July 16, 2004

Teekay sells stake in TORM

Teekay Shipping Corporation (NYSE:TK ) today announced that it has sold its 16 percent stake in A/S Dampskibsselskabet TORM ("TORM") to Danish and international institutional investors for total proceeds of approximately $130.2 million and will recognize a gain on sale of approximately $90.0 million in the third quarter of 2004. Teekay acquired its 5,812,000 shares of TORM at a price of DKK41.5 per share (stock split adjusted) on July 4, 2003.

About Teekay

Teekay Shipping Corporation transports more than 10 percent of the world's sea-borne oil and is also expanding its position in the rapidly growing liquefied natural gas shipping sector. It has a fleet of over 160 tankers, offices in 14 countries and approximately 5,500 seagoing and shore-based employees.

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