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<TITLE>S-8</TITLE>
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<P align="center" style="font-size: 10pt"><B>As filed with the Securities and Exchange Commission on October&nbsp;6, 2004</B>



<DIV align="right" style="font-size: 10pt; margin-right: 70px"><B>Registration No.&nbsp;333-</B></DIV>



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<DIV align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></DIV>

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


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<DIV align="center" style="font-size: 18pt"><B>FORM S-8</B></DIV>


<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></DIV>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="15%" align="center">


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

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
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<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Republic of the Marshall Islands</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" nowrap>(State or other jurisdiction of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>TK House<BR>
Bayside Executive Park<BR>
West Bay Street &#038; Blake Road<BR>
Nassau<BR>
THE BAHAMAS</B><BR>
(Address of principal executive offices, including zip code)



<P align="center" style="font-size: 10pt"><B>TEEKAY SHIPPING CORPORATION<BR>
AMENDED 1995 STOCK OPTION PLAN<BR>
2003 EQUITY INCENTIVE PLAN</B><BR>
(Full title of the plans)<BR><BR>

<B>LAWCO OF OREGON, INC.<BR>
Perkins Coie LLP<BR>
1120 N.W. Couch Street, 10<SUP>th</SUP> Floor<BR>
Portland, Oregon 97209<BR>
Attention: Debra L. Bergstrom<BR>
(503)&nbsp;727-2000</B><BR>
(Name, address and telephone number, including area code, of agent for service)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="15%" align="center">



<P align="center" style="font-size: 10pt"><B>Copies to:</B>



<P align="center" style="font-size: 10pt"><B>DAVID S. MATHESON<BR>
DANIELLE BENDERLY<BR>
Perkins Coie LLP<BR>
1120 N.W. Couch Street, 10<SUP>th</SUP> Floor<BR>
Portland, Oregon 97209</B>



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<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number to Be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>to Be Registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered(1)(2)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering Price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee(5)</B><HR size="1" noshade></TD>
</TR>

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    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock, par
value $0.001 per
share, together
with associated
common stock
purchase rights,
subject to
outstanding options
issued under the
Amended 1995 Stock
Option Plan.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,245,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">19.529</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">24,321,455.66</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,081.528</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock, par
value $0.001 per
share, together
with associated
common stock
purchase rights,
subject to
outstanding options
issued under the
2003 Equity
Incentive Plan.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">815,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">33.688</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">27,470,542.72</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,480.518</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock, par
value $0.001 per
share, together
with associated
common stock
purchase rights,
issuable under the
2003 Equity
Incentive Plan.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,910,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">44.445</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">84,949,237.32</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,763.068</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,971,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">136,741,235.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,325.11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

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<A name="toc"><DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
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	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II INFORMATION REQUIRED IN REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Certain Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption From Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">INDEX TO EXHIBITS</A></TD></TR>
</TABLE>
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<P>
<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="4%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on shares subject to outstanding options pursuant to the Amended
1995 Stock Option Stock Plan (the &#147;1995 Plan&#148;) and shares subject to
outstanding options or reserved for future issuance pursuant to the 2003
Equity Incentive Plan (the &#147;2003 Plan&#148;), together with an indeterminate
number of additional shares which may be necessary to adjust the number of shares reserved for issuance pursuant to such employee benefit plans as
the result of any future stock split, stock dividend or similar adjustment
of the registrant&#146;s outstanding Common Stock.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant suspended the 1995 Plan with respect to issuances of new
stock option grants thereunder, effective as of September&nbsp;10, 2003, and
adopted a new plan, the 2003 Plan, effective as of September&nbsp;10, 2003.
Pursuant to the terms of the 2003 Plan, 2,754,598 shares previously
available for issuance but not issued or subject to outstanding options
under the 1995 Plan may now be issued under the 2003 Plan in the future.
Shares subject to outstanding options under the 1995 Plan that cease to be
subject to such options in the future, other than by reason of exercise or
settlement of the options to the extent they are exercised for or settled
in shares, will no longer be available for issuance under the 1995 Plan
but will be available for issuance under the 2003 Plan, up to an aggregate
maximum of 5,153,356 shares, which includes 1,245,402 shares being
registered on this Registration Statement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee
pursuant to Rule 457(c) under the Securities Act of 1933, as amended,
based on the weighted average exercise price per share covering issued but
unexercised options under the 1995 Plan and the 2003 Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee
pursuant to Rule 457(c) under the Securities Act of 1933, as amended,
based on the average of the high ($45.20) and low ($43.71) sales prices
for the Common Stock on October&nbsp;4, 2004, as reported for such date on the
New York Stock Exchange.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of the Registration fee was calculated pursuant to Section
6(b) of the Securities Act of 1933 which provides that the fee shall be
$126.70 per $1,000,000 of the proposed maximum aggregate offering price of
the securities proposed to be registered.</TD>
</TR>

</TABLE>


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</TABLE>

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

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


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</TABLE>

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<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II<BR>
INFORMATION REQUIRED IN REGISTRATION STATEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement is filed with respect to 3,971,746 shares of
Common Stock, of which 1,245,402 shares may be issued under the Amended 1995
Stock Option Plan (the &#147;1995 Plan&#148;) and 2,726,344 shares may be issued under
the 2003 Equity Incentive Plan (the &#147;2003 Plan&#148;) of Teekay Shipping
Corporation (the &#147;Registrant&#148;). An aggregate of 16,597,142 shares of the
Registrant&#146;s Common Stock were previously authorized for issuance under the
1995 Plan (as adjusted for the Registrant&#146;s two-for-one stock split, effective
May&nbsp;2004), of which 12,597,142 shares were previously registered with the
Securities and Exchange Commission (the &#147;Commission&#148;) on the Registration
Statements on Form S-8, filed with the Commission on July&nbsp;28, 2000
(Registration Number 333-42434) and on October&nbsp;27, 1995. The Registrant
suspended the 1995 Plan with respect to issuances of new stock option grants
thereunder and adopted the 2003 Plan, effective as of September&nbsp;10, 2003.
Pursuant to the terms of the 2003 Plan, 2,754,598 shares previously available
for issuance but not issued or subject to outstanding options under the 1995
Plan may be issued under the 2003 Plan. Shares subject to outstanding options
under the 1995 Plan that cease to be subject to such options, other than by
reason of exercise or settlement of the options to the extent that they are
exercised for or settled in shares, will no longer be available for issuance
under the 1995 Plan but will be available under the 2003 Plan, up to an
aggregate maximum of 5,153,356 shares, which includes 1,245,402 shares being
registered on this Registration Statement.

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<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Certain Documents by Reference</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission
are hereby incorporated by reference in this Registration Statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Annual Report of the Registrant on Form 20-F for the year ended
December&nbsp;31, 2003, which contains audited financial statements of the
registrant;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The description of the Registrant&#146;s Common Stock contained in the
Registration Statement on Form 20-F filed with the Commission on July&nbsp;10, 1995,
including any amendments or reports filed for the purpose of updating such
description; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All other reports filed by the registrant pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
since the end of the period covered by the Annual Report on Form 20-F
referenced above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the registrant pursuant to Sections&nbsp;13(a), 13(c),
14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), after the date hereof, and prior to the filing of a post-effective
amendment which indicates that the securities offered hereby have been sold or
which deregisters the securities covered hereby then remaining unsold, shall
also be deemed to be incorporated by reference into this Registration Statement
and to be a part hereof commencing on the respective dates on which such
documents are filed.

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<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


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

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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teekay Shipping Corporation is a Marshall Islands corporation. The
Marshall Islands Business Corporation Act (&#147;MIBCA&#148;) provides that a Marshall
Islands corporation shall have the power to indemnify any person who was or is
a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by
reason of the fact that he is or was a director or officer of the corporation,
or is or was serving at the request of the corporation as a director or officer
of another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys&#146; fees, judgments, fines and amounts paid
in settlement) actually and reasonably incurred by him in connection with such
action, suit or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful. The termination of any
action, suit or proceeding by judgment, order, settlement, conviction, or upon
a plea of no contest, or its equivalent, shall not, of itself, create a
presumption that the person did not act in good faith and in a manner which he
reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, had
reasonable cause to believe his conduct was unlawful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Marshall Islands corporation also has the power to indemnify any person
who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to
procure a judgment in its favor by reason of the fact that he is or was a
director or officer of the corporation, or is or was serving at the request of
the corporation as a director or officer of another corporation, partnership,
joint venture, trust or other enterprise against expenses (including attorneys&#146;
fees) actually and reasonably incurred by him or in connection with the defense
or settlement of such action or suit if he acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable for negligence or misconduct in the performance of his duty to the
corporation unless and only to the extent that the court in which such action
or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses
which the court shall deem proper.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a director or officer of a Marshall Islands corporation
has been successful on the merits or otherwise in defense of any action, suit
or proceeding referred to in the preceding paragraphs, or in the defense of a
claim, issue or matter therein, he shall be indemnified against expenses
(including attorneys&#146; fees) actually and reasonably incurred by him in
connection therewith. Expenses incurred in defending a civil or criminal
action, suit or proceeding may be paid in advance of the final disposition of
such action, suit or proceeding as authorized by the board of directors in the
specific case upon receipt of an undertaking by or on behalf of the director or
officer to repay such amount unless it shall ultimately be determined that he
is entitled to be indemnified by the corporation as authorized in the MIBCA.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, a Marshall Islands corporation has the power to purchase and
maintain insurance on behalf of any person who is or was a director or officer
of the corporation or is or was serving at the request of the corporation as a
director or officer against any liability asserted against him and incurred by
him in such capacity whether or not the corporation would have the power to
indemnify him against such liability under the provisions of the MIBCA.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;F of the Registrant&#146;s Articles of Incorporation, as amended,
provides that to the fullest extent permitted under the MIBCA, a director of
the Registrant shall not be liable to the Registrant or its shareholders for
monetary damages for breach of fiduciary duty as a director. Section&nbsp;10.00 of
the


<P align="center" style="font-size: 10pt">&nbsp;
</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">
<P align="left" style="font-size: 10pt">Registrant&#146;s Bylaws provides that any person who is made party to a
proceeding by virtue of being an officer or director of the Registrant or,
being or having been such a director or officer or an employee of the
Registrant, serving at the request of the Registrant as a director, officer,
employee or agent of another corporation or other enterprise, shall be
indemnified and held harmless to the fullest extent permitted by the MIBCA
against any and all expense, liability, loss (including attorneys&#146; fees,
judgments, fines or penalties and amounts paid in settlement) actually incurred
or suffered by such person in connection with the proceeding.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains a directors&#146; and officers&#146; liability insurance
policy that, subject to the limitations and exclusions stated therein, covers
the Registrant&#146;s officers and directors for certain actions or inactions that
they may take or omit in their capacities as officers and directors of the
Registrant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant has entered into separate indemnification
agreements with some of its officers and directors. These indemnification
agreements provide for indemnification of the director or officer against all
expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative
or investigative, except to the extent that such person is otherwise
indemnified, such action, suit or proceeding arose out of such person&#146;s
intentional misconduct, knowing violation of law or out of a transaction in
which such director or officer is finally judicially determined to have derived
an improper personal benefit, or if it shall be determined by a final judgment
or other final adjudication that such indemnification was not lawful.

<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption From Registration Claimed</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">5.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Watson, Farley &#038;
Williams regarding legality of the Common Stock being registered</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">23.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young, Chartered Accountants</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">23.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Watson, Farley &#038; Williams (included in opinion filed as Exhibit 5.1)</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">24.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page)</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">99.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping Corporation Amended 1995 Stock Option Plan</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">99.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping Corporation 2003 Equity Incentive Plan</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings</B>



<P align="left" style="font-size: 10pt">A. The undersigned registrant hereby undertakes:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or


<P align="center" style="font-size: 10pt">&nbsp;
</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">
<P align="left" style="font-size: 10pt">in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement.

<P align="left" style="font-size: 10pt">Provided, however, that paragraphs (A)(1)(a) and (A)(1)(b) of this section do
not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed by the
registrant pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act of 1934
that are incorporated by reference in this Registration Statement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.

<P align="left" style="font-size: 10pt">B. The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant&#146;s annual report pursuant to Section 13(a) or 15(d) of the Exchange
Act (and, where applicable, each filing of an employee benefits plan&#146;s annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in this Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">C. Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.



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



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Vancouver, Province of British Columbia, on the 6th
day of October, 2004.


<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">&nbsp;</TD>
    <TD colspan="3">TEEKAY SHIPPING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Bjorn Moller
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Bjorn Moller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose individual signature appears below hereby authorizes
Bjorn Moller and Peter Evensen, or either of them, as attorneys-in-fact with
full power of substitution, to execute in the name and on the behalf of each
person, individually and in each capacity stated below, and to file, any and
all amendments to this Registration Statement, including any and all
post-effective amendments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated below on the 6th day of October, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center">/s/ Bjorn Moller<BR>
<HR size="1" noshade width="100%" align="left">
Bjorn Moller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive Officer and Director
(Principal Executive Officer)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">/s/ Peter Evensen<BR>
<HR size="1" noshade width="100%" align="left">
Peter Evensen
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief
Financial Officer (Principal Financial and
Accounting&nbsp;Officer)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">/s/ C. Sean Day
<HR size="1" noshade width="100%" align="left">
C. Sean Day
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Chairman of the Board</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">/s/ Axel Karlshoej<BR>
<HR size="1" noshade width="100%" align="left">
Axel Karlshoej
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Chairman Emeritus</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">/s/ Bruce C. Bell
<HR size="1" noshade width="100%" align="left">
Bruce C. Bell
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Secretary</TD>

</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">/s/ Dr.&nbsp;Ian Blackburne
<HR size="1" noshade width="100%" align="left">
Dr.&nbsp;Ian Blackburne
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">/s/ Eileen Mercier<BR>
<HR size="1" noshade width="100%" align="left">
Eileen Mercier
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">/s/ Thomas Kuo-Yuen Hsu<BR>
<HR size="1" noshade width="100%" align="left">
Thomas Kuo-Yuen Hsu
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">/s/ Leif O. H&#246;egh
<HR size="1" noshade width="100%" align="left">
Leif O. H&#246;egh
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">/s/ Tore I. Sandvold
<HR size="1" noshade width="100%" align="left">
Tore I. Sandvold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



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

<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Watson, Farley &#038; Williams regarding legality of the Common Stock
being registered</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young, Chartered Accountants</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Watson, Farley &#038; Williams (included in opinion filed as Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page)</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping Corporation Amended 1995 Stock Option Plan</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-right:30px; text-indent: 0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping Corporation 2003 Equity Incentive Plan</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



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

</BODY>
</HTML>
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{"company-data": {"conformed-name": "TEEKAY SHIPPING CORP", "cik": "0000911971", "assigned-sic": "4412", "irs-number": "000000000", "state-of-incorporation": "1T", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-119564", "film-number": "041068042"}, "business-address": {"street1": "TK HOUSE, BAYSIDE EXECUTIVE PARK", "street2": "WEST BAY ST & BLAKE RD, PO BOX AP-59213", "city": "NASSAU BAHAMAS", "state": "C5", "zip": "00000", "phone": "8093228020"}, "mail-address": {"street1": "SUITE 2000,  BENTALL 5", "street2": "550 BURRARD STREET", "city": "VANCOUVER", "state": "A1", "zip": "V6C 2K2"}, "former-company": {"former-conformed-name": "VIKING STAR SHIPPING INC", "date-changed": "19930914"}}
S-8
As filed with the Securities and Exchange Commission on October 6, 2004
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
TEEKAY SHIPPING CORPORATION
(Exact name of registrant as specified in its charter)
Republic of the Marshall Islands
Not Applicable
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
TK House
Bayside Executive Park
West Bay Street & Blake Road
Nassau
THE BAHAMAS
(Address of principal executive offices, including zip code)
TEEKAY SHIPPING CORPORATION
AMENDED 1995 STOCK OPTION PLAN
2003 EQUITY INCENTIVE PLAN
(Full title of the plans)
LAWCO OF OREGON, INC.
Perkins Coie LLP
1120 N.W. Couch Street, 10
th
Floor
Portland, Oregon 97209
Attention: Debra L. Bergstrom
(503) 727-2000
(Name, address and telephone number, including area code, of agent for service)
Copies to:
DAVID S. MATHESON
DANIELLE BENDERLY
Perkins Coie LLP
1120 N.W. Couch Street, 10
th
Floor
Portland, Oregon 97209
CALCULATION OF REGISTRATION FEE
Title of Securities
Number to Be
Proposed Maximum
Proposed Maximum
Amount of
to Be Registered
Registered(1)(2)
Offering Price
Aggregate Offering Price
Registration Fee(5)
Common Stock, par
value $0.001 per
share, together
with associated
common stock
purchase rights,
subject to
outstanding options
issued under the
Amended 1995 Stock
Option Plan.
1,245,402
$
19.529
(3)
$
24,321,455.66
(3)
$
3,081.528
Common Stock, par
value $0.001 per
share, together
with associated
common stock
purchase rights,
subject to
outstanding options
issued under the
2003 Equity
Incentive Plan.
815,440
$
33.688
(3)
$
27,470,542.72
(3)
$
3,480.518
Common Stock, par
value $0.001 per
share, together
with associated
common stock
purchase rights,
issuable under the
2003 Equity
Incentive Plan.
1,910,904
$
44.445
(4)
$
84,949,237.32
(4)
$
10,763.068
Total
3,971,746
$
136,741,235.49
$
17,325.11
TABLE OF CONTENTS
PART II INFORMATION REQUIRED IN REGISTRATION STATEMENT
Item 3. Incorporation of Certain Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption From Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
INDEX TO EXHIBITS
(1)
Based on shares subject to outstanding options pursuant to the Amended
1995 Stock Option Stock Plan (the "1995 Plan") and shares subject to
outstanding options or reserved for future issuance pursuant to the 2003
Equity Incentive Plan (the "2003 Plan"), together with an indeterminate
number of additional shares which may be necessary to adjust the number of shares reserved for issuance pursuant to such employee benefit plans as
the result of any future stock split, stock dividend or similar adjustment
of the registrant's outstanding Common Stock.
(2)
The Registrant suspended the 1995 Plan with respect to issuances of new
stock option grants thereunder, effective as of September 10, 2003, and
adopted a new plan, the 2003 Plan, effective as of September 10, 2003.
Pursuant to the terms of the 2003 Plan, 2,754,598 shares previously
available for issuance but not issued or subject to outstanding options
under the 1995 Plan may now be issued under the 2003 Plan in the future.
Shares subject to outstanding options under the 1995 Plan that cease to be
subject to such options in the future, other than by reason of exercise or
settlement of the options to the extent they are exercised for or settled
in shares, will no longer be available for issuance under the 1995 Plan
but will be available for issuance under the 2003 Plan, up to an aggregate
maximum of 5,153,356 shares, which includes 1,245,402 shares being
registered on this Registration Statement.
(3)
Estimated solely for the purpose of calculating the registration fee
pursuant to Rule 457(c) under the Securities Act of 1933, as amended,
based on the weighted average exercise price per share covering issued but
unexercised options under the 1995 Plan and the 2003 Plan.
(4)
Estimated solely for the purpose of calculating the registration fee
pursuant to Rule 457(c) under the Securities Act of 1933, as amended,
based on the average of the high ($45.20) and low ($43.71) sales prices
for the Common Stock on October 4, 2004, as reported for such date on the
New York Stock Exchange.
(5)
The amount of the Registration fee was calculated pursuant to Section
6(b) of the Securities Act of 1933 which provides that the fee shall be
$126.70 per $1,000,000 of the proposed maximum aggregate offering price of
the securities proposed to be registered.
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
This Registration Statement is filed with respect to 3,971,746 shares of
Common Stock, of which 1,245,402 shares may be issued under the Amended 1995
Stock Option Plan (the "1995 Plan") and 2,726,344 shares may be issued under
the 2003 Equity Incentive Plan (the "2003 Plan") of Teekay Shipping
Corporation (the "Registrant"). An aggregate of 16,597,142 shares of the
Registrant's Common Stock were previously authorized for issuance under the
1995 Plan (as adjusted for the Registrant's two-for-one stock split, effective
May 2004), of which 12,597,142 shares were previously registered with the
Securities and Exchange Commission (the "Commission") on the Registration
Statements on Form S-8, filed with the Commission on July 28, 2000
(Registration Number 333-42434) and on October 27, 1995. The Registrant
suspended the 1995 Plan with respect to issuances of new stock option grants
thereunder and adopted the 2003 Plan, effective as of September 10, 2003.
Pursuant to the terms of the 2003 Plan, 2,754,598 shares previously available
for issuance but not issued or subject to outstanding options under the 1995
Plan may be issued under the 2003 Plan. Shares subject to outstanding options
under the 1995 Plan that cease to be subject to such options, other than by
reason of exercise or settlement of the options to the extent that they are
exercised for or settled in shares, will no longer be available for issuance
under the 1995 Plan but will be available under the 2003 Plan, up to an
aggregate maximum of 5,153,356 shares, which includes 1,245,402 shares being
registered on this Registration Statement.
Item 3. Incorporation of Certain Documents by Reference
The following documents filed with the Securities and Exchange Commission
are hereby incorporated by reference in this Registration Statement:
(a) Annual Report of the Registrant on Form 20-F for the year ended
December 31, 2003, which contains audited financial statements of the
registrant;
(b) The description of the Registrant's Common Stock contained in the
Registration Statement on Form 20-F filed with the Commission on July 10, 1995,
including any amendments or reports filed for the purpose of updating such
description; and
(c) All other reports filed by the registrant pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
since the end of the period covered by the Annual Report on Form 20-F
referenced above.
All documents filed by the registrant pursuant to Sections 13(a), 13(c),
14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), after the date hereof, and prior to the filing of a post-effective
amendment which indicates that the securities offered hereby have been sold or
which deregisters the securities covered hereby then remaining unsold, shall
also be deemed to be incorporated by reference into this Registration Statement
and to be a part hereof commencing on the respective dates on which such
documents are filed.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers
Teekay Shipping Corporation is a Marshall Islands corporation. The
Marshall Islands Business Corporation Act ("MIBCA") provides that a Marshall
Islands corporation shall have the power to indemnify any person who was or is
a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by
reason of the fact that he is or was a director or officer of the corporation,
or is or was serving at the request of the corporation as a director or officer
of another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys' fees, judgments, fines and amounts paid
in settlement) actually and reasonably incurred by him in connection with such
action, suit or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful. The termination of any
action, suit or proceeding by judgment, order, settlement, conviction, or upon
a plea of no contest, or its equivalent, shall not, of itself, create a
presumption that the person did not act in good faith and in a manner which he
reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, had
reasonable cause to believe his conduct was unlawful.
A Marshall Islands corporation also has the power to indemnify any person
who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to
procure a judgment in its favor by reason of the fact that he is or was a
director or officer of the corporation, or is or was serving at the request of
the corporation as a director or officer of another corporation, partnership,
joint venture, trust or other enterprise against expenses (including attorneys'
fees) actually and reasonably incurred by him or in connection with the defense
or settlement of such action or suit if he acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable for negligence or misconduct in the performance of his duty to the
corporation unless and only to the extent that the court in which such action
or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses
which the court shall deem proper.
To the extent that a director or officer of a Marshall Islands corporation
has been successful on the merits or otherwise in defense of any action, suit
or proceeding referred to in the preceding paragraphs, or in the defense of a
claim, issue or matter therein, he shall be indemnified against expenses
(including attorneys' fees) actually and reasonably incurred by him in
connection therewith. Expenses incurred in defending a civil or criminal
action, suit or proceeding may be paid in advance of the final disposition of
such action, suit or proceeding as authorized by the board of directors in the
specific case upon receipt of an undertaking by or on behalf of the director or
officer to repay such amount unless it shall ultimately be determined that he
is entitled to be indemnified by the corporation as authorized in the MIBCA.
In addition, a Marshall Islands corporation has the power to purchase and
maintain insurance on behalf of any person who is or was a director or officer
of the corporation or is or was serving at the request of the corporation as a
director or officer against any liability asserted against him and incurred by
him in such capacity whether or not the corporation would have the power to
indemnify him against such liability under the provisions of the MIBCA.
Section F of the Registrant's Articles of Incorporation, as amended,
provides that to the fullest extent permitted under the MIBCA, a director of
the Registrant shall not be liable to the Registrant or its shareholders for
monetary damages for breach of fiduciary duty as a director. Section 10.00 of
the
Registrant's Bylaws provides that any person who is made party to a
proceeding by virtue of being an officer or director of the Registrant or,
being or having been such a director or officer or an employee of the
Registrant, serving at the request of the Registrant as a director, officer,
employee or agent of another corporation or other enterprise, shall be
indemnified and held harmless to the fullest extent permitted by the MIBCA
against any and all expense, liability, loss (including attorneys' fees,
judgments, fines or penalties and amounts paid in settlement) actually incurred
or suffered by such person in connection with the proceeding.
The Registrant maintains a directors' and officers' liability insurance
policy that, subject to the limitations and exclusions stated therein, covers
the Registrant's officers and directors for certain actions or inactions that
they may take or omit in their capacities as officers and directors of the
Registrant.
In addition, the Registrant has entered into separate indemnification
agreements with some of its officers and directors. These indemnification
agreements provide for indemnification of the director or officer against all
expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative
or investigative, except to the extent that such person is otherwise
indemnified, such action, suit or proceeding arose out of such person's
intentional misconduct, knowing violation of law or out of a transaction in
which such director or officer is finally judicially determined to have derived
an improper personal benefit, or if it shall be determined by a final judgment
or other final adjudication that such indemnification was not lawful.
Item 7. Exemption From Registration Claimed
Not applicable.
Item 8. Exhibits
Exhibit
Number
Description
5.1
Opinion of Watson, Farley &
Williams regarding legality of the Common Stock being registered
23.1
Consent of Ernst & Young, Chartered Accountants
23.2
Consent of Watson, Farley & Williams (included in opinion filed as Exhibit 5.1)
24.1
Power of Attorney (see signature page)
99.1
Teekay Shipping Corporation Amended 1995 Stock Option Plan
99.2
Teekay Shipping Corporation 2003 Equity Incentive Plan
Item 9. Undertakings
A. The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(a) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933, as amended (the "Securities Act").
(b) To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement.
(c) To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement.
Provided, however, that paragraphs (A)(1)(a) and (A)(1)(b) of this section do
not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed by the
registrant pursuant to Section 13 or Section 15(d) of the Exchange Act of 1934
that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
B. The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange
Act (and, where applicable, each filing of an employee benefits plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in this Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
C. Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Vancouver, Province of British Columbia, on the 6th
day of October, 2004.
TEEKAY SHIPPING CORPORATION
By:
/s/ Bjorn Moller
Bjorn Moller
President and Chief Executive Officer
POWER OF ATTORNEY
Each person whose individual signature appears below hereby authorizes
Bjorn Moller and Peter Evensen, or either of them, as attorneys-in-fact with
full power of substitution, to execute in the name and on the behalf of each
person, individually and in each capacity stated below, and to file, any and
all amendments to this Registration Statement, including any and all
post-effective amendments.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated below on the 6th day of October, 2004.
Signature
Title
/s/ Bjorn Moller
Bjorn Moller
President, Chief Executive Officer and Director
(Principal Executive Officer)
/s/ Peter Evensen
Peter Evensen
Executive Vice President and Chief
Financial Officer (Principal Financial and
Accounting Officer)
/s/ C. Sean Day
C. Sean Day
Director and Chairman of the Board
/s/ Axel Karlshoej
Axel Karlshoej
Director and Chairman Emeritus
/s/ Bruce C. Bell
Bruce C. Bell
Director and Secretary
/s/ Dr. Ian Blackburne
Dr. Ian Blackburne
Director
/s/ Eileen Mercier
Eileen Mercier
Director
/s/ Thomas Kuo-Yuen Hsu
Thomas Kuo-Yuen Hsu
Director
/s/ Leif O. Höegh
Leif O. Höegh
Director
/s/ Tore I. Sandvold
Tore I. Sandvold
Director
INDEX TO EXHIBITS
Exhibit
Number
Description
5.1
Opinion of Watson, Farley & Williams regarding legality of the Common Stock
being registered
23.1
Consent of Ernst & Young, Chartered Accountants
23.2
Consent of Watson, Farley & Williams (included in opinion filed as Exhibit 5.1)
24.1
Power of Attorney (see signature page)
99.1
Teekay Shipping Corporation Amended 1995 Stock Option Plan
99.2
Teekay Shipping Corporation 2003 Equity Incentive Plan