Teekay Shipping Declares Dividend

Teekay Shipping Corporation announced that its board of directors has voted to declare a cash dividend on its common stock of $0.215 per share, payable on Jan. 31, 2002, to all shareholders of record as at Jan. 17, 2002. Teekay is a leading provider of international crude oil and petroleum product transportation services through the world's largest fleet of medium sized oil tankers. The Company's modern fleet has earned a reputation for safety and excellence in providing global transportation services to major oil companies, major oil traders and government agencies worldwide. The Company's common stock is listed on the New York Stock Exchange and trades under the symbol "TK".