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<SEC-DOCUMENT>0000911971-06-000034.txt : 20060802
<SEC-HEADER>0000911971-06-000034.hdr.sgml : 20060802
<ACCEPTANCE-DATETIME>20060802161439
ACCESSION NUMBER:		0000911971-06-000034
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060802
FILED AS OF DATE:		20060802
DATE AS OF CHANGE:		20060802

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:		06998222

	BUSINESS ADDRESS:	
		STREET 1:		BAYSIDE HOUSE, BAYSIDE EXECUTIVE PARK
		STREET 2:		WEST BAY ST & BLAKE RD, PO BOX AP-59212
		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_080206.htm
<DESCRIPTION>TEEKAY CORP ER Q2 2006
<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: August 2, 2006<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>
Bayside 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 August 2, 2006.</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: August 2, 2006</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>
<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>Bayside 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<BR>SECOND QUARTER RESULTS</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>
Reported second quarter net income of $20.4 million, or $0.27 per share (including
specific items which decreased net income by $29.4 million, or $0.39 per share)<SUP>(1)</SUP></FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Generated $120.7 million in cash flow from vessel operations</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Announced plans to create a Master Limited Partnership for
offshore business</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Announced $150 million increase to share repurchase program</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Repurchased 1.3 million shares for a total cost of $54.3 million since last reported
on June 12, 2006
</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Ordered two additional Suezmax newbuildings, scheduled for delivery
in early 2009</FONT></UL>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Nassau, The Bahamas, August 2, 2006
&#151; Teekay Shipping Corporation (<I>Teekay</I> or <I>the Company</I>) (NYSE: TK) today
reported net income of $20.4 million, or $0.27 per share, for the quarter ended June 30,
2006, compared to net income of $104.6 million, or $1.23 per share, for the quarter ended
June 30, 2005. The results for the quarters ended June 30, 2006 and 2005 included a number
of specific items that had the net effect of decreasing net income by $29.4 million, or
$0.39 per share, in the second quarter of 2006, and increasing net income by $12.7
million, or $0.15 per share, in the second quarter of 2005, as detailed in <I>Appendix
A</I> to this release. Net voyage revenues<SUP>(2)</SUP> for the second quarter of 2006
were $311.2 million, compared to $381.8 million for the same period in 2005, and income
from vessel operations decreased to $68.9 million from $131.5 million, which included
$15.9 million in gains on vessel sales.</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, 2006 was $122.1 million, or $1.62 per share, compared to $383.6 million, or $4.42
per share, for the same period last year. The results for the six months ended June 30,
2006 included a number of specific items that had the net effect of decreasing net income
by $46.8 million, or $0.62 per share, as detailed in <I>Appendix A</I> to this release.
The results for the six months ended June 30, 2005 included a number of specific items
that had the net effect of increasing net income by $146.5 million, or $1.69 per share,
also as detailed in <I>Appendix A</I> to this release. Net voyage revenues<SUP>(2)</SUP>
for the six months ended June 30, 2006 were $703.6 million, compared to $800.7 million for
the same period in 2005, and income from vessel operations decreased to $211.6 million
from $401.4 million, which included $117.7 million in gains on vessel sales. </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 Offshore 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 June 12, 2006, Teekay announced
that its Board of Directors has approved a plan to create a new publicly-traded master
limited partnership, Teekay Offshore Partners L.P., that will focus on providing marine
solutions to the growing offshore energy sector. Following the initial public offering,
Teekay will own the partnership&#146;s general partner and a majority of the
partnership&#146;s units. The Company expects to file with the U.S. Securities and
Exchange Commission a registration statement for the initial public offering of the common
units of Teekay Offshore Partners L.P. during the second half of 2006. </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 Update</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On June 12, 2006, the Company
announced that its Board of Directors had authorized a $150 million increase to its
existing share repurchase program, resulting in a total remaining repurchase authorization
of $186 million on that date. Since June 12, 2006, the Company has repurchased 1.3
million shares at an average price of $40.92 per share, for a total cost of $54.3
million, resulting in $132.1 million remaining under the existing share repurchase
authorization. Since the end of November 2004, when Teekay announced the authorization of
its initial share repurchase program, the Company has repurchased a total of 19.2
million shares for a total cost of $801.7 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As at June 30, 2006, the Company had
73.7 million common shares issued and outstanding. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)</FONT></TD>
          <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Please read <I>Appendix A</I> to this release for information about specific
          items affecting net income.</FONT></TD>
          </TR>
          </TABLE>
<BR>
      <!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2) </FONT></TD>
          <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=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. 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></TD>
          </TR>
          </TABLE>

<PAGE>

<!-- 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 fixed-rate tanker
segment, the fixed-rate liquefied natural gas (<I>LNG</I>) segment, and the spot tanker
segment (Please read the &#147;Teekay Fleet&#148; section of this release below and
<I>Appendix B</I> for further details): </FONT></P>

<PRE>
- -------------------------------------------------------------------------------------------------------------
                                        <U><B>Three Months Ended</B></U>                       <U><B>Three Months Ended</B></U>
                                           <U><B>June 30, 2006</B></U>                            <U><B>June 30, 2005</B></U>
                                            <B>(unaudited)</B>                              <B>(unaudited)</B>

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

Net voyage revenues            159,230    22,119   129,821   311,170   171,856    24,776   185,212   381,844

Vessel operating expenses       33,012     4,828    13,863    51,703    31,453     3,820    16,068    51,341
Time-charter hire expense       44,462         -    50,241    94,703    52,174         -    72,280   124,454
Depreciation &amp; amortization     29,294     7,755    13,108    50,157    30,099     7,523    12,684    50,306

Cash flow from vessel
  operations*                   65,878    13,917    40,934   120,729    74,622    17,694    73,554   165,870
- ----------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
</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>Cash flow from vessel operations from
the Company&#146;s fixed-rate tanker segment decreased to $65.9 million in the second
quarter of 2006, compared to $74.6 million in the second quarter of 2005, primarily
because of lower utilization of the shuttle tanker fleet due to earlier seasonal
maintenance of offshore oil facilities than in the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition to the announcement of
the Company&#146;s plan to create Teekay Offshore Partners, L.P., there were a number of
other developments relating to Teekay&#146;s fixed-rate tanker segment during the quarter,
including:</FONT></P>

<UL>
<LI TYPE="square"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the time charter contract for one of the Company&#146;s floating storage and
offtake units operating in the Northwest Shelf of Australia was extended for an additional eight years;
</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the time charter contracts for three of the Company's existing shuttle tankers operating in Brazil
were recently renewed at higher rates; and</FONT>

<LI type=square><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
one of the Company's shuttle tankers commenced a short-term contract in July 2006 to operate in the U.S. Gulf.</FONT></UL>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As previously announced, the Company
was awarded 13-year fixed-rate charter contracts for two Suezmax shuttle tankers and one
Aframax shuttle tanker by a subsidiary of Petroleo Brasileiro S.A. The charters are
scheduled to commence at various dates during the second half of 2006 and the first
quarter of 2007. </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 existing four LNG carriers during the second quarter of 2006
decreased to $13.9 million from $17.7 million for the second quarter of 2005. This
decrease in cash flow was primarily due to one LNG carrier being off-hire during a scheduled
drydocking, which was extended to complete certain unexpected repairs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company has ownership interests
ranging from 40% to 70% in nine additional LNG newbuildings scheduled to deliver at
various dates between the fourth quarter of 2006 and early 2009, all of which will
commence service upon delivery under 20 or 25-year fixed-rate contracts with major energy
companies. </FONT></P>

<PAGE>


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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash flow from vessel operations from
the Company&#146;s spot tanker segment decreased to $40.9 million for second quarter of
2006 from $73.6 million for the second quarter of 2005, primarily due a reduction in the
size of the Company&#146;s spot tanker fleet resulting from the sale of a number of older
vessels during the past 12 months, and a decrease in spot charter tanker rates, partially
offset by newbuilding deliveries. On a net basis, these fleet changes reduced the total
number of revenue days in the Company&#146;s spot tanker segment from 5,930 days for the
second quarter of 2005 to 4,969 days for the second quarter of 2006. Revenue days
represent the total number of vessel calendar days less off-hire days associated with
major repairs, drydockings or mandated surveys. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In July 2006, the Company exercised
options for two additional newbuilding Suezmax tankers for a total delivered cost of
approximately $162 million, scheduled for delivery in early 2009. With this order, the
Company currently has eight newbuilding Suezmax tankers on order for a total cost of
approximately $610 million, scheduled to deliver during 2008 and 2009. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company&#146;s spot tanker
segment includes vessels operating on voyage and period out-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 revenues per revenue 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 Months Ended
                                       June 30,        March 31,        June 30,        June 30,         June 30,
                                         2006            2006             2005            2006             2005</B>
- ---------------------------------------------------------------------------------------------------------------------------
<B>Spot Tanker Segment
   Very Large Crude Carrier Fleet</B>
   Revenue days                             -               -                -               -               90
   TCE per revenue day                      -               -                -               -          $92,844

   <B>Suezmax Tanker Fleet</B>
   Revenue days                           420             360              577             780            1,117
   TCE per revenue day *              $26,029         $54,147          $42,527         $39,006          $40,756

   <B>Aframax Tanker Fleet</B>
   Revenue days                         2,926           2,925            3,575           5,852            7,896
   TCE per revenue day                $29,191         $44,333          $34,496         $36,754          $37,301

   <B>Large/Medium-Size Product
   Tanker Fleet</B>
   Revenue days                           715             948              782           1,663            1,429
   TCE per revenue day                $26,173         $33,330          $28,508         $30,253          $30,062

   <B>Small Product Tanker Fleet</B>
   Revenue days                           908             896              996           1,804            1,945
   TCE per revenue day                $16,259         $17,169          $15,148         $16,711          $15,764

- --------------------------------------------------------------------------------------------------------------------------
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>*TCE results for the Suezmax tanker
fleet include certain FFAs and fixed-rate contracts of affreightment that were entered
into as hedges against several of the Company&#146;s vessels. Excluding these amounts,
TCEs on a revenue-day basis for the quarters ended June 30, 2006, March 31, 2006 and June
30, 2005 would have been $33,864, $64,493 and $46,122 per day, respectively. Excluding
these amounts, TCEs on a revenue-day basis for the six months ended
June 30, 2006 and June 30,
2005 would have been $48,353 and $50,967 per day, respectively. </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>Tanker Market Overview</U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
During the second quarter of 2006, crude tanker freight rates did not follow their normal
seasonal pattern of steadily declining into the summer as oil imports continued at a relatively high level.  Although
freight rates did experience some weakness at the beginning of the second quarter due to heavier than normal refinery
maintenance, rates rebounded toward the end of the quarter as the refineries came back on-line and oil imports
returned to a high level.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Product tanker rates remained at firm
levels, compared to historical averages, due in part to high volumes of product imports
into the United States and an increase in West African product imports as a
result of refinery outages in Nigeria. </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, declined to 83.3 million barrels per day (<I>mb/d</I>) during the
second quarter of 2006, a decrease of 1.6 mb/d from the previous quarter but was 0.8 mb/d, or
1.0%, higher than the second quarter of 2005. On July 12, 2006, the International Energy
Agency (<I>IEA</I>) reiterated its forecast of strong oil demand growth in the second half
of 2006, with demand in the fourth quarter estimated to be 3.0 mb/d, or 3.6%, higher than
the second quarter of 2006. For 2007, the IEA forecasts a further increase in oil demand
of 1.6 mb/d to 86.4 mb/d, 1.8% higher than 2006. </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, averaged 85.1 mb/d, unchanged from the record high level of the previous
quarter, but 0.4 mb/d higher than the second quarter of 2005. </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 366.4 million deadweight tonnes (<I>mdwt</I>) as of June 30, 2006, up 3.7 mdwt, or
1%, from the end of the previous quarter. Deletions, including vessels converted for
offshore projects and thus removed from the trading tanker fleet, aggregated 1.0 mdwt in
the second quarter of 2006 compared to 0.9 mdwt in the previous quarter. Deliveries of
tanker newbuildings during the second quarter of 2006 declined to 4.7 mdwt from 7.0 mdwt
during the first quarter of 2006. </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, 2006, the world tanker
orderbook stood at 110.3 mdwt, representing 30.1% of the total world tanker fleet,
compared to 101.5 mdwt, or 28%, as of March 31, 2006. </FONT></P>

<PAGE>

<!-- 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>As at June 30, 2006, Teekay&#146;s
fleet (excluding vessels managed for third parties) consisted of 146 vessels, including
chartered-in vessels and newbuildings on order. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table summarizes the
Teekay fleet as at June 30, 2006 (including the two Suezmaxes ordered in early July): </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>
    Suezmax Tankers                                    1              4             8           13
    Aframax Tankers                                   21             11             -           32
    Large / Medium-Size Product Tankers                4              5             4           13
    Small Product Tankers                              -             11             -           11
- ------------------------------------------------------------------------------------------------------
    Total Spot Tanker Segment                         26             31            12           69
======================================================================================================

  <B>Fixed-Rate Tanker Segment:</B>
    Shuttle Tankers (2)                               27             13             -           40
    Conventional Tankers (3)                          16              1             2           19
    Floating Storage &amp; Offtake (<I>FSO</I>) Units (4)         4              -             -            4
    LPG / Methanol Carriers                            1              -             -            1
- ------------------------------------------------------------------------------------------------------
    Total Fixed-Rate Tanker Segment                   48             14             2           64
======================================================================================================

  <B>Fixed-Rate LNG Segment</B> (5)                           4              -             9           13
- ------------------------------------------------------------------------------------------------------
  <B>Total                                               78             45            23          146</B>
======================================================================================================
</PRE>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1) </FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Excludes vessels managed on behalf of third parties.</FONT></TD>
          </TR>
          </TABLE>
      <!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2) </FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Includes six shuttle tankers of which the Company's ownership interests range from 50% to 50.5%.</FONT></TD>
          </TR>
          </TABLE>
          <!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3) </FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Includes eight Suezmax tankers owned by subsidiaries of Teekay LNG.</FONT></TD>
          </TR>
          </TABLE>

     <!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4) </FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Includes one unit in which the Company's ownership interest is 89%.</FONT></TD>
          </TR>
          </TABLE>

     <!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(5) </FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
The four  existing LNG vessels are owned by Teekay LNG.  Teekay LNG has agreed to acquire  Teekay's 70% interest in three
           of the LNG newbuildings  and, in accordance with existing  agreements,  Teekay will offer to Teekay LNG all its interests in
           the  remaining  six LNG  newbuldings,  which  interests  include a 70%  interest in two  vessels and a 40%  interest in four
           vessels.</FONT></TD>
          </TR>
          </TABLE>
          <BR>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of June 30, 2006, the Company had
total liquidity of $964.7 million, comprising $287.2 million in cash and cash equivalents
and $677.5 million 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>As of June 30, 2006, the Company had
remaining capital commitments relating to its portion of newbuildings and vessels on order as
illustrated in the following table: </FONT></P>

<PRE>
- ------------------------------------------------ ---------- ---------- ---------- ---------- ---------- ----------
                                                                                                         <B>Undrawn
                                                                                                         Related
                                                  Remainder                                               Debt</B>
(in millions)                                     <B>of 2006      2007       2008       2009      Total    Ficilities</B>
- ------------------------------------------------ ---------- ---------- ---------- ---------- ---------- ----------
Fixed-Rate Tanker Segment                           $141        $36        $59          -       $236        $67
- ------------------------------------------------ ---------- ---------- ---------- ---------- ---------- ----------
Fixed-Rate LNG Segment                                84        331        158         25        598        709
- ------------------------------------------------ ---------- ---------- ---------- ---------- ---------- ----------
Spot Tanker Segment                                   81         89        222         37        429        471
- ------------------------------------------------ ---------- ---------- ---------- ---------- ---------- ----------
Total                                               $306       $456       $439        $62     $1,263     $1,247
- ------------------------------------------------ ---------- ---------- ---------- ---------- ---------- ----------

</PRE>

<PAGE>

<!-- 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 expanded into the
liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG
Partners L.P. (NYSE: TGP). With a fleet of over 145 tankers, offices in 15 countries and 5,100
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 on Thursday, August 3rd, 2006, 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>. The Company plans to make available a recording of the conference
call until midnight August 10th, 2006 by dialing (719) 457-0820, access code 4379007, or
via the Company&#146;s Web site until September 4th, 2006. </FONT></P>

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

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

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

<PAGE>

<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>Six Months Ended</U>
                                            <U>June 30,</U>       <U>March 31,</U>      <U>June 30,</U>       <U>June 30,</U>       <U>June 30,</U>
                                              <U>2006</U>           <U>2006</U>           <U>2005</U>           <U>2006</U>           <U>2005</U>
                                           (unaudited)    (unaudited)    (unaudited)    (unaudited)    (unaudited)</B>
- ---------------------------------------- -------------- -------------- -------------- -------------- --------------

<B>VOYAGE REVENUES</B>                              422,587        525,996        480,140        948,583        997,551
- ---------------------------------------- -------------- -------------- -------------- -------------- --------------

<B>OPERATING EXPENSES</B>
Voyage expenses                              111,417        133,611         98,296        245,028        196,825
Vessel operating expenses                     51,703         53,224         51,341        104,927        105,781
Time-charter hire expense                     94,703        104,424        124,454        199,127        233,036
Depreciation and amortization                 50,157         50,484         50,306        100,641        104,389
General and administrative (1)                41,456         40,260         40,179         81,716         73,877
Writedown / (gain) on sale of
   vessels and equipment                       1,650           (607)       (15,894)         1,043       (117,747)
Restructuring charge                           2,579          1,887              -          4,466              -
- ---------------------------------------- -------------- -------------- -------------- -------------- --------------
                                             353,665        383,283        348,682        736,948        596,161
- ---------------------------------------- -------------- -------------- -------------- -------------- --------------
<B>Income from vessel operations</B>                 68,922        142,713        131,458        211,635        401,390
- ---------------------------------------- -------------- -------------- -------------- -------------- --------------
<B>OTHER ITEMS</B>
Interest expense                             (36,729)       (36,758)       (33,319)       (73,487)       (71,016)
Interest income                               13,585         12,101          8,426         25,686         16,656
Income tax (expense) recovery                 (7,040)        (3,784)           555        (10,824)         9,872
Equity (loss) income from
  joint ventures                                (851)         1,145          2,884            294          5,711
Foreign exchange (loss) gain                 (21,804)       (11,464)        21,665        (33,268)        47,539
Other - net                                    4,310         (2,249)       (27,100)         2,061        (26,537)
- ---------------------------------------- -------------- -------------- -------------- -------------- --------------
                                             (48,529)       (41,009)       (26,889)       (89,538)       (17,775)
- ---------------------------------------- -------------- -------------- -------------- -------------- --------------
<B>Net income</B>                                    20,393        101,704        104,569        122,097        383,615
======================================== ============== ============== ============== ============== ==============
Earnings per common share
- -             Basic                            $0.27          $1.41          $1.31          $1.67          $4.72
- -             Diluted (2)                      $0.27          $1.35          $1.23          $1.62          $4.42
- ---------------------------------------- -------------- -------------- -------------- -------------- --------------
Weighted-average number of
    common shares outstanding
- -             Basic                       74,253,710     72,153,868     79,953,740     73,209,590     81,279,750
- -             Diluted (2)                 75,784,914     75,230,591     85,314,815     75,509,284     86,741,711
======================================== ============== ============== ============== ============== ==============

</PRE>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)</FONT></TD>
          <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Effective January 1, 2006, Teekay&nbsp;has adopted
          SFAS 123(R), which requires all share-based payments to employees, including
          stock options, to be recognized in the income statement based on their fair
          values.&nbsp;&nbsp;&nbsp;For the three and six months ended
          June 30, 2006, general and administrative expense
          includes $2.3 million and $4.3 million, respectively, of stock option
          expense.&nbsp; Prior to January 1, 2006, Teekay
          disclosed stock option expense on a pro forma basis in the notes to the
          financial statements, but did not recognize the expense in the income statement.</FONT></TD>
          </TR>
          </TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)</FONT></TD>
          <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Reflects the effect of outstanding stock options, and the $143.75 million
          mandatory convertible preferred PEPS Units, computed using the treasury stock
          method. For the first quarter of 2006, the impact of the PEPS Units was limited
          to the period from January 1, 2006 to
          February 16, 2006, at which time the Company
          issued 6,534,300 shares of common stock following settlement of the purchase
          contracts associated with the PEPS Units.</FONT></TD>
          </TR>
          </TABLE>
<BR>
<BR>
<BR>
<BR>
<PRE>

- ------------------------------------------------------------------------------------------------------------------------
                                              <B>TEEKAY SHIPPING CORPORATION
                                          SUMMARY CONSOLIDATED BALANCE SHEETS</B>
                                            (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                                          <B><U>As at June 30,</U>        <U>As at December 31,</U>
                                                                               <U>2006</U>                      <U>2005</U>
                                                                            (unaudited)
ASSETS</B>
Cash and cash equivalents                                                     287,228                   236,984
Other current assets                                                          268,430                   241,147
Restricted cash - current                                                     161,074                   152,286
Vessel held for sale                                                            2,500                         -
Restricted cash - long-term                                                   615,614                   158,798
Vessels and equipment                                                       3,171,765                 3,248,122
Advances on newbuilding contracts                                             287,190                   473,552
Other assets                                                                  530,517                   360,034
Intangible assets                                                             242,902                   252,280
Goodwill                                                                      170,897                   170,897
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Assets</B>                                                                5,738,117                 5,294,100
==================================================================== ========================= =========================
<B>LIABILITIES AND STOCKHOLDERS' EQUITY</B>
Accounts payable and accrued liabilities                                      167,800                   166,786
Current portion of long-term debt                                             189,126                   298,054
Long-term debt                                                              2,461,625                 2,134,924
Other long-term liabilities                                                   225,366                   174,991
Minority interest                                                             281,630                   282,803
Stockholders' equity                                                        2,412,570                 2,236,542
- -------------------------------------------------------------------- ------------------------- -------------------------
<B>Total Liabilities and Stockholders' Equity</B>                                  5,738,117                 5,294,100
==================================================================== ========================= =========================

</PRE>

<PAGE>

<PRE>


- ------------------------------------------------------------------------------------------------------------------------
                                              <B>TEEKAY SHIPPING CORPORATION
                                      SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
                                            (in thousands of U.S. dollars)
- ------------------------------------------------------------------------------------------------------------------------
                                                                                      <B><U>Six Months Ended</U>
                                                                                          <U>June 30,</U>
                                                                               <U>2006</U>                      <U>2005</U>
                                                                            (unaudited)              (unaudited)</B>
Cash and cash equivalents provided by (used for)
<B>OPERATING ACTIVITIES</B>
- --------------------------------------------------------------------- ------------------------ -------------------------
<B>Net operating cash flow</B>                                                       242,256                   346,790
- --------------------------------------------------------------------- ------------------------ -------------------------

<B>FINANCING ACTIVITIES</B>
Net proceeds from long-term debt                                              569,033                 1,222,834
Scheduled repayments of long-term debt                                        (15,134)                  (58,986)
Prepayments of long-term debt                                                (259,375)               (1,732,460)
(Increase)/decrease in restricted cash                                       (430,753)                   16,599
Repurchase of common stock                                                   (176,903)                 (223,482)
Net proceeds from the initial public offering of Teekay LNG                         -                   139,395
Settlement of interest rate swaps                                                   -                  (143,295)
Other                                                                         (30,682)                  (10,425)
- --------------------------------------------------------------------- ------------------------ -------------------------
<B>Net financing cash flow</B>                                                      (343,814)                 (789,820)
- --------------------------------------------------------------------- ------------------------ -------------------------

<B>INVESTING ACTIVITIES</B>
Expenditures for vessels and equipment                                       (156,801)                 (160,729)
Proceeds from sale of vessels and equipment                                   312,972                   433,748
Other                                                                          (4,369)                  (10,194)
- --------------------------------------------------------------------- ------------------------ -------------------------
<B>Net investing cash flow</B>                                                       151,802                   262,825
- --------------------------------------------------------------------- ------------------------ -------------------------

<B>Increase (decrease) in cash and cash equivalents</B>                               50,244                  (180,205)
Cash and cash equivalents, beginning of the period                            236,984                   427,037
- --------------------------------------------------------------------- ------------------------ -------------------------
<B>Cash and cash equivalents, end of the period </B>                                 287,228                   246,832
========================================================================================================================
</PRE>

<PAGE>

<PRE>
- ------------------------------------------------------------------------------------------------------------------------
                                              <B>TEEKAY SHIPPING CORPORATION
                                     APPENDIX A &#150; 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&#146;s net income
for the three and six months ended June 30, 2006 and 2005, all of which items are typically excluded by securities
analysts in their published estimates of the Company&#146;s financial results:

- ------------------------------------------------------------------------------------------------------------------------
                                                                          <B><U>Three Months Ended</U>     <U>Six Months Ended</U>
                                                                            <U>June 30, 2006</U>          <U>June 30, 2006</U>
                                                                             (unaudited)            (unaudited)
                                                                                     $ Per                $ Per
                                                                              $      Share         $      Share</B>
- ------------------------------------------------------------------------ ---------- --------- ---------- ---------
Gain on sale of vessels                                                       500      0.01      1,107      0.01
Foreign currency exchange losses  (1)                                     (15,252)    (0.20)   (24,194)    (0.32)
Deferred income tax expense on unrealized foreign exchange gains (2)       (6,966)    (0.09)   (10,583)    (0.14)
Write down of vessels and equipment                                        (2,150)    (0.03)    (2,150)    (0.03)
Loss on bond repurchases (8.875% Notes due 2011)                                -         -       (375)        -
Restructuring charge (3)                                                   (2,579)    (0.04)    (4,466)    (0.06)
Loss on expiry of options to construct LNG carriers  (4)                   (3,000)    (0.04)    (6,102)    (0.08)
- ------------------------------------------------------------------------ ---------- --------- ---------- ---------
Total                                                                     (29,447)    (0.39)   (46,763)    (0.62)
======================================================================== ========== ========= ========== =========

- ------------------------------------------------------------------------------------------------------------------------
                                                                           <B><U>Three Months Ended</U>      <U>Six Months Ended</U>
                                                                             <U>June 30, 2005</U>           <U>June 30, 2005</U>
                                                                              (unaudited)             (unaudited)
                                                                                      $ Per                 $ Per
                                                                              $       Share         $       Share</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
Write down of vessels and equipment                                       (10,201)    (0.12)    (10,201)    (0.12)
Loss on bond repurchase (8.875% Notes due 2011)                            (8,775)    (0.10)     (8,775)    (0.10)

- ------------------------------------------------------------------------ ---------- ---------- ---------- ----------
Total                                                                      12,742      0.15     146,462      1.69
======================================================================== ========== ========== ========== ==========

</PRE>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)</FONT></TD>
          <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Foreign currency exchange gains and losses (net of minority owners&#146; share)
          primarily relate to the Company&#146;s debt denominated in Euros and deferred
          tax liability denominated in Norwegian Kroner. Nearly all of the Company&#146;s
          foreign currency exchange gains and losses are unrealized.</FONT></TD>
          </TR>
          </TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)</FONT></TD>
          <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Portion of deferred income tax related to unrealized foreign exchange gains and
          losses.</FONT></TD>
          </TR>
          </TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)</FONT></TD>
          <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          Restructuring charge in 2006 relates primarily to the relocation of certain
          operational functions.</FONT></TD>
          </TR>
          </TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4)</FONT></TD>
          <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          During February and June 2006, options to order four newbuilding LNG carriers
          expired. Of the $12 million cost of these options, $6 million was forfeited and
          expensed in the first six months of 2006, and $6 million is to be applied
          against any LNG newbuildings which Teekay may order at these particular
          shipyards during 2006.</FONT></TD>
          </TR>
          </TABLE>
<BR>
<BR>
<BR>
<BR>

<PAGE>

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

                                                        <B><U>Three Months Ended June 30, 2006</U>
                                                                   (unaudited)
                                       Fixed-Rate
                                         Tanker           Fixed-Rate         Spot Tanker
                                         Segment          LNG Segment          Segment            Total</B>
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Net voyage revenues (1)                  159,230             22,119            129,821            311,170
Vessel operating expenses                 33,012              4,828             13,863             51,703
Time-charter hire expense                 44,462                  -             50,241             94,703
Depreciation and amortization             29,294              7,755             13,108             50,157
General and administrative                15,878              3,374             22,204             41,456
Writedown / (gain) on sale of
  vessels and equipment                    1,950                  -               (300)             1,650
Restructuring charge                           -                  -              2,579              2,579
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Income from vessel operations             34,634              6,162             28,126             68,922
================================== ================== ================== ================== ==================

                                                        <B><U>Three Months Ended March 31, 2006</U>
                                                                   (unaudited)
                                       Fixed-Rate
                                         Tanker           Fixed-Rate         Spot Tanker
                                         Segment          LNG Segment          Segment            Total</B>
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Net voyage revenues (1)                  172,537             23,700            196,148            392,385
Vessel operating expenses                 34,883              3,693             14,648             53,224
Time-charter hire expense                 49,921                  -             54,503            104,424
Depreciation and amortization             29,611              7,678             13,195             50,484
General and administrative                14,539              3,381             22,340             40,260
Gain on sale of vessels and
  equipment                                 (105)                 -               (502)              (607)
Restructuring charge                           -                  -              1,887              1,887
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Income from vessel operations             43,688              8,948             90,077            142,713
================================== ================== ================== ================== ==================

                                                        <B><U>Three Months Ended June 30, 2005</U>
                                                                   (unaudited)
                                       Fixed-Rate
                                         Tanker           Fixed-Rate         Spot Tanker
                                         Segment          LNG Segment          Segment            Total</B>
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Net voyage revenues (1)                  171,856             24,776            185,212            381,844
Vessel operating expenses                 31,453              3,820             16,068             51,341
Time-charter hire expense                 52,174                  -             72,280            124,454
Depreciation and amortization             30,099              7,523             12,684             50,306
General and administrative                13,607              3,262             23,310             40,179
Writedown / (gain) on sale of
  vessels and equipment                   10,253                  -            (26,147)           (15,894)
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Income from vessel operations             34,270             10,171             87,017            131,458
================================== ================== ================== ================== ==================

</PRE>
<PAGE>
<PRE>

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

                                                        <B><U>Six Months Ended June 30, 2006</U>
                                                                   (unaudited)
                                       Fixed-Rate
                                         Tanker           Fixed-Rate         Spot Tanker
                                         Segment          LNG Segment          Segment            Total</B>
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Net voyage revenues (1)                  331,767             45,819            325,969            703,555
Vessel operating expenses                 67,895              8,521             28,511            104,927
Time-charter hire expense                 94,383                  -            104,744            199,127
Depreciation and amortization             58,905             15,433             26,303            100,641
General and administrative                30,417              6,755             44,544             81,716
Writedown / (gain) on sale of
  vessels and equipment                    1,845                  -               (802)             1,043
Restructuring charge                           -                  -              4,466              4,466
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Income from vessel operations             78,322             15,110            118,203            211,635
================================== ================== ================== ================== ==================

                                                        <B><U>Six Months Ended June 30, 2005</U>
                                                                   (unaudited)
                                       Fixed-Rate
                                         Tanker           Fixed-Rate         Spot Tanker
                                         Segment          LNG Segment          Segment            Total</B>
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Net voyage revenues (1)                  329,733             48,993            422,000            800,726
Vessel operating expenses                 63,743              8,163             33,875            105,781
Time-charter hire expense                 94,540                  -            138,496            233,036
Depreciation and amortization             60,794             15,045             28,550            104,389
General and administrative                26,040              6,202             41,635             73,877
Writedown / (gain) on sale of
    vessels and equipment                  5,369                  -           (123,116)          (117,747)
- ---------------------------------- ------------------ ------------------ ------------------ ------------------
Income from vessel operations             79,247             19,583            302,560            401,390
================================== ================== ================== ================== ==================
</PRE>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)</FONT></TD>
          <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
          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 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></TD>
          </TR>
          </TABLE>

<PAGE>
<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>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 (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This release contains forward-looking
statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended)
which reflect management&#146;s current views with respect to certain future events and
performance, including statements regarding: the Company&#146;s future growth prospects;
tanker market fundamentals, including the balance of supply and demand in the tanker
market, and spot tanker charter rates; the Company&#146;s future capital expenditure
commitments and the financing requirements for such commitments; the offers to Teekay LNG
of Teekay&#146;s interests in LNG projects; the proposed initial public offering of Teekay
Offshore Partners L.P., and the timing of filing a registration statement relating to the
initial public offering; and the timing of newbuilding deliveries and the commencement of
charter contracts. The following factors are among those that could cause actual results
to differ materially from the forward-looking statements, which involve risks and
uncertainties, and that should be considered in evaluating any such statement: changes in
production of or demand for oil, petroleum products and LNG, either generally or in
particular regions; greater or less than anticipated levels of tanker newbuilding orders
or greater or less than anticipated rates of tanker scrapping; changes in trading patterns
significantly affecting overall 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 or demand for shuttle tankers; the potential for early
termination of long-term contracts and inability of the Company to renew or replace
long-term contracts; changes affecting the offshore tanker market; conditions in the
United States capital markets, particularly those affecting valuations of master limited
partnerships; shipyard production delays; the Company&#146;s future capital expenditure
requirements; the Company&#146;s and Teekay LNG&#146;s potential inability to raise
financing to purchase additional vessels; 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, 2005. 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-----
