8 mdwt in the previous quarter, while deliveries of tanker newbuildings
during the first quarter totaled 8.4 mdwt, up from 6.0 mdwt in the previous quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>As at March 31, 2005 the world tanker
orderbook stood at 87.3 mdwt, or 25.7% of the world tanker fleet, compared to 89.5 mdwt,
or 26.8%, at the end of 2004. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A013></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Teekay Fleet</U></FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>At March 31, 2005, Teekay&#146;s
fleet (excluding vessels managed for third parties) consisted of 145 vessels, including 52
chartered-in vessels and 13 newbuildings on order. The net asset value of Teekay&#146;s
fleet has risen significantly during the past 12 months. The Company has taken advantage of
high-cycle asset prices to profitably carry out its disposal program of single-hull tankers. During the
first quarter, as part of this fleet renewal program, the Company completed the previously announced sale of
eight older single-hull Aframaxes, one older Suezmax shuttle tanker and one
Suezmax newbuilding to new owners, and took delivery of one newbuilding Aframax tanker currently trading
in the spot market. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The following table summarizes the
Teekay fleet as of March 31, 2005: </FONT></P>

<PRE>
- ----------------------------------------------------------------------------------------------------------------------
<B>                                                                      Number of Vessels (1)</B>
                                                   -------------------------------------------------------------------
<B>                                                    Owned    Vessels Held   Chartered-in   Newbuildings     Total
                                                   Vessels     for Sale       Vessels        on Order</B>
- ----------------------------------------------------------------------------------------------------------------------
  <B>Spot Tanker Segment:</B>
    Very Large Crude Carriers                         -             -               1            -            1
    Suezmax Tankers                                   1             1               4            -            6
    Aframax Tankers                                  26             3              17            4           50
    Large / Medium-Size Product Tankers               -             -               6            3            9
    Small Product Tankers                             -             -              11            -           11
- ----------------------------------------------------------------------------------------------------------------------
    Total Spot Tanker Segment                        27             4              39            7           77
- ----------------------------------------------------------------------------------------------------------------------

  <B>Fixed-Rate Tanker Segment:</B>
    Shuttle Tankers (2)                              28             -              12            -           40
    Conventional Tankers                             12             -               -            3           15
    Floating Storage &amp;  Offtake (FSO) Units (3)       4             -               -            -            4
    LPG / Methanol Carriers                           1             -               1            -            2
- ----------------------------------------------------------------------------------------------------------------------
    Total Fixed-Rate Tanker Segment                  45             -              13            3           61
- ----------------------------------------------------------------------------------------------------------------------

  <B>Fixed-Rate LNG Segment</B>                              4             -               -            3            7
- ----------------------------------------------------------------------------------------------------------------------
  <B>Total</B>                                              76             4              52           13          145
======================================================================================================================
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          (1)&nbsp;&nbsp;Does not include vessels managed on behalf of third parties<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;Includes six shuttle tankers of which the Company&#146;s ownership interests range from 50%
          to 50.5%.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;Includes one FSO unit in which the Company&#146;s ownership interest is 89%</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>During the first quarter of 2005, the
Company entered into agreements to sell an additional three older single-hull Aframax tankers and one
older single-hull Suezmax tanker, for total gross proceeds of approximately $93.4 million. These vessels are
scheduled for delivery to the buyers during the second and third quarters of 2005, during
which periods the Company expects to record gains totaling approximately $25 million
relating to their sale. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>For a detailed listing of vessel
sales and deliveries, please refer to the Company&#146;s Web site at
<U>www.teekay.com</U>. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A014></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Liquidity and Capital
Expenditures</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>At March 31, 2005, the Company had
total liquidity of over $1.4 billion, comprising $554.3 million in cash and cash
equivalents and $849.8 million in undrawn medium-term revolving credit facilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>At March 31, 2005, the Company had
approximately $761 million in remaining capital commitments relating to its newbuildings
on order, for which the Company has arranged long-term financing. Of this total amount,
approximately $313 million is due during the remainder of 2005, $256 million in 2006 and
$192 million due in 2007 and early 2008. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A015></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Teekay LNG Partners L.P.</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>On November 24, 2004, the
Company&#146;s wholly-owned subsidiary, Teekay LNG Partners L.P., filed a registration
statement with the U.S. Securities and Exchange Commission for an initial public offering
of its common units. Teekay LNG Partners L.P. was formed by Teekay as part of its strategy
to expand its operations in the liquefied natural gas shipping sector. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A016></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>About Teekay</U> </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Teekay Shipping Corporation
transports more than 10% of the world&#146;s seaborne oil and has expanded into the
liquefied natural gas shipping sector. With a fleet of approximately 145 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" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>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" FSL="Default" -->
<A NAME=A017></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Earnings Conference Call</U> </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Company plans to host a
conference call at 11:00 a.m. EDT (8:00 a.m. PDT) on April 21, 2005, to discuss the
Company&#146;s results and the outlook for its business activities. All shareholders and
interested parties are invited to listen to the live conference call and view the
Company&#146;s earnings presentation through the Company&#146;s Web site at
<U>www.teekay.com</U>. A recording of the call will be available until April 28, 2005 by
dialing (719) 457-0820, access code 9864609, or via the Company&#146;s web site until May
21, 2005. </FONT></P>


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

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

<BR>
<BR>
<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>        <U>Three Months Ended</U>         <U>Three Months Ended</U>
                                                <U>March 31,</U>                <U>December 31,</U>               <U>March 31,</U>
                                                  <U>2005</U>                      <U>2004</U>                      <U>2004</U>
                                              <U>(unaudited)</U>                <U>(unaudited)</U>               <U>(unaudited)</U></B>

<B>VOYAGE REVENUES</B>                                  517,411                   669,553                    551,451
- --------------------------------------- ------------------------- -------------------------- ------------------------
<B>OPERATING EXPENSES</B>
Voyage expenses                                   98,529                   113,337                    103,884
Vessel operating expenses                         54,440                    57,613                     48,912
Time-charter hire expense                        108,582                   121,043                    108,665
Depreciation and amortization                     54,083                    58,236                     53,614
General and administrative                        33,698                    48,251                     27,625
Gain on sale of vessels                         (101,853)                  (24,689)                      (603)
Restructuring charge                                   -                         -                        762
- --------------------------------------- ------------------------- -------------------------- ------------------------
                                                 247,479                   373,791                    342,859
- --------------------------------------- ------------------------- -------------------------- ------------------------
<B>Income from vessel operations</B>                    269,932                   295,762                    208,592
- --------------------------------------- ------------------------- -------------------------- ------------------------
<B>OTHER ITEMS</B>
Interest expense                                 (37,697)                  (34,058)                   (21,563)
Interest income                                    8,230                     6,490                      1,254
Income tax recovery (expense)                      9,317                   (18,747)                    (2,149)
Equity income from joint ventures                  2,827                     6,071                      1,836
Other - net                                       26,437                   (30,962)                     1,039
- --------------------------------------- ------------------------- -------------------------- ------------------------
                                                   9,114                   (71,206)                   (19,583)
- --------------------------------------- ------------------------- -------------------------- ------------------------
<B>Net income</B>                                       279,046                   224,556                    189,009
======================================= ========================= ========================== ========================
Earnings per common share
- -     Basic                                        $3.41                     $2.68                      $2.32
- -     Diluted *                                    $3.19                     $2.50                      $2.18
- --------------------------------------- ------------------------- -------------------------- ------------------------
Weighted-average number of
common shares outstanding
- -     Basic                                   81,712,320                83,760,379                 81,620,792
- -     Diluted *                               87,467,141                89,872,611                 86,522,164
======================================= ========================= ========================== ========================
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush" 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 March 31,</U>        <U>As at December 31,</U>
                                                                               <U>2005</U>                      <U>2004</U>
                                                                           <U>(unaudited)</U></B>
<B>ASSETS</B>
Cash and cash equivalents                                                     554,315                   427,037
Other current assets                                                          228,218                   264,806
Restricted cash - current                                                      99,049                    96,087
Vessels held for sale                                                          66,214                   129,952
Restricted cash - long-term                                                   331,273                   352,725
Vessels and equipment                                                       3,170,831                 3,278,710
Advances on newbuilding contracts                                             207,435                   252,577
Other assets                                                                  254,460                   254,745
Intangible assets                                                             270,964                   277,511
Goodwill                                                                      169,590                   169,590
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Assets</B>                                                                5,352,349                 5,503,740
==================================================================== ========================= =========================
<B>LIABILITIES AND STOCKHOLDERS' EQUITY</B>
Accounts payable and accrued liabilities                                      164,156                   206,022
Current portion of long-term debt                                             147,674                   208,387
Long-term debt                                                              2,310,378                 2,536,158
Other long-term liabilities                                                   249,765                   301,091
Minority interest                                                              16,050                    14,724
Stockholders' equity                                                        2,464,326                 2,237,358
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Liabilities and Stockholders' Equity</B>                                  5,352,349                 5,503,740
==================================================================== ========================= =========================
</PRE>
<PRE>
- ------------------------------------------------------------------------------------------------------------------------
<B>                                              TEEKAY SHIPPING CORPORATION
                                     SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
                                            (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
<B>                                                                                    <U>Three Months Ended</U>
                                                                                         <U>March 31,</U>
                                                                               <U>2005</U>                      <U>2004</U>
                                                                           <U>(unaudited)</U>               <U>(unaudited)</U></B>
Cash and cash equivalents provided by (used for)
<B>OPERATING ACTIVITIES</B>
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net operating cash flow</B>                                                       173,745                   205,192
- -------------------------------------------------------------------- ------------------------- -------------------------

<B>FINANCING ACTIVITIES</B>
Net proceeds from long-term debt                                              157,534                   413,598
Scheduled repayments of long-term debt                                        (51,034)                  (52,607)
Prepayments of long-term debt                                                (357,588)                 (428,170)
Repurchase of common stock                                                    (67,618)                        -
Other                                                                          (1,383)                    7,894
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net financing cash flow</B>                                                      (320,089)                  (59,285)
- -------------------------------------------------------------------- ------------------------- -------------------------

<B>INVESTING ACTIVITIES</B>
Expenditures for vessels and equipment                                        (61,587)                  (93,829)
Purchase of Teekay Shipping Spain S.L.                                              -                   (30,183)
Proceeds from sale of vessels and equipment                                   339,801                         -
Proceeds from sale of marketable securities                                         -                     5,764
Other                                                                          (4,592)                  (15,934)
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Net investing cash flow</B>                                                       273,622                  (134,182)
- -------------------------------------------------------------------- ------------------------- -------------------------

<B>Increase in cash and cash equivalents</B>                                         127,278                    11,725
Cash and cash equivalents, beginning of the period                            427,037                   292,284
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Cash and cash equivalents, end of the period</B>                                  554,315                   304,009
==================================================================== ========================= =========================
</PRE>

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

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

<B>                                                          <U>Three Months Ended March 31, 2005</U>
                                                                     <U>(unaudited)</U>

                                                          Fixed-Rate Tanker        Fixed-Rate
                                  Spot Tanker Segment          Segment             LNG Segment           Total</B>
- ------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues                     236,788                157,877               24,217             418,882
Vessel operating expenses                17,807                 32,290                4,343              54,440
Time-charter hire expense                66,216                 42,366                    -             108,582
Depreciation and amortization            15,866                 30,695                7,522              54,083
General and administrative               18,325                 12,433                2,940              33,698
Gain on sale of vessels                 (96,969)                (4,884)                   -            (101,853)
- ------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations           215,543                 44,977                9,412             269,932
=============================== ======================== ===================== ==================== ===================

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

                                                          Fixed-Rate Tanker        Fixed-Rate
                                  Spot Tanker Segment          Segment             LNG Segment           Total</B>
- ------------------------------- ------------------------ --------------------- -------------------- -------------------
Net voyage revenues                     366,786                171,419               18,011             556,216
Vessel operating expenses                22,731                 32,117                2,765              57,613
Time-charter hire expense                71,851                 49,192                    -             121,043
Depreciation and amortization            19,795                 33,114                5,327              58,236
General and administrative               31,692                 14,618                1,941              48,251
Gain on sale of vessels                 (21,227)                (3,462)                   -             (24,689)
- ------------------------------- ------------------------ --------------------- -------------------- -------------------
Income from vessel operations           241,944                 45,840                7,978             295,762
=============================== ======================== ===================== ==================== ===================

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

                                                          Fixed-Rate Tanker          Fixed-Rate
                                  Spot Tanker 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
Gain on sale of vessels                       -                   (603)                   -                (603)
Restructuring charge                        762                      -                    -                 762
- ------------------------------- ------------------------ --------------------- -------------------- ------------------
Income from vessel operations           166,407                 42,185                    -             208,592
=============================== ======================== ===================== ==================== ===================
</PRE>

<BR>
<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" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>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; the Company&#146;s future capital expenditure
commitments and the financing requirements for such commitments; the timing of and the
proceeds; gain relating to the sale of vessels; the Company&#146;s $225 million share
repurchase program; and the initial public offering of common units of Teekay LNG Partners
L.P. 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 for early termination of long-term contracts and inability of the
Company to renew or replace long-term contracts; the Company&#146;s future capital
expenditure requirements; potential changes in the timing of, or expected gains from
expected vessel sales; the potential inability to repurchase the Company&#146;s shares
under its share repurchase program; the potential inability to complete the initial public
offering of Teekay LNG Partners L.P. 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, 2004, and in the Registration Statement of Teekay
LNG Partners L.P. on Form F-1. 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>                                              TEEKAY SHIPPING CORPORATION
                                     RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</B>
                                            (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------

<B>                                                          <U>Three Months Ended March 31, 2005</U>
                                                                     <U>(unaudited)</U>

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

Income from vessel operations           215,543                  44,977                9,412               269,932
Depreciation and amortization            15,866                  30,695                7,522                54,083
Gain on sale of vessels                 (96,969)                 (4,884)                   -              (101,853)

- ------------------------------- ------------------------ --------------------- -------------------- --------------------
Cash flow from vessel
operations (1)                          134,440                  70,788               16,934               222,162
=============================== ======================== ===================== ==================== ====================

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

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

Income from vessel operations           166,407                  42,185                    -               208,592
Depreciation and amortization            24,886                  28,728                    -                53,614
Gain on sale of vessels                       -                    (603)                   -                  (603)
- ------------------------------- ------------------------ --------------------- -------------------- --------------------
Cash flow from vessel
operations (1)                          191,293                  70,310                    -               261,603
=============================== ======================== ===================== ==================== ====================
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><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></P></TD>
               </TR>
               </TABLE>
               <BR>

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


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

<B>                                                          <U>Three Months Ended March 31, 2005</U>
                                                                     <U>(unaudited)</U>

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

Voyage revenues                        320,984                  172,162               24,265               517,411
Voyage expenses                        (84,196)                 (14,285)                 (48)              (98,529)
- ------------------------------- ------------------------ --------------------- -------------------- --------------------
Net voyage revenues (2)                236,788                  157,877               24,217               418,882
=============================== ======================== ===================== ==================== ====================

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

                                                          Fixed-Rate Tanker        Fixed-Rate
                                  Spot Tanker 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
=============================== ======================== ===================== ==================== ====================
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><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></P></TD>
               </TR>
               </TABLE>
               <BR>

<BR>
<BR>
<BR>
<BR>
<BR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
