UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Date of report: July 27, 2005
Commission file number 1- 12874
TEEKAY SHIPPING CORPORATION
(Exact name of Registrant as specified in its charter)
TK House
Bayside Executive Park
West Bay Street & Blake Road
P.O. Box AP-59212, Nassau, Bahamas
(Address of principal executive office)
[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.]
Form 20-F X Form 40- F
[Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ]
Yes No X
[Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ]
Yes No X
[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]
Yes No X
[If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82- ]
Item 1 - Information Contained in this Form 6-K Report
| Attached as Exhibit I is a copy of an announcement of Teekay Shipping Corporation (the “Company”), dated July 27, 2005. |
THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION STATEMENTS OF THE COMPANY.
• REGISTRATION STATEMENT ON FORM F-3 (NO. 33-97746) FILED WITH THE SEC ON OCTOBER 4, 1995;
• REGISTRATION STATEMENT ON FORM S-8 (NO. 333-42434) FILED WITH THE SEC ON JULY 28, 2000;
• REGISTRATION STATEMENT ON FORM F-3 (NO. 333-102594) FILED WITH THE SEC ON JANUARY 17, 2003; AND
• REGISTRATION STATEMENT ON FORM S-8 (NO. 333-119564) FILED WITH THE SEC ON OCTOBER 6, 2004
SIGNATURES
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.
| Date: July 27, 2005 |
TEEKAY SHIPPING CORPORATION
By: /s/ Peter Evensen Peter Evensen Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
EXHIBIT I
 |
TEEKAY SHIPPING CORPORATION TK House, Bayside Executive Park, West Bay Street & Blake Road P.O. Box AP-59212, Nassau, Bahamas |
NEWS RELEASE
TEEKAY AWARDED TWO LONG-TERM
LNG CONTRACTS
Nassau, The Bahamas, July 27, 2005 — Teekay Shipping Corporation (Teekay or the Company) announced today that it has been awarded contracts to charter two 155,000 cubic meter liquefied natural gas (LNG) carriers to the Tangguh LNG project in Indonesia. The contractual relationship for the 20-year fixed-rate charters will be with The Tangguh Production Sharing Contractors, a consortium led by BP Berau, a subsidiary of BP plc. The vessels will be chartered at fixed rates, with inflation adjustments, commencing in late 2008 and early 2009.
In connection with this award, Teekay has exercised shipbuilding options with Hyundai Heavy Industries Co. Ltd. to construct two LNG carriers at preferential prices compared to current market values. Teekay is entering into these transactions with an Indonesian partner who has taken a 30 percent interest in the vessels.
In accordance with existing agreements, Teekay is required to offer its ownership interest in these vessels and related charter contracts to its 78 percent owned subsidiary Teekay LNG Partners L.P. (NYSE: TGP).
About Teekay
Teekay Shipping Corporation
transports more than 10 percent of the world’s seaborne oil and has recently expanded
into the liquefied natural gas shipping sector through its publicly-listed subsidiary,
Teekay LNG Partners L.P. (NYSE: TGP). With a fleet of more than 140 tankers, offices in 14
countries and 5,500 seagoing and shore-based employees, Teekay provides a comprehensive
set of marine services to the world’s leading oil and gas companies, helping them
seamlessly link their upstream energy production to their downstream processing
operations. Teekay’s reputation for safety, quality and innovation has earned it a
position with its customers as The Marine Midstream Company.
Teekay’s common stock is listed
on the New York Stock Exchange where it trades under the symbol “TK”.
About the Tangguh LNG Project
The Tangguh LNG project is located in Papua, Indonesia and is operated by the majority owner in the project, BP Berau, a subsidiary of BP plc. The Tangguh LNG project will be Indonesia’s third LNG center. The LNG vessels are expected to be delivered to the Tangguh project in Papua, Indonesia beginning in the fourth quarter of 2008, and will be used by the project to transport its LNG exports to K-Power and POSCO in Korea and to Sempra Energy on the west coast of Mexico.
Forward Looking Statements
This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements regarding: the impact of the LNG contracts on Teekay’s earnings; newbuilding delivery dates; the Tangguh LNG project’s future LNG production capacity; and other potential financial and other benefits relating to the charter contracts. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement; early termination or breach of one or more of the long-term charter contracts; changes in production of or demand for LNG, either generally or in particular regions; potential breach of the newbuilding contracts by any of the parties, potential delays or non-delivery of the newbuildings; changes in applicable industry regulations; and other factors discussed in Teekay’s Report on Form 20-F for the fiscal year ended December 31, 2004 which is on file with the SEC. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
For Investor Relations
enquiries contact:
Scott Gayton
Tel: +1 (604) 844-6654
For Media enquiries contact:
Kim Barbero
Tel: +1 (604) 609-4703
Web site: www.teekay.com