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<SEC-DOCUMENT>0000911971-05-000035.txt : 20050728
<SEC-HEADER>0000911971-05-000035.hdr.sgml : 20050728
<ACCEPTANCE-DATETIME>20050727191055
ACCESSION NUMBER:		0000911971-05-000035
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050727
FILED AS OF DATE:		20050728
DATE AS OF CHANGE:		20050727

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:		05978590

	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_072705.htm
<DESCRIPTION>TEEKAY ER 2ND QTR 072705
<TEXT>
<HTML>
<HEAD>
<TITLE>TEEKAY SHIPPING CORPORATION</TITLE>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.4a) -->
</HEAD>

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

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

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

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

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

<P align=center>Date of report: July 27, 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 July 27, 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: July 27, 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 SECOND QUARTER<BR>NET INCOME OF $104.6 MILLION</B></FONT>

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

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

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<UL>
<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Achieved second quarter net income of $104.6 million, or $1.23 per share (including
specific items which increased net income by $12.7 million, or $0.15 per share) <SUP>(1)</SUP></FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Generated $165.9 million in cash flow from vessel operations</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Repurchased 3.9 million shares for an average cost of $43.37 per share, or approximately $170 million</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Increasing share repurchase program by an
additional $250 million for a total remaining authorization of $305 million</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Successfully completed the initial public offering of Teekay LNG Partners L.P.</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Awarded two 20-year fixed-rate LNG charter contracts from a BP plc led consortium</FONT>
</UL>



<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nassau, The Bahamas, July 27, 2005
&#151; Teekay Shipping Corporation (<I>Teekay</I> or <I>the Company</I>) today reported
net income of $104.6 million, or $1.23 per share, for the quarter ended June 30, 2005,
compared to net income of $98.5 million, or $1.13 per share, for the quarter ended June
30, 2004. The results for the quarter ended June 30, 2005 included a number of items that,
on a net basis, increased net income by $12.7 million, or $0.15 per share, as detailed in
Appendix B to this release. The results for the second quarter of 2004 included an
unrealized foreign currency translation loss of $5.2 million, or $0.06 per share, relating
to long-term debt denominated in Euros. Net voyage revenues<SUP>(2)</SUP> for the second
quarter of 2005 were $381.8 million, compared to $368.9 million for the same period in
2004, and income from vessel operations increased to $131.5 million from $122.1 million.</FONT></P>




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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the six months ended June 30, 2005 was $383.6 million,  or $4.42 per share,  compared to $287.6 million,
or $3.32 per share,  for the same period  last year.  The  results  for the six months  ended June 30, 2005  included a
number of items that had the net effect of increasing  net income by $146.5  million,  or $1.69 per share,  as detailed
in Appendix B to this  release.  The results for the six months  ended June 30, 2004  included the  unrealized  foreign
currency  translation  loss of $5.2 million,  or $0.06 per share,  mentioned  above for the second quarter of 2004. Net
voyage  revenues (2) for the six months ended June 30, 2005 were $800.7 million  compared to $816.5 million in the same
period last year, while income from vessel operations increased to $401.4 million from $330.7 million.</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>Share Repurchase Program</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On April 20, 2005, the Company
announced that its Board of Directors had authorized a $225 million share repurchase
program which followed the three million share, or $129 million, repurchase program
completed in early 2005. As of July 26, 2005, the Company had repurchased approximately
3.9 million shares at an average price of $43.37 per share for a total cost of
approximately $170 million under the $225 million repurchase program. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company  separately  announced  today that its Board of Directors  had  authorized  a $250 million  increase to the
existing  share  repurchase  program which has a remaining  authorization  of  approximately  $55 million,  for a total
current  authorization of $305 million.  If the remaining share  repurchase  authorization of $305 million is completed
at an average  price of $45.01 per share  (Teekay&#146;s  closing  share  price on July 26,  2005),  the  Company  will have
repurchased  over 16%, or approximately  $604 million,  of the Company&#146;s  outstanding  shares since the end of November
2004 when the first share repurchase announcement was made.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1) See Appendix B to this release for information about specific items affecting
          net income that securities analysts typically exclude in their published
          estimates of the Company&#146;s financial results.<BR>(2) 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. Please 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><U>Initial Public Offering
of Teekay LNG Partners L.P.</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On May 10, 2005, Teekay&#146;s  subsidiary,  Teekay LNG Partners L.P. (NYSE: TGP) (<I>Teekay LNG</I>), completed its initial public
offering of 6.9 million common units  (including the  underwriter&#146;s  overallotment  option) at a price of $22 per unit,
representing  an initial yield of 7.5% based on targeted  minimum  annual cash  distributions.  Gross proceeds from the
offering were $151.8 million.  Teekay LNG&#146;s current fleet includes seven LNG carriers  (including  three  newbuildings)
and five Suezmax tankers, all of which are on long-term  fixed-rate  charters.  Teekay currently owns a 78% interest in
Teekay LNG, including its 2% general partner interest.</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>Teekay Awarded Two
Long-Term LNG Charter Contracts</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  announced  separately  today that it had been  awarded  long-term  fixed-rate  contracts  to charter  two
liquefied  natural gas (<I>LNG</I>)  carriers to the Tangguh LNG project in  Indonesia.  The carriers  will be chartered for a
period of 20 years to The Tangguh  Production  Sharing  Contractors,  a consortium  led by BP Berau, a subsidiary of BP
plc. In connection with this award,  Teekay has exercised  shipbuilding  options with Hyundai Heavy Industries Co. Ltd.
to construct two 155,000 cubic meter LNG carriers at preferential  prices compared to current market values,  which are
scheduled to deliver in late 2008 and early 2009,  respectively.  Teekay is entering  into these  transactions  with an
Indonesian  partner who has taken a 30% interest in the vessels.  In  accordance  with existing  agreements,  Teekay is
required to offer its ownership interest in these vessels and related charter contracts to Teekay LNG.</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>Operating Results</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table highlights
certain financial information for Teekay&#146;s three main segments: the spot tanker
segment, the fixed-rate tanker segment, and the fixed-rate 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 and Appendix A for further details about these segments. </FONT></P>




<PRE>
- ---------------------- -------------------------------------------------- -------------------------------------------------
                                      <B><U>Three Months Ended</U>                                <U>Three Months Ended</U>
                                         <U>June 30, 2005</U>                                     <U>June 30, 2004</U>
                                          <U>(unaudited)</U>                                       <U>(unaudited)</U>

                       Spot       Fixed-Rate   Fixed-Rate                Spot      Fixed-Rate   Fixed-Rate
  (in thousands of    Tanker       Tanker        LNG                    Tanker       Tanker       LNG
    U.S. dollars)     Segment      Segment     Segment     Total       Segment      Segment     Segment     Total</B>
- -------------------- ----------  ---------- ------------ ----------- ------------ ------------ ----------- -----------

Net voyage revenues   185,212     171,856     24,776     381,844       202,965     158,065       7,884     368,914

Vessel operating
expenses               16,068      31,453      3,820      51,341        23,752      28,376       1,637      53,765
Time-charter hire
expense                72,280      52,174          -     124,454        60,369      46,205           -     106,574
Depreciation &amp;
amortization           12,684      30,099      7,523      50,306        25,976      32,493       2,377      60,846

Cash flow from
vessel operations*     73,554      74,622     17,694     165,870       106,523      70,490       5,506     182,519
- -------------------- ----------  ---------- ------------ ----------- ------------ ------------ ----------- -----------
</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. Please 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>The Company&#146;s cash flow from
vessel operations from its fixed-rate tanker segment increased from $70.5 million in the
second quarter of 2004 to $74.6 million in the second quarter of 2005 mainly due to the
inclusion of a full quarter&#146;s results from Teekay Shipping Spain&#146;s Suezmax
tanker fleet (compared to only two months in the prior period) and the commencement of a
three-year fixed-rate time-charter on the Company&#146;s chartered-in Very Large Crude
Carrier in April 2005, which previously had been included with the spot tanker segment.</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 Company&#146;s  cash flow from vessel  operations  from its  fixed-rate  LNG segment  increased from $5.5 million in the
second  quarter of 2004 to $17.7  million  in the second  quarter of 2005,  primarily  due to the  delivery  of two LNG
tankers  during the second half of 2004.  The Company,  including  Teekay LNG, has five LNG  newbuildings  scheduled to
deliver  between  the  fourth  quarter  of 2006 and  early  2009,  all of which  will  commence  service  under 20 year
fixed-rate contracts upon delivery.</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>The Company&#146;s cash flow from vessel  operations  from its spot tanker segment  decreased to $73.6 million in the second
quarter  of 2005 from  $106.5  million in the second  quarter of 2004,  primarily  due to the sale of a number of older
non-double  hull  vessels  during  the  past  12  months,  partially  offset  by  the  delivery  of  newbuildings,  the
chartering-in  of  additional  vessels  and an  increase  in spot tanker  rates.  On a net basis,  these fleet  changes
reduced the total number of revenue days in the  Company&#146;s  spot tanker  segment by 1,443 days,  from 7,373 days in the
second  quarter  of 2004 to 5,930 days in the  second  quarter of 2005.  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.
<BR>
<BR>
The Company&#146;s spot tanker segment  generally  includes vessels  operating on voyage and period charters with an initial
term of less than three years.  The following table  highlights the operating  performance of the Company&#146;s spot tanker
segment  measured in net voyage revenue per day, or time-charter  equivalent  <I>(TCE)</I>, and includes the effect of forward
freight  agreements <I>(FFAs)</I> which are entered into as hedges against a portion of the Company&#146;s  exposure to spot market
rates:</FONT></P>

<PRE>
- ---------------------------------------------------------------------------------------------------------------------
                                                       <B>Three Months Ended                    Six Month Ended

                                          June 30, 2005 March 31, 2005 June 30, 2004  June 30, 2005  June 30, 2004</B>
- ---------------------------------------------------------------------------------------------------------------------
<B>Spot Tanker Segment
 Very Large Crude Carrier Fleet</B>
 Revenue days                                       -           90            273             90            543
 TCE per revenue day                                -      $92,844        $54,788        $92,844        $63,273

 <B>Suezmax Tanker Fleet</B>
 Revenue days                                     577          540            647          1,117          1,208
 TCE per revenue day *                        $42,527      $38,865        $36,879        $40,756        $49,947

 <B>Aframax Tanker Fleet</B>
 Revenue days                                   3,575        4,321          5,048          7,896         10,090
 TCE per revenue day                          $34,496      $39,622        $28,135        $37,301        $34,500

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

 <B>Large/Medium-Size Product Tanker Fleet</B>
 Revenue days                                     782          647            503          1,429            898
 TCE per revenue day                          $28,508      $31,941        $20,332        $30,062        $23,476

 <B>Small Product Tanker Fleet</B>
 Revenue days                                     996          949            902          1,945          1,749
 TCE per revenue day                          $15,148      $16,411         13,188        $15,764        $13,344

- ---------------------------------------------------------------------------------------------------------------------
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>* Results for the three and six months  ended June 30,  2005 for the  Company&#146;s  Suezmax  tankers  include  realized
losses  from FFAs of $0.8  million  (or $1,460 per  revenue  day) and $2.9  million  (or  $2,612 per  revenue  day),
respectively.  Results for the three and six months ended June 30, 2004 for the Company&#146;s  Suezmax  tankers  include
realized  losses  from FFAs of $2.1  million  (or $3,297 per  revenue  day) and $3.3  million (or $2,758 per revenue
day),  respectively.  Results for the three months ended March 31, 2005 for the Company&#146;s  Suezmax  tankers  include
realized  losses from FFAs of $2.1 million (or $3,842 per revenue  day).  The FFAs  relating to the Suezmax  tankers
were entered into as a hedge against one of the Company&#146;s  Suezmax  tankers which is chartered-in at
a fixed rate, thus effectively locking in a profit. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the second quarter of 2005,  tanker freight rates followed their  traditional  seasonal pattern and continued to
decline from the very high levels experienced earlier this year;  however,  Aframax tanker rates remained at relatively
firm levels when compared to historical averages.</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,
averaged  81.9 million  barrels per day <I>(mb/d)</I> during the
second  quarter of 2005, a decline of 2.0 mb/d from the previous  quarter but 0.8 mb/d,  or 1%,  higher than the second
quarter of 2004.  While  seasonal  factors  were the main cause of the  decline in demand  from the first to the second
quarter of 2005,  continued  global economic growth led to an increase in oil demand from the prior year despite record
high oil prices.  On July 13, 2005, the  International  Energy Agency <I>(IEA)</I> lowered its annual global oil demand growth
forecast  for 2005 as demand in the first  half of 2005 was weaker  than  anticipated;  however,  the  outlook  for the
second half of 2005 remains  positive with oil demand in the fourth quarter  estimated to be 4.0 mb/d, or 4.9%,  higher
than the second  quarter of 2005 and 2.0 mb/d,  or 2.4%,  higher  than the fourth  quarter of 2004.  For 2006,  the IEA
forecasts a further increase in oil demand of 1.7 mb/d, or 2.1% higher than 2005, to 85.6 mb/d.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Global oil supply,  a direct driver of tanker  demand,  grew by 0.9 mb/d to 84.6 mb/d in the second quarter of 2005 and
was 2.1 mb/d  higher  than the same period last year.  Long-haul  Middle East OPEC oil  production  rose by 0.5 mb/d in
the second  quarter of 2005 from the previous  quarter,  while an increase in non-OPEC oil production led by Brazil and
Africa added a further 0.4 mb/d. In response to rising oil prices,  OPEC members raised  production  quotas by 0.5 mb/d
to 28.0 mb/d effective  July 1, 2005,  and authorized the OPEC President to commence  discussions on a further 0.5 mb/d
increase should oil prices remain high.</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 345.0  million  deadweight  tonnes  (<I>mdwt</I>) as of June 30, 2005, up 4.0 mdwt,
or 1.2%,  from March 31, 2005.  Deletions  aggregated 2.1 mdwt in the second quarter of 2005, down from 2.7 mdwt in the
previous  quarter.  Deliveries of tanker  newbuildings  during the second quarter of 2005 declined to 5.8 mdwt from 9.0
mdwt in the previous quarter.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30,  2005,  the world  tanker  orderbook  stood at 89.0 mdwt,  representing  25.8% of the total world tanker
fleet compared to 86.0 mdwt, or 25.2%, as of March 31, 2005.</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>Teekay Fleet</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At June 30, 2005 (and including the two LNG  newbuildings  for the Tangguh  project),  Teekay&#146;s fleet  consisted of 145
vessels,  including 54  chartered-in  vessels and 14  newbuildings  on order.  During the second  quarter of 2005,  the
Company completed the previously  announced sale of three older  single-hull  Aframax tankers and one older single-hull
Suezmax tanker to new owners,  and took delivery of one  newbuilding  Aframax tanker which is currently  trading in the
spot market.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table  summarizes the Teekay fleet as of June 30, 2005 (adjusted to include the two LNG  newbuildings  for
the Tangguh project):</FONT></P>

<PRE>
- -----------------------------------------------------------------------------------------------------------------------
                                                                       <B>Number of Vessels</B>(1)
                                                   ---------------------------------------------------------------
                                                            <B> Owned     Chartered-in      Newbuildings
                                                            Vessels       Vessels          on Order      Total</B>
- -----------------------------------------------------------------------------------------------------------------------
  <B>Spot Tanker Segment:</B>
    Very Large Crude Carriers                                   -             1                -           1
    Suezmax Tankers                                             1             4                -           5
    Aframax Tankers                                            27            16                3          46
    Large / Medium-Size Product Tankers                         -             8                3          11
    Small Product Tankers                                       -            11                -          11
- -----------------------------------------------------------------------------------------------------------------------
    Total Spot Tanker Segment                                  28            40                6          74
- -----------------------------------------------------------------------------------------------------------------------
  <B>Fixed-Rate Tanker Segment:</B>
    Shuttle Tankers (2)                                        28            13                -          41
    Conventional Tankers (3)                                   12             -                3          15
    Floating Storage &amp; Offtake Units (4)                        4             -                -           4
    LPG / Methanol Carriers                                     1             1                -           2
- -----------------------------------------------------------------------------------------------------------------------
    Total Fixed-Rate Tanker Segment                            45            14                3          62
- -----------------------------------------------------------------------------------------------------------------------
  <B>Fixed-Rate LNG Segment</B> (5)                                    4             -                5           9
- -----------------------------------------------------------------------------------------------------------------------
  <B>Total</B>                                                        <B>77            54               14         145</B>
=======================================================================================================================
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;
          Excludes vessels managed on behalf of third parties.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&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;(3)&nbsp;&nbsp;&nbsp;&nbsp;Includes five Suezmax tankers owned by subsidiaries
          of Teekay LNG. &nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Includes one unit in which the Company&#146;s ownership
          interest is 89%. &nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;The four existing
LNG vessels are owned by Teekay LNG; three LNG  newbuildings  will be sold to Teekay
         LNG and the  remaining  two  newbuildings  will be  offered  to  Teekay  LNG in  accordance  with  existing agreements.</FONT></P>

<BR>

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

<!-- 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>At June 30, 2005, the Company had
total liquidity of over $1.4 billion, comprising $246.8 million in cash and cash
equivalents and $1.2 billion in undrawn medium-term revolving credit facilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At June 30, 2005 (and including the
capital commitments relating to the two LNG carriers for the Tangguh project), the Company
had approximately $1.1 billion in remaining capital commitments relating to its
newbuildings on order, for which the Company has arranged long-term financing. Of this
total amount, approximately $308 million is due during the remainder of 2005, $230 million
in 2006, $352 million in 2007 and $160 million in 2008 and early 2009. Of the remaining
capital commitments, approximately $743 million are installment payments relating to LNG
newbuildings. </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>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 seaborne oil and has recently expanded into
the liquefied  natural gas shipping  sector  through its  publicly-listed  subsidiary,  Teekay LNG Partners L.P.  (NYSE:
TGP).  With a fleet of more than 140 tankers,  offices in 14 countries  and 5,500  seagoing and  shore-based  employees,
Teekay  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 Marine Midstream Company.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Teekay&#146;s common stock is listed
on the New York Stock Exchange where it trades under the symbol &#147;TK&#148;. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  Company  plans to host a  conference  call at 11:00 a.m.  EDT (8:00 a.m.  PDT) on July 28,  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 August 4, 2005 by dialing (719) 457-0820,  access code
4063452, or via the Company&#146;s Web site until August 28, 2005.</FONT></P>

<BR>
<!-- 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 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=2>Web site:
<U>www.teekay.com </U></FONT></P>

<BR>
<BR>
<BR>

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

                                             <U><B>Three Months Ended</B></U>                            <U><B>Six Months Ended</B></U>
                                      <U><B>June 30,</B></U>         <U><B>March 31,</B></U>        <U><B>June 30,</B></U>        <U><B>June 30,</B></U>         <U><B>June 30,</B></U>
                                        <U><B>2005</B></U>              <U><B>2005</B></U>            <U><B>2004</B></U>            <U><B>2005</B></U>             <U><B>2004</B></U>
                                     <U><B>(unaudited)</B></U>      <U><B>(unaudited)</B></U>      <U><B>(unaudited)</B></U>    <U><B>(unaudited)</B></U>      <U><B>(unaudited)</B></U>

<B>VOYAGE REVENUES</B>                         480,140          517,411         477,622        997,551        1,029,073
- ---------------------------------- ---------------- ----------------- --------------- --------------- -----------------

<B>OPERATING EXPENSES</B>
Voyage expenses                          98,296           98,529         108,708        196,825          212,592
Vessel operating expenses                51,341           54,440          53,765        105,781          102,677
Time-charter hire expense               124,454          108,582         106,574        233,036          215,239
Depreciation and amortization            50,306           54,083          60,846        104,389          114,460
General and administrative               40,179           33,698          25,816         73,877           53,441
Write-down / (gain) on sale of vessels
   and equipment                        (15,894)        (101,853)           (450)      (117,747)          (1,053)
Restructuring charge                          -                -             240              -            1,002
- ---------------------------------- ---------------- ----------------- --------------- --------------- -----------------
                                        348,682          247,479         355,499        596,161          698,358
- ---------------------------------- ---------------- ----------------- --------------- --------------- -----------------
<B>Income from vessel operations</B>           131,458          269,932         122,123        401,390          330,715
- ---------------------------------- ---------------- ----------------- --------------- --------------- -----------------
<B>OTHER ITEMS</B>
Interest expense                        (33,319)         (37,697)        (30,672)       (71,016)         (52,235)
Interest income                           8,426            8,230           4,883         16,656            6,137
Income tax recovery (expense)               555            9,317          (6,086)         9,872           (8,235)
Equity income from joint ventures         2,884            2,827           3,288          5,711            5,124
Other - net                              (5,435)          26,437           5,007         21,002            6,046
- ---------------------------------- ---------------- ----------------- --------------- --------------- -----------------
                                        (26,889)           9,114         (23,580)       (17,775)         (43,163)
- ---------------------------------- ---------------- ----------------- --------------- --------------- -----------------
<B>Net income</B>                              104,569          279,046          98,543        383,615          287,552
================================== ================ ================= =============== =============== =================
Earnings per common share
- -             Basic                       $1.31            $3.41           $1.19          $4.72            $3.50
- -             Diluted *                   $1.23            $3.19           $1.13          $4.42            $3.32
- ---------------------------------- ---------------- ----------------- --------------- --------------- -----------------
Weighted-average number of common
shares outstanding
- -             Basic                  79,953,740       81,712,320        82,603,379     81,279,750       82,112,086
- -             Diluted *              85,314,815       87,467,141        87,340,951     86,741,711       86,697,235
================================== ================ ================= ================= =============== =================
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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>

<PRE>
<BR>
- ------------------------------------------------------------------------------------------------------------------------
<B>                                              TEEKAY SHIPPING CORPORATION
                                          SUMMARY CONSOLIDATED BALANCE SHEETS</B>
                                            (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                                          <B><U>As at June 30,</U></B>         <U><B>As at December 31,</B></U>
                                                                               <B><U>2005</U></B>                      <U><B>2004</B></U>
                                                                           <B><U>(unaudited)</U></B>
<B>ASSETS</B>
Cash and cash equivalents                                                     246,832                  427,037
Other current assets                                                          193,627                  264,806
Restricted cash - current                                                      90,781                   96,087
Vessels held for sale                                                               -                  129,952
Restricted cash - long-term                                                   303,800                  352,725
Vessels and equipment                                                       3,171,615                3,278,710
Advances on newbuilding contracts                                             259,656                  252,577
Other assets                                                                  226,139                  254,745
Intangible assets                                                             264,417                  277,511
Goodwill                                                                      171,898                  169,590
- -------------------------------------------------------------------- ------------------------- ------------------
<B>Total Assets</B>                                                                4,928,765                5,503,740
==================================================================== ========================= ==================
<B>LIABILITIES AND STOCKHOLDERS' EQUITY</B>
Accounts payable and accrued liabilities                                      161,136                  206,022
Current portion of long-term debt                                             265,528                  208,387
Long-term debt                                                              1,835,990                2,536,158
Other long-term liabilities                                                   201,374                  301,091
Minority interest                                                             161,018                   14,724
Stockholders' equity                                                        2,303,719                2,237,358
- -------------------------------------------------------------------- ------------------------- ------------------
<B>Total Liabilities and Stockholders' Equity</B>                                  4,928,765                5,503,740
==================================================================== ========================= ==================

<BR>
<BR>

- ------------------------------------------------------------------------------------------------------------------------
                                              <B>TEEKAY SHIPPING CORPORATION
                                     SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
                                            (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                                                     <B><U>Six Months Ended</U></B>
                                                                                          <B><U>June 30,</U></B>
                                                                               <B><U>2005</U></B>                     <B><U>2004</U></B>
                                                                           <B><U>(unaudited)</U></B>               <B><U>(unaudited)</U></B>
Cash and cash equivalents provided by (used for)
<B>OPERATING ACTIVITIES</B>
- -------------------------------------------------------------------- ------------------------- ------------------ ------
<B>Net operating cash flow</B>                                                       346,790                  396,179
- -------------------------------------------------------------------- ------------------------- ------------------ ------
<B>FINANCING ACTIVITIES</B>
Net proceeds from long-term debt                                            1,222,834                  874,236
Scheduled repayments of long-term debt                                        (58,986)                 (76,662)
Prepayments of long-term debt                                              (1,732,460)                (704,170)
Repurchase of common stock                                                   (223,482)                       -
Net proceeds from the initial public offering of Teekay LNG                   139,395                        -
Settlement of interest rate swaps                                            (143,295)                       -
Other                                                                           6,174                    1,214
- -------------------------------------------------------------------- ------------------------- ------------------ ------
<B>Net financing cash flow</B>                                                      (789,820)                  94,618
- -------------------------------------------------------------------- ------------------------- ------------------ ------
<B>INVESTING ACTIVITIES</B>
Expenditures for vessels and equipment                                       (160,729)                (263,715)
Purchase of Teekay Shipping Spain S.L.                                              -                 (286,112)
Proceeds from sale of vessels and equipment                                   433,748                        -
Other                                                                         (10,194)                 (17,511)
- -------------------------------------------------------------------- ------------------------- ------------------ ------
<B>Net investing cash flow</B>                                                       262,825                 (567,338)
- -------------------------------------------------------------------- ------------------------- ------------------ ------
<B>Decrease in cash and cash equivalents </B>                                       (180,205)                 (76,541)
Cash and cash equivalents, beginning of the period                            427,037                  292,284
- -------------------------------------------------------------------- ------------------------- ------------------ ------
<B>Cash and cash equivalents, end of the period</B>                                  246,832                  215,743
==================================================================== ========================= ================== ======

<BR>
<BR>

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

                                                              <B><U>Three Months Ended June 30, 2005</U></B>
                                                                        <B><U>(unaudited)</U></B>


                                                                <B>Fixed-Rate
                                        Spot Tanker               Tanker              Fixed-Rate
                                          Segment                 Segment             LNG Segment          Total</B>
- ---------------------------------- --------------------- --------------------- -------------------- -----------------
Net voyage revenues                        185,212                 171,856               24,776           381,844
Vessel operating expenses                   16,068                  31,453                3,820            51,341
Time-charter hire expense                   72,280                  52,174                    -           124,454
Depreciation and amortization               12,684                  30,099                7,523            50,306
General and administrative                  23,310                  13,607                3,262            40,179
Write-down / (gain) on sale of
   vessels and equipment                   (26,147)                 10,253                    -           (15,894)
- ---------------------------------- --------------------- --------------------- -------------------- -----------------
Income from vessel operations               87,017                  34,270               10,171           131,458
================================== ===================== ===================== ======================= ==============

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

                                                                <B>Fixed-Rate
                                        Spot Tanker               Tanker              Fixed-Rate
                                          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 June 30, 2004</U></B>
                                                                        <B><U>(unaudited)</U></B>

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

<BR>
<BR>

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

                                                               <B><U>Six Months Ended June 30, 2005</U></B>
                                                                        <B><U>(unaudited)</U></B>


                                                               <B>Fixed-Rate
                                      Spot Tanker              Tanker               Fixed-Rate
                                        Segment                Segment              LNG Segment            Total</B>
- -------------------------------- --------------------- --------------------- -------------------- -------------------
Net voyage revenues                      422,000              329,733                  48,993             800,726
Vessel operating expenses                 33,875               63,743                   8,163             105,781
Time-charter hire expense                138,496               94,540                       -             233,036
Depreciation and amortization             28,550               60,794                  15,045             104,389
General and administrative                41,635               26,040                   6,202              73,877
Write-down / (gain) on sale of
  vessels and equipment                 (123,116)              5,369                        -            (117,747)
- -------------------------------- --------------------- --------------------- -------------------- ------------------
Income from vessel operations            302,560               79,247                  19,583             401,390
================================ ===================== ===================== ==================== ==================

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


                                                             <B>Fixed-Rate
                                      Spot Tanker              Tanker               Fixed-Rate
                                        Segment                Segment              LNG Segment            Total</B>
- -------------------------------- --------------------- --------------------- ----------------------- ----------------
Net voyage revenues                      491,046              317,551                   7,884             816,481
Vessel operating expenses                 47,205               53,835                   1,637             102,677
Time-charter hire expense                119,924               95,315                       -             215,239
Depreciation and amortization             50,862               61,221                   2,377             114,460
General and administrative                25,099               27,601                     741              53,441
Gain on sale of vessels                   (1,053)                   -                       -              (1,053)
Restructuring charge                       1,002                    -                       -               1,002
- -------------------------------- --------------------- --------------------- ----------------------- ---------------
Income from vessel operations            248,007               79,579                   3,129             330,715
================================== ===================== ===================== ==================== =================
</PRE>
<BR>
<BR>
<PRE>
- -----------------------------------------------------------------------------------------------------------------------------------
                                                   <B>TEEKAY SHIPPING CORPORATION
                                         APPENDIX B - SPECIFIC ITEMS AFFECTING NET INCOME</B>
                                      (in thousands of U.S. dollars, except per share data)

Set forth below are some of the significant items of income and expense that affected the Company's net income for the
three and six months ended June 30, 2005, which securities analysts typically exclude in their published estimates of the
Company's financial results:

- -----------------------------------------------------------------------------------------------------------------------------------
                                                                        <B><U>Three Months Ended</U></B>       <B><U>Six Months Ended</U></B>
                                                                           <B><U>June 30, 2005</U></B>          <B><U>June 30, 2005</U></B>
                                                                            <B><U>(unaudited)</U></B>            <B><U>(unaudited)</U></B>
                                                                                     <B><U>Per</U></B>                     <B><U>Per</U></B>
                                                                            <B><U>$</U></B>       <B><U>Share</U></B>         <B><U>$</U></B>         <B><U>Share</U></B>
- -------------------------------------------------------------------------------------------------------------------------------

Gain on sale of vessels                                                  26,095      0.31      127,948      1.48
Foreign currency translation gains (1)                                   16,601      0.19       42,475      0.49
Deferred income tax recoveries on unrealized foreign exchange losses (2)  4,304      0.05       10,297      0.12
Write off of capitalized loan costs and loss on termination of interest (15,282)    (0.18)     (15,282)    (0.18)
rate swaps (3)
Write down of vessels and equipment (4)                                 (10,201)    (0.12)     (10,201)    (0.12)
Loss on bond repurchase (8.875% Notes due 2011) (5)                      (8,775)    (0.10)      (8,775)    (0.10)

- -------------------------------------------------------------------------------------------------------------------------------
<B>Total</B>                                                                     12,742      0.15      146,462     1.69
===============================================================================================================================
</PRE>
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               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Foreign currency translation gains (net of minority owner&#146;s share)
               primarily relates to the Company&#146;s debt denominated in Euros and deferred
               tax liability denominated in Norwegian Kroner. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Deferred income tax recoveries relating to unrealized foreign exchange losses on
               intercompany debt. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               In connection with the initial public offering of Teekay LNG Partners L.P., the
               Company repaid $337.3 million of debt and terminated certain related interest
               rate swap contracts. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               In June 2005, the Company wrote-down the carrying value of certain offshore
               equipment due to a lower estimated net realizable value. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               During the second quarter of 2005, the Company repurchased $56.8 million of its
               8.875% bonds due 2011 at a premium to their book value. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

<BR>
<BR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORWARD LOOKING
STATEMENTS </FONT></H1>

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     <HR ALIGN="Left" WIDTH="100%" SIZE="2" COLOR="Black">

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This release contains  forward-looking  statements (as defined in Section 21E of the Securities Exchange Act of 1934,
as  amended)  which  reflect  management&#146;s  current  views with  respect to certain  future  events and  performance,
including statements  regarding:  the Company&#146;s future growth prospects;  tanker market  fundamentals,  including the
balance of supply and demand in the tanker  market,  and spot tanker  charter  rates;  the Company&#146;s  future  capital
expenditure  commitments  and the  financing  requirements  for such  commitments;  the  Company&#146;s  share  repurchase
program;  vessel  delivery  dates;  offers of vessels to Teekay  LNG;  and the  Tangguh LNG  project.  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 vessel 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;  the potential  inability to
repurchase the Company&#146;s shares under its share repurchase  program;  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.  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>




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