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<SEC-DOCUMENT>0000945234-07-000263.txt : 20070419
<SEC-HEADER>0000945234-07-000263.hdr.sgml : 20070419
<ACCEPTANCE-DATETIME>20070418184121
ACCESSION NUMBER:		0000945234-07-000263
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070417
FILED AS OF DATE:		20070419
DATE AS OF CHANGE:		20070418

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:		07774541

	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>o35809e6vk.htm
<DESCRIPTION>PRESS RELEASE DATE APRIL 17, 2007
<TEXT>
<HTML>
<HEAD>
<TITLE>PRESS RELEASE DATE APRIL 17, 2007</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 6-K</B>


<P align="center" style="font-size: 12pt"><B>Report of Foreign Private Issuer</B>



<P align="center" style="font-size: 12pt; margin-top: 9pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</B>



<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><HR size="1" noshade width="20%" align="center" color="#000000">
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Date of report:&nbsp;&nbsp;April&nbsp;17, 2007</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 9pt"><B>Commission file number:&nbsp;&nbsp;1-12874</B>

</DIV>

<P align="center" style="font-size: 24pt"><B>TEEKAY SHIPPING CORPORATION</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="70%" align="center" color="#000000">
(Exact name of Registrant as specified in its charter)</DIV>



<P align="center" style="font-size: 10pt; margin-top: 18pt">Bayside House<BR>
Bayside Executive Park<BR>
West Bay Street &#038; Blake Road<BR>
P.O. Box AP-59212, Nassau, The Bahamas


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="32%" align="center" color="#000000">
(Address of principal executive office)</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.&#093;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
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<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40- F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;

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    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
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    <TD width="47%">&nbsp;</TD>
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    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;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&nbsp;12g3-2(b) under
the Securities Exchange Act of 1934.&#093;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection
with Rule&nbsp;12g3-2(b):82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1 &#151; Information Contained in this Form&nbsp;6-K Report</B>
</DIV>


<DIV align="left" style="margin-top: 12pt; margin-left: 8%; margin-right:20%; font-size: 10pt">Attached as Exhibit&nbsp;I is a copy of an announcement of Teekay Shipping Corporation (the&nbsp;&#147;Company&#148;), dated April&nbsp;17, 2007.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION
STATEMENTS OF THE COMPANY.</B>
</DIV>


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM F-3 (NO. 33-97746) FILED WITH THE SEC ON OCTOBER 4, 1995;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM S-8 (NO. 333-42434) FILED WITH THE SEC ON JULY 28, 2000;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM F-3 (NO. 333-102594) FILED WITH THE SEC ON JANUARY 17, 2003; AND</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM S-8 (NO. 333-119564) FILED WITH THE SEC ON OCTOBER 6, 2004</B></TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; margin-top: 30pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&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.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TEEKAY SHIPPING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: April 17, 2007</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Vincent Lok&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vincent Lok&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President and Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD rowspan="4" valign="top"><DIV style="margin-left:5px; text-indent:-0px"><IMG src="o35809o3580900.gif" alt="(TEEKAY SHIPPING CORPORATION LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>TEEKAY SHIPPING
CORPORATION</B><br>
<B>Bayside House, Bayside Executive Park, West Bay Street &#038;
Blake Road</B><br>
<B>P.O. Box AP-59212, Nassau, Bahamas</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NEWS RELEASE</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TEEKAY ANNOUNCES JOINT ACQUISITION<BR>
OF OMI CORPORATION</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nassau, The Bahamas, April&nbsp;17, 2007 &#151; Teekay Shipping Corporation (<I>Teekay </I>or <I>the Company</I>)
(NYSE: TK) today announced that Teekay and A/S Dampskibsselskabet TORM (<I>TORM</I>) (CSE: TORM and
NASDAQ: TRMD) have entered into a definitive agreement to acquire OMI Corporation (<I>OMI</I>) (NYSE:
OMM), a major international owner and operator of Suezmax and product tankers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the agreement, Teekay and TORM will offer $29.25 per share for the outstanding common shares
of OMI, representing a total transaction cost of approximately $2.2&nbsp;billion, including assumed net
debt and transaction costs. Teekay will pay approximately $1.1&nbsp;billion for its 50&nbsp;percent share of
OMI&#146;s assets and expects the acquisition to provide cash flow from vessel operations of
approximately $145&nbsp;million<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP> in 2008. Teekay will fund the acquisition with a
combination of cash on hand, existing revolving credit facilities and a new $700&nbsp;million credit
facility. Teekay estimates that the acquisition will be immediately accretive to earnings in 2007,
and increase its 2008 earnings per share by approximately 10&nbsp;percent<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Teekay will acquire seven Suezmax tankers, four Medium Range product tankers and four Handysize
product tankers (including one newbuilding scheduled to deliver in 2009), and will also assume the
in-charters of a further six Suezmaxes. The vessels will provide Teekay with stable cash flow as
18 of the 21 ships to be acquired are currently serving under fixed-rate time-charters that have an
average remaining term of 2.5&nbsp;years. The OMI fleet is entirely double-hull and has an
average age of approximately four years. In addition, Teekay will take over OMI&#146;s third party
asset management business including the vessels trading in the Gemini Pool.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The combined Teekay/OMI Suezmax fleet will consist of 33 existing tankers and 10 newbuildings, and
it is expected that the combination will create revenue synergies through greater scale and higher
fleet utilization in Teekay&#146;s existing Suezmax business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The acquisition of eight Medium-Range and Handysize product tankers to be acquired from OMI doubles
Teekay&#146;s fleet of medium-sized product tankers, and compliments the Company&#146;s growing presence in
both Large Range II and Intermediate product tankers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;The OMI assets are a great strategic fit, both in terms of allowing us to offer our customers a
broader, more flexible service and the opportunity to generate significant revenue synergies across
our conventional tanker fleet,&#148; said Bjorn Moller, Teekay&#146;s President and Chief Executive Officer.
&#147;This transaction represents another step in the consolidation of the tanker industry and it
positions Teekay as the clear leader in the medium-sized crude oil tanker segment while also
strengthening our growing product tanker business.&#148; Mr.&nbsp;Moller continued, &#147;In addition to acquiring
one of the world&#146;s most modern tanker fleets we will also be adding to Teekay&#146;s asset management
business through OMI&#146;s chartering pools and alliances.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the agreement, Teekay and TORM are required to commence a tender offer to the OMI
shareholders on or before April&nbsp;27, 2007. The tender offer will be subject to acceptance from OMI
shareholders representing over 50&nbsp;percent of OMI&#146;s outstanding shares as well as receipt of
standard regulatory approvals. If the tender is successful, the transaction is expected to close
during the second quarter of 2007. OMI will promptly file a copy of the definitive agreement with
the Securities and Exchange Commission.
<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR style="font-size: 0pt">
<td width="2%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="96%">&nbsp;</td>
</tr>


<TR valign="top">
<TD>(1)</TD>
<td>&nbsp;</td>

  <TD>Assuming average spot Suezmax TCE rate of $45,000 per day in 2008. Please see
the associated presentation to this release at the Company&#146;s Web
site at <u>www.teekay.com</u> for a reconciliation of this non-GAAP measure to the most directly comparable GAAP financial measure.</TD>
 </TR>
 <TR>
<TD>(2)</TD>

  <TD>&nbsp;</TD>
  <TD>Assuming Teekay&#146;s earnings per share (excluding OMI) of $4.50 in 2008
</TD>
 </TR>
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --><b>- more -</b><!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Conference Call</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company plans to host a conference call on Wednesday, April&nbsp;18, 2007 at 11:00&nbsp;a.m. (ET)&nbsp;to
discuss this transaction. All shareholders and interested parties are invited to listen to the live
conference call and view the Company&#146;s presentation through the Company&#146;s web site at
www.teekay.com. The Company plans to make available a recording of the conference call until
midnight Wednesday, April&nbsp;25, 2007 by dialing 800-642-1687 or 706-645-9291, access code 6116113, or
via the Company&#146;s Web site for a period of 30&nbsp;days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Teekay</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Teekay Shipping Corporation transports more than 10&nbsp;percent of the world&#146;s seaborne oil, has
expanded into the liquefied natural gas shipping sector through its publicly-listed subsidiary,
Teekay LNG Partners L.P. (NYSE: TGP), and is further growing its operations in the offshore
production, storage and transportation sector through its publicly-listed subsidiary, Teekay
Offshore Partners L.P. (NYSE: TOO). With a fleet of over 155 vessels, offices in 17 countries and
5,600 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Teekay&#146;s common stock is listed on the New York Stock Exchange where it trades under the symbol
&#147;TK&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>About OMI</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OMI Corporation is a major international owner and operator of tankers. Its fleet aggregates
approximately 3.5&nbsp;million deadweight tons and comprises 13 Suezmax tankers (7 of which it owns and
6 of which are chartered-in) and 32 product carriers (of which it owns 28 and charters-in 4). In
addition, the Company has 2 product carriers under construction, which will be delivered in 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>OMI Fleet to be Acquired by Teekay</B>

</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">(USD in millions)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Vessel Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Ownership</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year Built</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Yard</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DWT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Hull</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Age</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="3" align="left"><B>SUEZMAXES</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ANGELICA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">159,106</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JANET</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">149,985</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADAIR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">159,199</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARLENE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">165,209</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">INGEBORG</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">165,209</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DAKOTA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2002</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">159,435</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2002</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">159,453</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAPE BONNY</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">159,062</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAPE BASTIA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">159,062</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HS ALCINA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2001</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Daewoo</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">160,183</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">11</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CAPE BANTRY</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">159,999</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">12</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MAX JACOB</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Daewoo</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">157,327</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">13</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OLIVER JACOB</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1999</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Daewoo</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">157,327</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.6</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>MR TANKERS</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">14</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BRAZOS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">46,889</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">15</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LAUREN</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">46,955</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">16</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JEANETTE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">46,921</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">17</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GUADALUPE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Onomichi</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">47,037</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.5</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>HANDYSIZE TANKERS</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">18</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RHINE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2006</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36,993</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">19</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ORONTES</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2002</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">37,383</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">20</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEINE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1999</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Daedong</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">35,407</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8.0</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">21</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NEWBUILD 2, Ice Class 1A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2009</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Hyundai</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">37,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DH</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.5</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>4.4</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><b>- more -</b><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forward looking statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This release contains forward-looking statements (as defined in Section&nbsp;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 closing of Teekay and TORM&#146;s
acquisition of OMI; the timing of circulating the tender offer and subsequent outcome of the
tender; the expected earnings accretion, synergies, and cash flow from vessel operations to be
generated by the assets acquired from OMI; and the individual assets to be acquired by Teekay and
TORM. 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: potential failure to close the transaction; potential
inability of Teekay to integrate OMI&#146;s operations successfully, including the retention of key
employees, customer and market reaction to the transaction; changes in production of or demand for
oil and petroleum products, either generally or in particular regions; greater than anticipated
levels of tanker newbuilding orders or less than anticipated rates of tanker scrapping; changes in
trading patterns significantly impacting overall tanker tonnage requirements; potential breach of
the newbuilding contracts by any of the parties, potential delays or non-delivery of the
newbuildings; changes in applicable industry regulations; changes in the typical seasonal
variations in tanker charter rates; and other factors discussed in Teekay&#146;s Report on Form 20-F for
the fiscal year ended December&nbsp;31, 2005 which is on file with the SEC.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">For Investor Relations enquiries contact:<BR>
Scott Gayton<BR>
Tel: &#043;1 (604)&nbsp;844-6654
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">For Media enquiries contact:<BR>
Kim Barbero<BR>
Tel: &#043;1 (604)&nbsp;609-4703<BR>
Web site: <u>www.teekay.com</u>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><b>- end -</b><!-- /Folio -->
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