Teekay Reports 2Q Results

Teekay Shipping Corporation reported net income of $20.4m, or $0.27 per share, for the quarter ended June 30, 2006, compared to net income of $104.6m, or $1.23 per share, for the quarter ended June 30, 2005. The results for the quarters ended June 30, 2006 and 2005 included a number of specific items that had the net effect of decreasing net income by $29.4m, or $0.39 per share, in the second quarter of 2006, and increasing net income by $12.7m, or $0.15 per share, in the second quarter of 2005. Net voyage revenues for the second quarter of 2006 were $311.2m, compared to $381.8m for the same period in 2005, and income from vessel operations decreased to $68.9m from $131.5m, which included $15.9m in gains on vessel sales. Net income for the six months ended June 30, 2006 was $122.1m, or $1.62 per share, compared to $383.6m, or $4.42 per share, for the same period last year. The results for the six months ended June 30, 2006 included a number of specific items that had the net effect of decreasing net income by $46.8m, or $0.62 per share. The results for the six months ended June 30, 2005 included a number of specific items that had the net effect of increasing net income by $146.5m, or $1.69 per share. Net voyage revenues for the six months ended June 30, 2006 were $703.6m, compared to $800.7m for the same period in 2005, and income from vessel operations decreased to $211.6m from $401.4m, which included $117.7m in gains on vessel sales.